Jude Okoye, the elder brother and former manager of the defunct music group P-Square, has been granted a N100m bail ahead of his trial for alleged fraud.
Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of laundering N1.38 billion, $1 million, and £34,537.59.
He pleaded “not guilty” to the charges and was initially remanded in the Ikoyi correctional facility by Alexander Owoeye, the judge of a federal high court in Ikoyi, Lagos.
Inibehe Effiong, his counsel, had requested that he be remanded in the EFCC’s custody pending the hearing, but the prosecution counsel Larry Peters Aso objected to this request.
READ ALSO: N1.3bn fraud: Jude Okoye remanded in prison as court sets March 3 for bail ruling
During Friday’s sitting, the defendant’s counsel filed a bail application, but the prosecution countered with an affidavit, arguing that Okoye poses a flight risk and may interfere with witnesses.
The judge agreed to hear the bail application and granted the request on Monday.
The bail conditions, as set by Owoeye, require Okoye to provide two sureties, each with landed properties in Lagos worth N100 million.
The court must verify the properties’ documents, and Okoye is prohibited from traveling outside the country without approval.
Owoeye held that Okoye will remain in prison until the bail conditions are met. His trial is set to commence on April 14, 2025.
On Monday, the EFCC filed a fresh four-count charge alleging that Okoye “dishonestly converted” funds
According to the charges, Okoye’s actions were intended to permanently deprive his brother Peter ‘Mr. P’ Okoye of his benefits from the payment.
The charges, dated January 27, 2025, specifically stated that Okoye and his company Northside Music Limited converted the following amounts:
“$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,” it reads in part.
“$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 alleged that Okoye’s actions contravene sections 278 and 285 of the criminal law of Lagos State of 2011.
Okoye is expected to be arraigned at the Ikeja high court on March 4, 2025.
The controversy began in 2017 with the feud between Paul Okoye and his twin brother Peter. The rift led the brothers to split their group Psquare and pursue solo careers.
The twins were said to have parted ways after a disagreement on the role of Jude — their older brother who was their manager then.
Though they reunited in November 2021, their reconciliation was short-lived.
In August 2024, Paul revealed another fallout, accusing Peter of orchestrating his arrest by the anti-graft commission.
Peter, however, denied the allegations and accused Jude of diverting millions of dollars from their joint account into a secret company.
He said he was left with no choice but to involve the EFCC after Paul asked him to “do your worst” during their last conversation on the matter.
Responding to the accusations, Jude said he had done everything possible, even “sacrificing himself,” to mend the rift between his brothers.
