A federal high court in Ikoyi, Lagos, heard Jude Okoye‘s bail request over allegations of money laundering on Friday.
Okoye, the older brother and previous manager of the now-defunct Psquare, was charged with N1.38 billion, $1 million, and £34,537.59 laundering on Wednesday.
Before presiding judge Alexander Owoeye, Okoye and his business, Northside Music Ltd., were charged with seven counts by the Economic and Financial Crimes Commission (EFCC).
“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.”
The music mogul, however, pleaded “not guilty” to the charges.
His counsel, Inibehe Effiong, asked that the defendant be held in the custody of the EFCC until the hearing and advised the court of a pending bail application.
The request was denied, though, by prosecution attorney Larry Peters Aso, who cited overcrowding in the EFCC’s custody.
Aso also requested the court to remand the defendant to the jail facility in Ikoyi since he had taken his plea.
The prosecution responded with an affidavit, claiming that Okoye is a flight risk and could obstruct witnesses, to the defendant’s attorney’s bail application during Friday’s session.
In response, Inibehe underlined that the defendant does not pose a flight danger because they have continuously cooperated with the investigation and accepted all invitations since the case started.
He also told the court that Paul ‘Rudeboy’ Okoye was in court to bail out his elder brother.
The judge asked Rudeboy to present his documents through his lawyer, adding that he will hear the bail application on March 3.
Owoeye also scheduled Okoye’s trial for April 14.
