The Economic and Financial Crimes Commission (EFCC) has charged Jude Okoye, the elder brother and former manager of the now-defunct music group P-Square, with laundering N1.38 billion, $1 million, and £34,537.59.
Okoye and his company, Northside Music Ltd, faced seven charges on Wednesday before Lagos Federal High Court Judge Alexander Owoeye.
“One count alleges that you, Jude Okoye Chigozie, and Northside Music Ltd, sometime in 2022 in Lagos, within the jurisdiction of this Honourable Court, directly acquired a property located at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850,000,000.00 (Eight hundred and fifty million naira), which you knew or reasonably ought to have known was part of the proceeds of unlawful activities. This constitutes an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” part of the charges state.
“Another count asserts that you, Jude Okoye Chigozie, and Northside Music Ltd, in 2022 in Lagos, within this Honourable Court’s jurisdiction, indirectly used a bureau de change to convert $1,019,762.87 (One million nineteen thousand, seven hundred and sixty-two dollars and eighty-seven cents), held in Access Bank Plc by Northside Music Ltd, into its naira equivalent and then remitted it into various bank accounts to conceal the fact that these funds were proceeds of unlawful activities. This is an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Okoye pleaded “not guilty” to the charges. Inibehe Effiong, his counsel, informed the court of a pending bail application and requested that the defendant be remanded in EFCC custody until the hearing.
However, prosecution counsel Larry Peters Aso objected to the request, citing overcrowding in EFCC custody. He urged the court to remand the defendant to a correctional facility since he had taken his plea.
The judge ordered that Okoye be remanded in the Ikoyi correctional facility.
Owoeye also adjourned the case until February 28 for a bail hearing and April 14 for trial.
