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 and his company, Northside Music Ltd, appeared before Justice Alexander Owoeye at the Federal High Court in Lagos. They face a seven-count charge related to financial crimes.
One of the charges claims that in 2022, Jude and Northside Music Ltd acquired a property worth N850 million at Parkview Estate, Ikoyi, Lagos, knowing it was linked to illicit funds.
Another count accuses him of using a bureau de change to convert over $1 million and transfer it into multiple bank accounts to obscure its origin.
Jude pleaded not guilty to all charges. The prosecution requested his remand in a correctional facility pending trial, but his defense counsel asked that he remain in EFCC custody until his bail hearing.
Justice Owoeye adjourned the bail hearing to February 28 and scheduled the trial for April 14. Until then, Jude Okoye will remain in Ikoyi Correctional Facility.
