The Economic and Financial Crimes Commission (EFCC) has formally arraigned Jude Okoye, the elder brother and former manager of the defunct P-Square music group, on multiple charges of money laundering and financial misconduct amounting to over₦1.38 billion, $1 million, and £34,537.59.
Okoye, who was arraigned alongside his company, Northside Music Ltd., appeared before Justice Alexander Owoeye of the Federal High Court, Lagos, where he pleaded not guilty to the charges.
Details of the Allegations
According to the EFCC’s charge sheet, Okoye is accused of engaging in a series of financial transactions that allegedly involve proceeds from unlawful activities.
One of the seven counts against him states:
“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 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of an 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 alleges that Okoye and Northside Music Ltd converted over $1,019,762.87 (One million nineteen thousand, seven hundred and sixty-two dollars eighty-seven cents) through bureau de change operators, thereby disguising the origin of the funds.
The EFCC believes these transactions were carried out with the intention of concealing illegal financial activities.
Court Proceedings and Legal Arguments
During the court hearing, Okoye entered a not guilty plea, denying all allegations.
Following his plea, the prosecution counsel, Larry Peters Aso, requested a trial date and urged the court to remand the defendant in a correctional facility pending the hearing.
However, Okoye’s lawyer, Inibehe Effiong, pushed back against this request. He informed the court that his client had already filed a bail application and asked for a short hearing date to process it.
Effiong also appealed for Okoye to be held in EFCC custody rather than in a correctional facility.
In response, the prosecution opposed Okoye’s request for EFCC custody, arguing that their detention facilities were already overcrowded with other suspects awaiting trial.
Aso insisted that Okoye should be sent to a proper correctional center since he had already entered his plea before the court.
The Legal Implications
If found guilty, Okoye could face severe legal consequences, including lengthy imprisonment, asset forfeiture, and fines.
The case will test the strength of the EFCC’s evidence, as Okoye’s defense team is expected to challenge the prosecution’s claims of unlawful financial dealings.
The Money Laundering (Prevention and Prohibition) Act, 2022, under which Okoye has been charged, criminalizes any transaction involving proceeds of an unlawful act, with strict penalties for those found guilty.
This case has drawn widespread attention, not only because of Okoye’s past affiliation with P-Square, but also due to the size of the alleged financial transactions involved.
Reactions and Public Interest
The news of Jude Okoye’s arraignment has sparked mixed reactions across social media. While some expressed shock, others speculated that more high-profile music industry figures could be under EFCC investigation.
Several entertainment insiders have voiced concerns about the possible implications for Nigeria’s music industry, given Okoye’s longstanding reputation as a manager, producer, and businessman.
Meanwhile, Paul and Peter Okoye, the P-Square twins, have not issued any public statements regarding their brother’s legal troubles.
Their silence has only fueled more speculation about their current relationship with Jude, especially following their previous fallout over business disagreements.
With Okoye’s bail application pending, the court will soon decide whether he will remain in custody or be released under specific conditions.
If granted bail, he will likely face strict travel restrictions and be required to surrender his passport. However, if the court rules in favor of the EFCC’s request, he will remain in a correctional facility until the trial begins.
The next hearing date is expected to be announced shortly, with the EFCC preparing to present more evidence to support its case.
This case will serve as another high-profile test of Nigeria’s anti-money laundering laws and the EFCC’s ability to prosecute financial crimes, particularly within the entertainment industry.
