Jude Okoye, elder brother and former manager of the defunct music group P-Square, has been granted ₦50 million bail by the Ikeja Special Offences Court after being arraigned on charges of alleged theft involving $1 million and £34,537.
Okoye and his company, Northside Music Ltd, are facing a four-count charge filed by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency alleged that he dishonestly converted $767,544 and £34,537, paid by Lex Records Ltd. for music digital distribution and publishing royalties, to his personal use.
Delivering the ruling on Thursday, Justice Rahman Oshodi stated that he had considered both the affidavit evidence and oral arguments presented before the court.
“The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail,” he said.
Citing Section 115 (2) of the Administration of Criminal Justice Law (ACJL), Justice Oshodi ruled in Okoye’s favor, emphasizing that the charges against him were not punishable by death.
However, he acknowledged that Okoye’s dual citizenship posed a flight risk.
To mitigate this, the court ordered Okoye to surrender his dual citizenship documents to the chief registrar and directed the EFCC to notify the immigration office to withhold his international passport until the case is resolved.
Okoye’s lawyer, Clement Onwuenwunor (SAN), had appealed for liberal bail conditions, arguing that his client had been on administrative bail since the case began and had never attempted to evade justice.
According to him, the defendant owns 40 per cent of the family company, while the nominal complainant owns only 30 per cent.
However, EFCC counsel Mohammed Bashir opposed the application, reiterating concerns over Okoye’s dual nationality but ultimately left the decision to the court’s discretion.
The case has been adjourned until May 16 for trial.
