EFCC arraigns ex-P-Square Manager Jude Okoye over alleged N1.38bn fraud

T The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye Chigozie, the former manager and elder brother of Paul and Peter Okoye of the defunct P-Square music group, over allegations of money laundering amounting to N1.38 billion, $1 million, and £34,537.59.

Okoye was brought before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on Wednesday, February 26, 2025, alongside his company, Northside Music Ltd, on a seven-count charge related to financial misconduct.

The EFCC accused Okoye of acquiring an N850 million property in Parkview Estate, Ikoyi, using funds suspected to be proceeds of an unlawful act. Another charge alleged that he laundered over $1 million through a bureau de change, converting it into naira and distributing it across multiple bank accounts to conceal its illicit origin.

Okoye pleaded "not guilty" to the charges. The prosecution, represented by L.P. Aso, requested a trial date and urged the court to remand the defendant in a correctional facility.

Okoye's counsel, Inibehe Effiong, filed a bail application and requested that his client be kept in EFCC custody instead of a correctional center, citing concerns over his safety. The EFCC, however, opposed the request, arguing that its detention facility was already overcrowded.

Justice Owoeye ruled that Okoye be remanded at the Ikoyi Correctional Centre pending the hearing of his bail application on February 28, 2025. The court also scheduled the trial to commence on April 14, 2025.

This high-profile case has drawn significant attention, given Okoye’s close association with the Nigerian music industry and the now-defunct P-Square duo. The trial is expected to shed more light on the allegations and their potential implications.