A federal high court in Ikoyi, Lagos State heard the bail application of Jude Okoye, P Square’s elder brother over money laundering allegations.
Gatekeepers News reports that the former manager of the defunct music group was on Wednesday arraigned on charges of laundering N1.38 billion, $1 million, and £34,537.59.
Economic and Financial Crimes Commission (EFCC) arraigned Okoye and his company, Northside Music Ltd before Alexander Owoeye, the presiding judge of the apex court on a seven-count charge.
The count reads, “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts to conceal that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Jude however, pleaded not guilty to the charges.
Inibehe Effiong, the defendant’s counsel, informed the court of a pending bail application and requested that the defendant be remanded in EFCC’s custody pending the hearing.
Larry Peters Aso, the prosecution counsel objected to the request, citing congestion in EFCC custody.
Aso asked the court to remand Jude to the correctional facility since he had taken his plea.
During Friday’s sitting, Effiong filed a bail application, but the prosecution countered with an affidavit, arguing that Okoye poses a flight risk and may interfere with witnesses.
The defendant’s lawyer added that Jude has consistently cooperated with the investigation, honouring all invitations since the case began, hence does not constitute a flight risk.
He also told the court that Paul popularly known as Rudeboy was in court to bail out his elder brother.
Justice Owoeye asked Rudeboy to present his documents through his lawyer.
The judge added that he will hear the bail application on March 3, and rescheduled Jude’s trial for April 14.
