A Lagos high court has granted music executive Jude Okoye bail in the sum of N100 million following his arraignment by the Economic and Financial Crimes Commission (EFCC) over alleged money laundering and diversion of music royalties.
Okoye, the elder brother of Paul and Peter Okoye of defunct group Psquare, was charged with laundering N1.38 billion, $1 million, and £34,537.59.
He pleaded not guilty and was initially remanded at the Ikoyi Correctional Facility.
During Friday’s court session, his lawyer Inibehe Effiong, requested that he remain in EFCC custody pending trial but prosecution counsel Larry Aso opposed the request, arguing that Okoye posed a flight risk and could interfere with witnesses.
On Monday, Justice Alexander Owoeye ruled in favor of the bail application but imposed strict conditions. Okoye must provide two sureties with landed properties in Lagos valued at N100 million each.
The court must verify these properties, and he is barred from traveling abroad without prior approval. Until he meets the bail conditions, he will remain in custody. His trial is scheduled to begin on April 14, 2025.
The case stems from a long-standing rift between the Okoye brothers, which led to the split of Psquare in 2017.
Although they reconciled in 2021, tensions flared again in August 2024 when Paul accused Peter of orchestrating his arrest by the EFCC. Peter denied the claim, alleging that Jude diverted millions of dollars from their joint account into a secret company.
He said he had no choice but to involve the EFCC after Paul told him to “do your worst.”
The EFCC has since filed a fresh four–count charge against Jude, accusing him of dishonestly converting funds received from music royalties for his own use.
According to the charges, dated January 27, 2025, Okoye and his company, Northside Music Limited, diverted payments meant for music digital distribution and publishing royalties.
The court documents read in part, “$767,544.15 paid by Lex Records Limited as payment for music digital distribution/publishing royalties. £34,537.59 paid by Lex Records Limited as payment for music digital distribution/publishing royalties.
“$133,566.49 paid by Kobalt Music Services Limited as payment for music digital distribution/publishing royalties. $118,652.23 paid by Mech Limited as payment for music digital distribution/publishing royalties.”
The EFCC stated that Okoye’s actions were intended to permanently deprive Peter ‘Mr P’ Okoye of his rightful earnings, adding that the alleged offenses contravene sections 278 and 285 of the Criminal Law of Lagos State, 2011.
Okoye is expected to be arraigned at the Ikeja High Court on March 4, 2025.
