Jude Okoye, the elder brother and former manager of the defunct music group P-Square, has been granted bail in the sum of N100 million ($67,000) by the Federal High Court in Ikoyi, Lagos. The court’s decision came ahead of Okoye’s trial for alleged fraud involving massive sums of money.
The Economic and Financial Crimes Commission (EFCC) arraigned Jude Okoye on charges of laundering N1.38 billion, $1 million, and £34,537.59. Okoye pleaded not guilty to the charges and was initially remanded in the Ikoyi Correctional Facility by Justice Alexander Owoeye.
Jude Okoye’s counsel, Inibehe Effiong, had requested that his client remain in EFCC custody instead of the correctional facility, but the prosecution counsel, Larry Peters Aso, strongly opposed the request. During Friday’s court session, the defence filed a bail application, which the prosecution countered with an affidavit arguing that Okoye posed a flight risk and could interfere with witnesses.
On Monday, Justice Alexander Owoeye ruled in favour of granting bail, setting stringent conditions. The court ordered Okoye to provide two sureties, each with landed property in Lagos worth N100 million. The court must verify the property documents, and Okoye cannot travel outside Nigeria without prior approval from the court.
Until Okoye meets the bail conditions, the court ruled that he would remain in custody. His trial is scheduled to begin on April 14, 2025.
