Photo: Jude Okoye
Jude Okoye, brother and former manager of the defunct music duo P-Square, has been charged by the Economic and Financial Crimes Commission (EFCC) with money laundering involving N1.38 billion, $1 million, and £34,537.59.
The charges, presented in a seven-count indictment, also involve his company, Northside Music Ltd. Okoye pleaded “not guilty” to the charges. Justice Alexander Owoeye adjourned the case until February 28 for a bail hearing and April 14 for trial. Okoye will remain in custody at the Ikoyi correctional facility during this period.
The allegations against Okoye include using a bureau de change to convert $1,019,762.87 into its naira equivalent and transferring the funds into various bank accounts to conceal their illicit origin.
He is also accused of acquiring a property valued at N850,000,000, which he allegedly knew or should have known was part of the proceeds from unlawful activity.
In related developments, Peter Okoye, Okoye’s brother and former P-Square member, has denied any involvement in reporting Jude to the EFCC. Peter stated that he never petitioned the EFCC against his twin brother, Paul Okoye, on allegations of fraud and money laundering.
He also revealed that Jude and his wife, Ifeoma Okoye, had set up a company, Northside Music, to divert P-Square’s royalties over several years, leading to a rift between the brothers.
Further investigations revealed that Northside Music had been secretly collecting P-Square’s royalties, converting them into naira through a bureau de change, and transferring the funds into Jude’s personal bank account. A closer look at Jude’s account statements showed multiple transactions where he was splitting the funds equally with Paul, without Peter’s knowledge.
Jude Okoye has expressed his intention to address the allegations and the ongoing case, stating that he will speak on the matter in due time.
The case has attracted significant public attention, highlighting issues of financial mismanagement and family disputes within the Nigerian music industry.
