EFCC Arraigns Psquare Elder Brother Jude Okoye Over Alleged N1.3bn Fraud

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Wednesday, February 26, 2025, arraigned Jude Okoye Chigozie, older brother and ex-manager of Paul and Peter Okoye of the defunct P-Square music group, before Justice A.O. Owoeye of the Federal High Court, sitting in Ikoyi, Lagos.

He was arraigned alongside his company, Northside Music Ltd, on a seven-count charge bordering on money laundering to the tune of N1.38billion, $1million and £34,537.59.

One of the charges reads: “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes 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 charge reads: “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change, converted 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 intention of concealing that the said fund formed 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.”

He pleaded “not guilty” to the charges, following which prosecution counsel, L.P. Aso, applied for a trial date and for Okoye to be remanded in a correctional facility.

The defence counsel, Inibehe Effiong, however, informed the court of Okoye’s bail application and prayed for a short date of adjournment to enable its hearing. The defence counsel also prayed that the defendant be rather remanded in the EFCC custody pending the hearing of the bail application.

Objecting to the prayer for the defendant to be remanded in EFCC’s custody, the prosecution counsel argued that the Commission’s holding facility was already congested with suspects awaiting arraignment and that the court should remand the defendant in the correctional facility since he has taken his plea.

Justice Owoeye adjourned the matter till February 28, 2025 for the hearing of the bail application and April 14, 2025 for trial, and ordered that the defendant be remanded in Ikoyi Correctional Centre.