Jude Okoye, the elder brother and former manager of the now-defunct music group P-Square, has been granted N100 million bail ahead of his trial for allegations of fraud.
Gatekeepers News reports that Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges related to the laundering of N1.38 billion, $1 million, and £34,537.59.
He pleaded “not guilty” to these charges and was initially remanded at the Ikoyi correctional facility following a decision by Federal High Court Judge Alexander Owoeye in Lagos.
During the proceedings, Inibehe Effiong, Okoye’s counsel, requested that he be kept in the custody of the EFCC while waiting for a hearing, a request opposed by the prosecution, represented by counsel Larry Peters Aso, who argued that Okoye might pose a flight risk and could interfere with potential witnesses.
A bail application was submitted by Okoye’s legal team during a session on Friday, leading to the judge agreeing to hear the application.
On Monday, Owoeye granted bail with specific conditions, including the requirement for Okoye to provide two sureties, each possessing landed properties in Lagos valued at N100 million.
The court will verify the documentation of these properties, and Okoye is also prohibited from leaving the country without court approval.
Owoeye stated that Okoye would remain in custody until the bail conditions are fulfilled. The trial is scheduled to begin on April 14, 2025.
The controversy surrounding P-Square began in 2017, stemming from a feud between twin brothers Paul and Peter Okoye, which ultimately led to the disbandment of the group.
The brothers’ conflicts arose from disagreements over Jude’s role as their manager. Although they briefly reunited in November 2021, that reconciliation was not sustained.
In August 2024, Paul accused Peter of orchestrating his arrest by the EFCC, a claim Peter denied while accusing Jude of misappropriating significant funds from their joint account into a hidden company.
Peter stated that he felt compelled to involve the EFCC after Paul challenged him to “do your worst” in their last discussion about the matter. In response, Jude claimed he had made all possible efforts, including making personal sacrifices, to resolve the rift between his brothers.
