Jude Okoye, the elder brother of Peter and Paul Okoye from the defunct Psquare group, was granted bail by the Federal High Court in Lagos on Monday, March 3.
His bail was set at N100 million following his arraignment by the Economic and Financial Crimes Commission (EFCC).
He is facing seven charges, including alleged money laundering involving N1.38 billion, $1 million, and £34,537.59. The charges were brought against him and his company before Judge Alexander Owoeye.
The count read in part:
“That you, Jude Okoye Chigozie and Northside Music Ltd sometime 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 ₦850,000,000.00 (Eight hundred and fifty million naira),”
“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert 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 to conceal that the said fund form part of the proceeds of an unlawful act.”
The Federal High Court in Lagos granted Jude Okoye, former manager of Peter and Paul Okoye, a N100 million bail. Justice Alexander Owoeye ruled that he must provide two sureties of the same amount, with at least one owning real estate, and he is restricted from traveling abroad.
A video showed Jude leaving the court with Paul Okoye. This follows Paul’s claim that Peter orchestrated the EFCC charges, which Peter has denied.
See video below: