Jude Okoye, the elder brother and former manager of Peter and Paul Okoye of the defunct music group P-Square, has been remanded in the Ikoyi Correctional Facility following his arraignment by the Economic and Financial Crimes Commission (EFCC) over allegations of money laundering amounting to N1.38 billion, $1 million, and £34,537.59.
Mr. Okoye was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye of the Federal High Court in Lagos on a seven-count charge on Wednesday.
One of the charges reads, “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos worth N850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge reads, “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change, converted the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts with intention of concealing that the said fund formed part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
He pleaded “not guilty” to the charges, following which prosecution counsel, L.P. Aso, applied for a trial date and for Okoye to be remanded in a correctional facility.
The defence counsel, Inibehe Effiong, however, informed the court of Okoye’s bail application and prayed for a short date of adjournment to enable its hearing.
The defence counsel also prayed that the defendant be rather remanded in the EFCC custody pending the hearing of the bail application.
While objecting to the prayer for the defendant to be remanded in EFCC’s custody, the prosecution counsel argued that the Commission’s holding facility was already congested with suspects awaiting arraignment and that the court should remand the defendant in the correctional facility since he has taken his plea.
Justice Owoeye adjourned the matter till February 28, 2025 for the hearing of the bail application and April 14, 2025 for trial, and ordered that the defendant be remanded in Ikoyi Correctional Centre.
Meanwhile, one-half of the P-Square twins, Singer Paul Okoye aka Rudeboy, has sent words of comfort to his older brother, Jude Okoye and his company, Northside Music Ltd, after they were arraigned for fraud by the anti-graft agency.
Recall that trouble started after a disagreement between Peter on one side and his twin brother, Paul and their older brother, Jude, on the other hand.
Peter accused Jude of diverting PSquare funds for his personal use. Paul, however, sided with Jude on the matter.
Peter called for a probe of their finances by the EFCC after which formal fraud charges were laid against Jude.
Paul has now sent words of comfort to their embattled senior brother.
He urged him to stay strong, adding that ‘this too shall pass”.
Paul also added that the development was what someone wanted all along. He did not mention who he was referring to.
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