A special offence court in Ikeja has granted Jude Okoye, the elder brother and former manager of the defunct music group Psquare, N50 million bail.
On Monday, the Economic and Financial Crimes Commission (EFCC) filed a new four-count complaint stating that Okoye “dishonestly converted” cash obtained as music revenues from three companies to his own use.
The charges allege that Okoye’s activities were meant to permanently deprive his brother Peter ‘Mr. P’ Okoye of the payment’s advantages.
The allegations, filed January 27, 2025, explicitly claimed that Okoye and his company Northside Music Limited exchanged the following amounts:
“$767,544.15 paid by Lex Records Limited as payment for music digital distribution/publishing royalties. £34,537.59 paid by Lex Records Limited as payment for music digital distribution/publishing royalties,” it reads in part.
“$133,566.49 paid by Kobalt Music Services Limited as payment for music digital distribution/publishing royalties.
“$118,652.23 paid by Mech Limited as payment for music digital distribution/publishing royalties.”
The EFCC alleged that Okoye’s actions contravene sections 278 and 285 of the criminal law of Lagos State of 2011.
On Tuesday, Okoye pleaded “not guilty” to the charges while appearing before Ramon Oshodi, the judge.
Clement Onwuenwunor, the defence counsel, informed the court about ongoing fraud charges against Okoye at the Ikoyi high court. The lawyer also asked the court to grant bail to Okoye pending the start of his trial.
Ruling on the bail application on Thursday, Oshodi said he had considered the affidavit evidence and oral submissions presented to him.
“The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail,” he said.
“Section 115 (2) of the ACJL confers discretion upon this court to grant bail in cases not punishable by death.
“I am therefore satisfied that the issue of bail should be resolved in the defendant’s favour.”
The judge granted Okoye bail in the sum of N50 million with two sureties in like sum.
He said the sureties must be gainfully employed and provide evidence of three years’ tax payments to the Lagos state government.
The court also ordered Jude to submit his dual citizenship documents to the chief registrar and directed the EFCC to notify the immigration office to withhold his international passport pending the determination of the case.
The trial is set to commence on May 16.
