By Deborah Nnamdi
A Federal High Court in Ikoyi, Lagos, has granted Jude Okoye, the elder brother and former manager of the now-defunct music group P-Square, bail in the amount of N100 million as he faces trial for alleged fraud.
Okoye was charged by the Economic and Financial Crimes Commission (EFCC) with laundering N1.38 billion, $1 million, and £34,537.59. He pleaded not guilty and was initially placed in the Ikoyi Correctional Facility by Justice Alexander Owoeye.
His lawyer, Inibehe Effiong, had requested that Okoye be held in EFCC custody instead, but this request was opposed by the prosecution, represented by Larry Peters Aso. During the hearing on Friday, the defense submitted a bail application, which the prosecution countered with an affidavit, arguing that Okoye was a flight risk and might interfere with witnesses.
On Monday, the judge ruled in favor of granting bail, with conditions stipulating that Okoye must provide two sureties, each owning landed property in Lagos valued at N100 million. The court will verify the authenticity of the property documents, and Okoye is prohibited from leaving Nigeria without prior approval.
Justice Owoeye emphasized that Okoye will remain in custody until the bail conditions are fulfilled. His trial is scheduled to start on April 14, 2025.
