N1.38bn fraud: Court grants Jude Okoye N100m bail

• Jude Okoye has been granted bail by the court after spending a few days behind bars over alleged laundering of N1.38 billion.
• He was arraigned on February 26 and remanded in custody pending the hearing of his bail application.
• Jude Okoye was granted N100m bail amongst other conditions and was seen leaving the court alongside his younger brother Paul Okoye aka Rudeboy

Jude Okoye, older brother of Peter and Paul Okoye of the defunct Psquare music group has been granted bail by the Federal High Court in Lagos on Monday, March 3.

This comes after Jude, the brain behind music label Northside Music Limited, was arraigned by the Economic and Financial Crimes Commission (EFCC) for alleged crime of money laundering involving N1.38 billion, $1 million, and £34,537.59 among other counts.

The EFCC arraigned Okoye and his company before Alexander Owoeye, the presiding judge, on a seven-count charge. The count read in part:

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime 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 ₦850,000,000.00 (Eight hundred and fifty million naira),”

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert 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 to conceal that the said fund form part of the proceeds of an unlawful act.”

In the latest development, the Federal High Court in Lagos granted N100m bail to Jude Okoye, the former manager of twin brothers Peter and Paul Okoye. Justice Alexander Owoeye granted the bail with two sureties in like sum, including a ruling that he must not travel out of the country.

The judge also held that one of the sureties must be an owner of a landed property, amongst others. A video which recently emerged online showed Jude leaving the court alongside his brother Paul Okoye.
This comes after Paul accused Peter of being behind Jude’s arraignment by the EFCC, a claim he has denied.

Watch video of Jude Okoye and Paul leaving the court after being granted bail:

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