Jude Okoye Arraigned, Remanded In Prison Over ‘N1.3bn Fraud’

Jude Okoye, the older brother and former manager of the now-defunct rock group Psquare, has been charged by the Economic and Financial Crimes Commission (EFCC) for laundering N1.38 billion, $1 million, and £34,537.59.

Alexander Owoeye of the Federal High Court in Lagos arraigned Okoye and his business, Northside Music Ltd., on Wednesday on a seven-count indictment.

“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,” the counts read in part.

“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.”

Okoye pleaded “not guilty” to the charges. Inibehe Effiong, his counsel, informed the court of a pending bail application and requested that the defendant be remanded in the EFCC’s custody pending the hearing.

However, Larry Peters Aso, the prosecution counsel, objected to the request, citing congestion in the EFCC custody.

Aso also urged the court to remand the defendant to the correctional facility since he had taken his plea.

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