Court Grants Jude Okoye ₦100 Million Bail in Alleged ₦1.3 Billion Fraud Case

A Federal High Court in Ikoyi, Lagos, has granted Jude Okoye, the former manager of the defunct music group P-Square, bail in the sum of ₦100 million. This follows his arraignment by the Economic and Financial Crimes Commission (EFCC) on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.

Presiding over the case, Justice Alexander Owoeye stipulated that Okoye must provide two sureties, each owning landed property in Lagos valued at ₦100 million. Additionally, Okoye is prohibited from traveling outside Nigeria without the court's permission.

The EFCC alleges that in 2022, Okoye and his company, Northside Music Limited, acquired a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850 million, using funds suspected to be proceeds of unlawful activities.

Okoye pleaded not guilty to the charges and was initially remanded in the Ikoyi Correctional Facility. His trial is set to commence in the coming weeks as investigations continue.