Psquare Brother, Jude Okoye in EFCC Net Over N1.38Bn Fraud

Older brother and former manager of the defunct music group P-Square, Jude Okoye has been arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering involving a sum of N1.38 billion, $1 million, and £34,537.59.

Okoye appeared before Justice A.O. Owoeye of the Federal High Court in Ikoyi, Lagos, on Wednesday, 26 February 2025, alongside his company, Northside Music Ltd. The seven charges against him relate to the acquisition of property and foreign currency transactions linked to alleged illegal activities.

One of the charges alleges that in 2022, Okoye and Northside Music Ltd acquired a property in Parkview Estate, Ikoyi, Lagos, worth N850 million, using funds believed to be proceeds from unlawful activities. Another charge claims Okoye and his company used a bureau de change to convert over $1 million from an Access Bank account into Naira, which was then moved through multiple accounts to conceal the origin of the funds.

Okoye pleaded not guilty to all charges. In response, prosecution counsel L.P. Aso requested a trial date and asked for Okoye to be remanded in a correctional facility. The defence counsel, Inibehe Effiong, requested that Okoye be granted bail and remanded in EFCC custody until a bail hearing.

However, the prosecution objected to this request, citing overcrowding in EFCC holding facilities. The court ultimately ordered that Okoye be remanded in Ikoyi Correctional Centre. A bail hearing has been scheduled for 28 February 2025, with the trial set for 14 April 2025.

The case is being closely followed, given Okoye’s prominent role in Nigeria’s music industry as the manager of the successful P-Square group, which split in 2017.