The bail application for Jude Okoye, a former manager of defunct music group, P-Square was moved at the Federal High court sitting in Ikoyi, Lagos Nigeria.
On Wednesday, Jude Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC), before Justice Alexander Owoeye of the Federal High on charges bordering on money Laundering, illegal conversion of proceeds from illegal act, among other charges.
ENigeria New reports that the charges compiled by the EFCC on behalf of Peter Okoye, the complainant chronicled how Jude Okoye allegedly used Access Bank to launder a whopping sum of over $1 million which is his share of proceeds from P-Square’s musical royalties.
On of the charges reads: “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change, converted 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 with intention of concealing that the said fund formed 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, among others.”
Upon arraignment, the defendant’s legal team led by Barrister Inibehe Effiong informed the court that a motion for bail application has been filed, to which the judge fixed Friday, February 28, 2025 for hearing.
The court eventually heard the motion for bail application as well as the counter affidavit of the prosecution and reserved ruling for Monday, March 3, 2025.
However, in a shocking twist of events, Paul Okoye (Rudeboy) who arrived court in the company of his lawyer, Barrister Somadina Eugene-Okorie stood up and informed the court of his intention to stand surety for Jude, opting to drop documents of one of his properties in Ikoyi valued much more than the amounts mentioned in the petition against his former manager.
The court took the information into advisement and promised to either release Jude to him on bail on Monday or move for accelerated hearing.
This is a developing story. More to come shortly.
