The Economic and Financial Crimes Commission, on Tuesday, formally charged Jude Okoye, the erstwhile manager of hip-hop artists and the now-defunct musical ensemble P-Square, with new allegations pertaining to the purported embezzlement of $1,019,763.87 and £34,537.59 before the Lagos State Special Offences Court situated in Ikeja.
Additionally, Jude Okoye is confronted with a comparable case consisting of seven counts in the court presided over by Justice Alexander Owoeye of the Federal High Court.
The Federal High Court, on Monday, sanctioned his release on bail in the amount of N100 million, contingent upon the provision of two sureties of equivalent financial standing.
In the new charges designated as Ref/99260/2025, under the jurisdiction of Justice Rahman Oshodi, Jude Okoye, along with his corporate entity Northside Music Limited, faces four counts levied against him by the Economic and Financial Crimes Commission.
Upon the commencement of proceedings, the prosecution counsel for the EFCC, Mohammed Bashiru, indicated his representation for the prosecution, while defense counsel Clement Onwuenwunor (SAN) appeared on behalf of the two defendants.
The prosecutor, Mohammed Bashiru, articulated to the court that Jude Okoye and his Northside Music Limited company had unlawfully appropriated the sum of $767,544.15 for personal use, which was allegedly disbursed by Lex Records Limited as remuneration for music digital distribution and publishing royalties, with the intent to irrevocably deprive Peter Okoye of his vested interest in the asset.
Bashiru further asserted that the purported offences transpired at various intervals between 2016 and 2023.
The prosecutor additionally charged Jude Okoye with the unlawful appropriation of £34,537.59, which was remitted by Lex Records Limited, as payment for music digital distribution and publishing royalties, with the intent to permanently deprive Peter Okoye of his vested interest in the asset.
The EFCC also alleged that the former manager of P-Square illicitly appropriated $133,566.49, received from Kobalt Music as digital distribution and publishing royalties, with the intention of permanently depriving Peter Okoye of his vested interest in the asset.
The anti-graft agency further contended that the defendant unlawfully converted the amount of $118,652.23, paid by Mtech Limited as remuneration for music digital distribution and publishing royalties, with the intent to irreversibly deprive Peter Okoye of his special interest in the asset.
According to the EFCC, the offences in question are in violation of sections 278 and 285 of the criminal laws of Lagos State, 2011.
Notwithstanding, the defendant entered a plea of not guilty to the charges brought against him.
Subsequent to the arraignment, the counsel representing the defendant informed the court of a bail application dated February 27, 2025.
