EFCC Arraigns Jude Okoye for Alleged ₦1.38 Billion Money Laundering

The Economic and Financial Crimes Commission (EFCC) has brought Jude Okoye Chigozie, the elder brother and former manager of the popular Nigerian music duo P-Square, before Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos.

This follows the charges against him and his company, Northside Music Ltd, for allegedly laundering substantial sums.

On Wednesday, February 26, Okoye was arraigned alongside Northside Music Ltd, facing a seven-count charge related to laundering a total of ₦1.38 billion, $1 million, and £34,537.59. One of the charges involves the acquisition of a property in Lagos worth ₦850 million, which the prosecution claims was obtained with illicit funds in 2022.

Additionally, Okoye and his company are accused of using a bureau de change to convert $1,019,762.87 into naira and transferring the equivalent into various bank accounts to conceal the source of the funds.

Okoye has denied all the charges. The prosecution, led by Larry Peters Aso, requested that Okoye be remanded in a correctional facility while awaiting trial, citing concerns about overcrowding in EFCC detention facilities. His defense lawyer, Inibehe Effiong, requested a brief adjournment to address a pending bail application, proposing that Okoye remain in EFCC custody until the matter is heard.

Justice Owoeye adjourned the case for a bail hearing on February 28 and set April 14 for the trial to begin. Okoye has been ordered to remain in the Ikoyi Correctional Facility until the next hearing.