by Atafo Igbinedion
The Federal High Court in Lagos has scheduled Monday, March 3, 2025, to rule on the bail application of Jude Okoye, the former manager of the hip-hop duo P-Square, who is facing money laundering charges.
Justice Alexander Owoeye fixed the date after hearing arguments from Okoye’s lawyer, Inibehe Effiong, and the Economic and Financial Crimes Commission (EFCC) prosecutor, Mr. Fanny Anum, on Friday.
EFCC: ‘Okoye Concealed Funds Through Bureau de Change’
Okoye, the elder brother of music stars Peter and Paul Okoye, was arraigned on Wednesday on a seven-count charge alongside his company, Northside Music Limited.
The EFCC alleged that in 2022, Okoye and his company acquired a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, for N850 million, knowing that the funds were proceeds of unlawful activities.
The prosecution further claimed that in the same year, Okoye and Northside Music Ltd used a Bureau de Change to convert $1,019,762.87 from a company account at Access Bank into naira, transferring the funds into various accounts to conceal their source.
“These transactions violate Section 18(2)(a) of the relevant law and are punishable under Section 18(3) of the same Act,” EFCC counsel Anum told the court.
Okoye pleaded not guilty to all charges.
Defense: ‘Okoye Deserves Bail on Medical Grounds’
Following his plea, the EFCC requested that Okoye be remanded in a correctional facility pending trial. However, his lawyer, Effiong, argued for an expedited bail hearing and requested that his client remain in EFCC custody instead.
At Friday’s hearing, Effiong insisted that Okoye’s bail application was based on medical grounds, supported by an affidavit and a written address.
“My client has strong ties to the country and is not a flight risk. This is a family matter, and we urge the court to grant bail on the most lenient terms,” Effiong stated.
However, the EFCC countered the request, arguing that Okoye posed a risk of witness interference and lacked medical evidence to support his claim.
“Our 13-paragraph counter-affidavit clearly states that the defendant could abscond if granted bail. There is no medical report before the court,” EFCC prosecutor Anum argued, urging the judge to deny bail and instead prioritize a speedy trial.
Court Adjourns for Bail Ruling
After considering submissions from both parties, Justice Owoeye adjourned the matter to Monday, March 3, for a ruling on the bail application.
Meanwhile, Okoye remains in custody at Ikoyi Correctional Centre as he awaits the court’s decision. The trial is set to commence on April 14, 2025.
