The Economic and Financial Crimes Commission (EFCC) is set to arraign Jude Okoye, the elder brother and former manager of Paul and Peter Okoye of the defunct P-Square music group, over an alleged $1 million and £34,537.59 theft before the Lagos State Special Offences Court sitting in Ikeja on Tuesday.
Justice Rahman Oshodi will preside over the four-count charge filed against Okoye by EFCC Prosecutor Aso Larry Peters on January 27.
Okoye’s arraignment was initially scheduled for Monday, March 3, but was stalled due to his absence in court.
Officials at the Ikoyi Correctional Centre, where he was remanded, claimed they had not received any directive for his court appearance.
The EFCC had accused Okoye of dishonestly converting $767,544.15 paid to Lex Records Limited as music digital distribution/publishing royalties meant for Peter Okoye, with the intent to deprive him of his rightful earnings.
The anti-graft agency further alleged that between 2016 and 2023, Okoye dishonestly converted £34,537.59 from Lex Records Limited, $133,566.49 from Kobalt Music, and $118,652.23 from Mtech Limited—funds paid as music digital distribution royalties meant for Peter Okoye.
According to the EFCC, the offences, committed between 2016 and 2023, violate Sections 278 and 285 of the Criminal Laws of Lagos State 2011.
Meanwhile, the Federal High Court sitting in Ikoyi, Lagos, on Monday granted Okoye bail in the sum of N100 million with two sureties in like sum.
Justice Alexander Owoeye ruled that “one of the sureties must own landed property, while the other must be a business owner with a verifiable address. Both sureties shall provide an affidavit of means.”
The judge also ordered that the property title and Bank Verification Number (BVN) of the sureties be deposited with the court. Okoye was further barred from traveling abroad pending the determination of the case.
“The defendant shall remain in Ikoyi Correctional Centre until he meets his bail conditions,” Justice Owoeye ruled.
The case was adjourned to April 14 for trial.
Paul Okoye, popularly known as Rude Boy, was present in court to show support for his brother.
Jude Okoye was first arraigned on February 26, 2025, by the EFCC for money laundering involving N1.38 billion, $1 million, and £34,537.59. He was arraigned alongside his company, Northside Music Limited, on seven counts.
According to the EFCC, Okoye and Northside Music Limited in 2022 directly acquired a property worth N850 million at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, using funds suspected to be proceeds of unlawful activities.
The anti-graft agency also alleged that Okoye and his company, in 2022, used a Bureau De Change to convert $1,019,762.87 from an Access Bank account operated by Northside Music Limited into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.
EFCC insists that these offences violate Section 18 (2)(a) of the Money Laundering Prevention and Prohibition Act and are punishable under Section 18 (3) of the same Act.
Okoye has pleaded not guilty to all charges.