Jude Okoye Granted ₦50M Bail as Money Laundering Allegations Continue
On Thursday, March 6, 2025, the Ikeja Special Offences Court has granted Jude Okoye, former manager of P-Square, ₦50m bail. Okoye and his company Northside Music Ltd are facing serious money laundering charges of $1m, ₦1.38b and €34,537.59 as charged by the Economic and Financial Crimes Commission (EFCC).
Advertisements
The Presiding Judge, Justice Rahman Oshodi ordered that Okoye must provide two sureties, one of which must be a civil servant not below the rank of level 12 and the other must be a Lagos property owner with a property valued at ₦100m within Lagos. Okoye must also surrender his international passport to the court and is not allowed to travel abroad without the court’s permission.
The EFCC charges against Okoye and his company include the purchase of a ₦850m property in Ikoyi, Lagos in 2022 which was allegedly bought with proceeds of crime. Another charge is the conversion of over $1m through a bureau de change, to conceal the sources of the funds.
Okoye has pleaded not guilty to all charges. His lead counsel, Clement Onwuenwunor, SAN argued for bail on the grounds that the alleged offences are bailable and that Okoye is innocent until proven guilty. Justice Oshodi granted bail, stating that the offences are not capital and bail is at the court’s discretion.
The case has generated a lot of buzz not only because of Okoye’s status in the entertainment industry but also because of family dynamics. Reports say after the bail hearing, Paul Okoye, one half of the defunct P-Square duo, unfollowed his twin brother Peter Okoye on social media. This has raised speculations about the family rift amidst the legal battle of their elder brother.
The case is adjourned. As part of his bail conditions, Okoye must attend all court proceedings and not to interfere with prosecution witnesses. Defaulting any of these conditions can lead to bail revocation.
EFCC continues to investigate the financial crimes, reiterates its commitment to fighting corruption and financial crimes in Nigeria. The outcome of this case will have a wider implication for the entertainment industry and the fight against money laundering in the country.
