The Economic and Financial Crimes Commission will on Tuesday arraign former manager of hip hop artists of the defunct music group P-square Jude Okoye, on fresh four counts charge of alleged theft of $1,019,763. 87 and £34,537.59 before Justice Rahman Oshodi of the Lagos State Special Offences Court sitting in Ikeja.
Jude Okoye is elder brother of Peter Okoye (Alias Mr P) and Paul Okoye ( Alias Rudeboy)
The arraignment which was earlier fixed for Monday could not go on as officials from Ikoyi Correctional Centre said they had not received any information for his arraignment at Ikeja.
In the charge marked Ref/99260/2025, EFCC accused Jude of dishonestly converting the sum of $767,544.15, to his own use, the sum paid by Lex Records Limited as payment for music digital distribution/publishing royalties, with intent to permanently deprive Peter Okoye his special interest in the property.
He was also alleged to have sometimes between 2016 and 2023, dishonestly converted the sum of £34,537.59, paid by Lex Records Limited as payment for music digital distribution/ publishing royalties, with intent to permanently deprive Peter Okoye his special interest in the property.
The Anti-graft agency further alleged that P- Square ex- manager dishonestly converted sum of $133,566.49, which sum paid by Kobalt Music digital distribution/publishing royalties with intent to permanently deprive Peter Okoye his special interest in the property.
Furthermore, the defendant dishonestly converted the sum of $118,652.23, paid by Mtech Limited as payment for music digital distribution publishing royalties, with intent to permanently deprive Peter Okoye his special interest.
According to EFCC, the offences allegedly committed by the defendant contravene Sections 278 and 285 of the Criminal Laws of Lagos State 2011.
Meanwhile, the Federal High Court sitting in Lagos on Monday admitted the former manager of the hip-hop artists of the defunct music group P-square Jude Okoye to bail in the sum of N100million with two sureties in like sum.
Justice Alexander Owoeye granted him bail with two sureties in like sum.
Jude Okoye, was arraigned on Wednesday February 26, 2025, before Justice Alexander Owoeye by the Economic and Financial Crimes Commission (EFCC) over alleged crime of money laundering involving N1.38billion, $1million, and £34,537.59.
He was arraigned alongside his company, Northside Music Limited, on seven counts charge preferred against him by EFCC.
The Commission told the court that the defendant alongside his Northside Music Limited sometime in 2022, in Lagos, directly acquired a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth N850,000,000.(Eight hundred and fifty million naira), the money he knew or reasonably ought to have known forms part of proceeds of unlawful activities.
The Anti-graft agency further alleged that Okoye and his company, in 2022, used a Bureau De Change to convert $1,019,762.87, held in an Access Bank account operated by Northside Music Ltd, into Naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.
According to EFCC, the offences committed contravened Section 18 (2)(a) and is punishable under Section 18 (3) of the same Act.
Okoye pleaded not guilty to all the counts.
However, after the plea, Okoye’s counsel , Inibehe Effiong, informed the court of a pending bail application and requested a short date for its hearing. The court then adjourned till Friday February 28 to hear the bail application.
On Friday when the matter came up, both the prosecution and the defence counsel argued the bail application.
Justice Owoeye after taking arguments from counsel to parties, adjourned the matter till Monday March 3 for ruling on the bail application.
When the matter was called on Monday for ruling, Arome Mathew Esq announced his appearance for the defendant and told the court that the matter was for ruling on the pending application.
He said, ” We have argued the bail application dated February 25 and filed February 26, 2025″.
Fanne Anum also announced his appearance for the prosecution.
Justice Owoeye in his ruling granted the defendant bail in the sum of N100million, with two sureties in like sum.
The judge held ” One of the sureties must be an owner of a landed property, the other surety must be a business owner with verifiable address.
“Both sureties shall show affidavit of means,”
Justice Owoeye also ordered that the property title as well as the Bank Verification Number shall be deposited before the court.
“The defendant shall not travel out of the country, pending the hearing and determination of the charges.
“The defendant shall continue to be remanded at the Ikoyi Correctional Centre, pending the the fulfillment of his bail conditions,” the judge held.
The judge adjourned the case till April 14, for the commencement of trial.
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