The Economic and Financial Crimes Commission (EFCC) will on Tuesday arraign Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct music group, P-Square, on a fresh charge of $1 million and £34,537.59 theft before the Lagos State Special Offences Court sitting in Ikeja.
Justice Rahman Oshodi will hear the four counts charge filed before the court on Jan. 27th by the EFCC Prosecutor, Aso Larry Peters.
Jude Okoye’s arraignment before the court was initially slated for Monday, March 3rd but could not go on because the defendant was absent in court as the Ikoyi Correctional Centre where he was remanded said it had not received any information for his arraignment.
In the charge, the EFCC, accused Okoye of dishonestly converting to his own use the sum of $767,544.15, a sum which was paid to Lex Records limited as payment for music digital distribution/publishing royalties with intent to permanently deprive Peter Okoye his special interest in the asset.
He was also accused to have sometimes between 2016 and 2023, dishonestly converted the sum of £34,537.59, paid by Lex Records limited as payment for music digital distribution/ publishing royalties with intent to permanently deprive Peter Okoye his special interest in the asset.
The commission also alleged that Jude Okoye dishonestly converted the sum of $133,566.49, a sum paid by Kobalt Music digital distribution/publishing royalties with intent to permanently deprive Peter Okoye his special interest in the asset.
The anti-graft agency also said the defendant dishonestly converted the sum of $118,652.23, paid by Mtech limited as payment for music digital distribution publishing royalties with intent to permanently deprive Peter Okoye of his special interest.
According to the EFCC, the offences committed between 2016 and 2023, contravene sections 278 and 285 of the criminal laws of Lagos State 2011.
Meanwhile, another court, the Federal High Court sitting in Ikoyi, Lagos on Monday granted a N100m bail to the defendant, Jude Okoye.
Justice Alexander Owoeye granted him bail with two sureties in like sum.
The judge held that “one of the sureties must be the owner of a landed property, while the other surety must be a business owner with verifiable address.
“Both sureties shall show an affidavit of means”.
Justice Owoeye also ordered that the property title as well as the Bank Verification Number (BVN) shall be deposited before the court.
“The defendant shall not travel out of the country, pending the hearing and determination of the charges. The defendant shall continue to be remanded at the Ikoyi Correctional Centre, pending the fulfillment of his bail conditions,” the judge held.
The case was adjourned till April 14, for the commencement of trial.
One of his brothers, Paul, who now goes by the stage name, Rude boy, was present in court to give support to the defendant.
Jude Okoye was arraigned on February 26, 2025, before the court, by the EFCC for an alleged crime of money laundering involving N1.38bn, $1m, and £34,537.59.
He was arraigned alongside his company, Northside Music Limited, on seven counts preferred against him by EFCC.
The Commission told the court that the defendant alongside his Northside Music Limited sometime in 2022, in Lagos, directly acquired a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth N850,000,000.(Eight hundred and fifty million naira) with money he knew or reasonably ought to have known forms part of the proceeds of unlawful activities.
The anti-graft agency also alleged that Okoye and his company, in 2022, used a Bureau De Change to convert $1,019,762.87, held in an Access Bank account operated by Northside Music Ltd, into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.
According to EFCC, the offences committed contravene Sections 18 (2)(a) of the Money Laundering Prevention and Prohibition Act and are punishable under Section 18 (3) of the same Act.
Okoye pleaded not guilty to all the counts.
