Alleged N1.3 Billion Fraud: Court grants Jude Okoye N100 million bail
The Lagos Division of the Federal High Court has granted Jude Okoye, the manager of defunct music group P-Square, a N100 million bail.
Justice Alexander Owoeye, who presided over the case on Monday, March 3, ruled that he provides two sureties, one of whom must own a landed property.
The court has also prohibited him from travelling out of Nigeria.
Okoye, the brother of Peter and Paul, a singing duo, will stay in custody until he meets the bail requirements, as his trial is scheduled for April 14.
The Economic and Financial Crimes Commission (EFCC) had, last Friday, arraigned Okoye and his company, Northside Music Ltd., on a seven-count charge.
One allegation involves buying a property in Lagos in 2022 with illegal funds.
The EFCC claims he acquired a property worth N850 million at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, knowing or having reason to know that the money used was from unlawful sources.
Another charge accuses Okoye and Northside Music Ltd. of converting over $1 million through a bureau de change into naira and distributing it across multiple bank accounts to disguise its illegal origins.
The EFCC alleges that these actions were meant to launder the funds and make them appear legitimate. Okoye pleaded not guilty to the charges.
Days ago, Paul accused his twin brother, Peter, of being responsible for Jude’s arrest.
In a statement, Paul alleged, “Peter put our brother in prison for what we’re also guilty of.”
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