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EFCC Arraigns Ex-P-Square Manager Jude Okoye Over Alleged N1.3bn Fraud

Economic and Financial Crimes Commission, (EFCC) has arraigned Jude Okoye Chigozie, elder brother and ex-manager of Paul and Peter Okoye of the defunct music group, P-Square, before Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos.

He was arraigned on Wednesday, February 26, alongside his company, Northside Music Ltd, on a seven-count charge of allegedly laundering N1.38 billion, $1million and £34,537.59.

One of the counts reads: “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 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 count reads: “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 Lid to the naira equivalent and remitted into various bank accounts with intention of concealing that the said fund form 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.

In view of his plea, the prosecution counsel, Larry Peters Aso, applied for a date for hearing as well as the defendant’s remand in a correctional facility pending trial. However, Jude Okoye’s counsel, Inibehe Effiong, informed the court of a bail application and asked for a short date to enable its hearing. He also requested that the defendant be remanded in the EFCC custody pending the hearing of the application.

The prosecution counsel objected to Jude Okoye’s remand in the EFCC custody. He argued that the EFCC custody was already congested with suspects awaiting arraignment. He urged the court to remand the defendant to the correctional facility since he had taken his plea.

Justice Owoeye then adjourned the matter till February 28, 2025, for bail hearing and April 14, 2025, for trial, and ordered Jude be remanded in the Ikoyi correctional facility.

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