The Federal High Court in Lagos will decide on Monday whether to grant bail to Jude Okoye, former manager of the popular music duo P-Square, who is facing charges of alleged money laundering.
According to The PUNCH, Justice Alexander Owoeye reserved the ruling for March 3, 2025, after hearing arguments from Okoye’s legal counsel, Inibehe Effiong, and the prosecution, represented by the Economic and Financial Crimes Commission.
Okoye, who is the elder brother of Peter and Paul Okoye of P-Square, was arraigned on Wednesday alongside his company, Northside Music Limited. The EFCC has accused him of laundering N1.38 billion, $1 million, and £34,537.59.
According to the EFCC, in 2022, Okoye and Northside Music Limited purchased a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, for N850 million. The prosecution alleged that the funds used for the purchase were proceeds of unlawful activities.
The agency also claimed that Okoye and his company used a Bureau de Change to convert $1,019,762.87 from their Access Bank account into naira, transferring the funds across multiple accounts to conceal its source.
Okoye has pleaded not guilty to all seven charges against him.
During Friday’s hearing, Okoye’s lawyer, Inibehe Effiong, urged the court to grant bail on health grounds. He emphasized that the bail request was backed by legal provisions and an affidavit.
“The EFCC’s claims that my client is a flight risk are unfounded,” Effiong argued. “This is a family matter, and there is no evidence to suggest that he would interfere with witnesses.”
In contrast, EFCC counsel Fanny Anum opposed the bail request, insisting that Okoye had not provided any medical records to support his claim.
“The prosecution has submitted a 13-paragraph counter-affidavit,” Anum told the court. “There is no credible medical report, and we urge the court to reject the bail request and instead fast-track the trial.”
Following the arguments, Justice Owoeye adjourned the case to Monday for a ruling on the bail application. Until then, Okoye will remain in custody at the Ikoyi Correctional Centre.
The court has also scheduled April 14, 2025, for the commencement of the trial.
