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    Jude Okoye remanded in EFCC custody over money laundering

    Emma TeeBy No Comments2 Mins Read

    • Court remands ex-P-Square manager over ₦1.38bn money laundering charges

    Jude Okoye remanded in EFCC custody over money laundering
    Jude Okoye remanded in EFCC custody over money laundering

    A Federal High Court in Lagos has ordered the detention of Jude Okoye Chigozie, the elder brother and former manager of the defunct music duo P-Square, over allegations of money laundering amounting to approximately ₦1.38 billion, $1 million, and £34,537.59.

    Justice Alexander Owoeye issued the directive on Wednesday, February 26, 2025, after Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC).

    Okoye, alongside his company, Northside Music Ltd, was charged with a seven-count indictment related to financial misconduct. The EFCC alleges that he laundered illicit funds in violation of Section 18 (2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, which is punishable under Section 18 (3) of the same legislation.

    According to one of the charges, Okoye allegedly purchased a property located at 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, in 2022 for ₦850 million, using funds suspected to be proceeds of unlawful activities. Additionally, he is accused of working with a bureau de change operator to convert $1,019,762.87 from an Access Bank Plc account under Northside Music Ltd into its naira equivalent, then distributing the funds across multiple accounts to conceal their source.

    At his court appearance, Okoye pleaded not guilty to all charges. EFCC prosecuting counsel L. P. Aso urged the court to schedule a trial date and requested Okoye’s remand in a correctional facility. In defense, Okoye’s lawyer, Inibehe Effiong, filed a bail application, requesting that his client be held in EFCC custody pending the bail hearing.

    Aso opposed the defense’s request, citing overcrowding at EFCC detention facilities and insisting that Okoye should be placed in the custody of the Nigerian Correctional Services. Justice Owoeye ruled in favor of the prosecution and ordered Okoye’s detention at the Ikoyi correctional facility.

    The bail hearing has been scheduled for February 28, 2025, while the trial is set to begin on April 14, 2025.

    Okoye’s arraignment has generated widespread interest due to his former managerial role in P-Square, the iconic Nigerian music group consisting of twin brothers Paul and Peter Okoye. As the legal process unfolds, the case is expected to reveal further details about financial transactions connected to one of Nigeria’s most prominent music dynasties.

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