The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, elder brother and former manager of Paul and Peter Okoye of the defunct music group PSquare, over allegations of money laundering involving N1.38 billion, $1 million and £34,537.59.
Jude was arraigned alongside his company, Northside Music Ltd, before Justice Alexander Owoeye at the Federal High Court in Lagos on a seven-count charge.
One of the charges alleges that in 2022, Jude and his company acquired a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million, knowing it was linked to unlawful proceeds.
The charge reads: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth N850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count accuses him of converting over $1 million through a bureau de change and remitting the funds into various bank accounts to conceal its origin.
The charge states: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Jude pleaded not guilty to the charges. Prosecuting counsel Larry Peters Aso requested a trial date and asked the court to remand the defendant in a correctional facility pending trial.
Defense counsel Inibehe Effiong, however, informed the court of a pending bail application and requested that Jude remain in EFCC custody until the bail hearing.
Aso opposed the request, arguing that the EFCC facility was overcrowded and urged the court to send him to a correctional center.
Justice Owoeye adjourned the bail hearing to February 28 and set April 14 for trial. He ordered that Jude be remanded at the Ikoyi correctional facility until then.
