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The Federal High Court in Lagos will rule on Monday on the bail application of Jude Okoye, the former manager of the hip-hop duo P-Square.
Justice Alexander Owoeye on Friday fixed March 3, 2025, for the ruling after hearing arguments from Okoye’s lawyer, Inibehe Effiong, and the counsel for the Economic and Financial Crimes Commission, Mr Fanny Anum.
Jude Okoye, the elder brother of Peter and Paul Okoye of P-Square, was arraigned before the court on Wednesday by the EFCC over an alleged money laundering offence involving N1.38 billion, $1 million, and £34,537.59.
He was charged alongside his company, Northside Music Limited, on seven counts filed by the EFCC.
The Commission informed the court that in 2022, Okoye and Northside Music Limited acquired a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth N850 million. The prosecution alleged that Okoye knew, or reasonably ought to have known, that the money used for the purchase was part of the proceeds of unlawful activities.
The anti-graft agency also claimed that in 2022, Okoye and his company used a Bureau de Change to convert $1,019,762.87, held in a Northside Music Ltd Access Bank account, into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.
According to the EFCC, the offences contravene Section 18(2)(a) of the relevant law and are punishable under Section 18(3) of the same Act.
Okoye pleaded not guilty to all the charges.
Following his plea, the EFCC prosecutor, Larry Aso, requested a trial date and urged the court to remand Okoye in a correctional facility pending trial.
However, Okoye’s lawyer, Inibehe Effiong, informed the court of a pending bail application and requested an expedited hearing.
He also appealed for his client to be held in EFCC custody rather than a correctional facility.
The prosecution opposed the request, arguing that the EFCC detention facility was already overcrowded with suspects awaiting arraignment.
Justice Owoeye adjourned the bail hearing to February 28 and scheduled the trial for April 14, 2025.
The judge also ordered Okoye’s remand at Ikoyi Correctional Centre until the bail ruling.
At the resumed hearing of the bail application on Friday, Effiong argued that his client’s application was made under relevant legal provisions and was based on medical grounds. He stated that the application was supported by an affidavit and a written address.
Effiong also noted that the EFCC, in a counter-affidavit, argued that Okoye was a flight risk and could interfere with witnesses.
He further told the court that the case was a family matter and urged the judge to disregard the prosecution’s claims and grant his client bail on the most lenient terms.
In response, EFCC counsel Anum stated that the prosecution had filed a 13-paragraph counter-affidavit, deposed to by an EFCC investigator, Rabana Job.
Anum argued that there was no medical report to support Okoye’s claim of health issues and urged the court to reject the bail application, calling instead for an accelerated hearing of the case.
After listening to arguments from both sides, Justice Owoeye adjourned the case to Monday for a ruling on the bail application.
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