An Ikeja Special Offences Court has remanded Jude Okoye, the former manager of the defunct music duo P-Square, over allegations of theft and money laundering amounting to $1 million and £34,537.59.

Okoye, who is also the elder brother of Peter and Paul Okoye, was arraigned by the Economic and Financial Crimes Commission, EFCC, on multiple charges, including the misappropriation of music royalties. His company, Northside Music Ltd, was also listed as a defendant in the case.

Standing before Justice Rahman Oshodi, the defendant pleaded not guilty to the charges and was ordered to remain at the Ikoyi Custodial Centre pending the hearing of his bail application.

The EFCC detailed that between 2016 and 2023, Okoye dishonestly converted funds meant for music digital distribution and publishing royalties. The breakdown of the alleged misappropriated funds includes: $767,544.15 paid by Lex Records Ltd, £34,537.59 from Lex Records Ltd, $133,566.49 from Kobalt Music, $118,652.23 from Mtech Ltd.

READ ALSO: EFCC arraigns Okoye, P-Square manager for money laundering

These funds, originally intended for Peter Okoye, were allegedly diverted for personal use, violating Sections 278 and 285 of the Criminal Laws of Lagos State, 2011.

During the court proceedings, EFCC’s counsel, Mohammed Bashir, requested a trial date and urged the court to remand the defendant. However, lead defense counsel, Clement Onwuenwunor, filed a bail application, arguing that Okoye should be granted temporary freedom.

Justice Alexander Owoeye, presiding over a separate hearing on March 3, granted Okoye bail set at N100 million, with two sureties in like sum. One surety must own landed property, while the other must be a business owner with a verifiable address. Both must provide an affidavit of means, and property documents must be submitted to the court.

Until the bail conditions are met, Okoye will remain at the Ikoyi Correctional Centre. The trial is set to begin on April 14, 2025.

Crediblenews.ng