Jude Okoye, Ex-P-Square manager, arraigned by EFCC over alleged N1.38bn fraud

February 28, 2025

The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye Chigozie, older brother and ex-manager of Paul and Peter Okoye of the defunct P-Square music group, before Justice A.O. Owoeye of the Federal High Court, sitting in Ikoyi, Lagos.

Okoye was arraigned alongside his company, Northside Music Ltd, on a seven-count charge bordering on money laundering to the tune of N1.38 billion, $1 million, and £34,537.59.

According to the charges, Okoye and his company allegedly acquired a landed property worth N850 million in Parkview Estate, Ikoyi, Lagos, in 2022, with funds suspected to be proceeds of unlawful activities.

One of the charges reads: “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes 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 N850,000,000.00 (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.”

Another charge alleges that Okoye and his company converted over $1 million through a bureau de change and funneled the naira equivalent into various bank accounts to conceal the source of the funds.

The charge reads: “That you, Jude Okoye Chigozie and Northside Music Ltd sometimes in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change, converted 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 with intention of concealing that the said fund formed 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.”

Okoye pleaded “not guilty” to the charges.

The prosecution counsel, L.P. Aso, applied for a trial date and for Okoye to be remanded in a correctional facility.

However, the defence counsel, Inibehe Effiong, informed the court of Okoye’s bail application and prayed for a short date of adjournment to enable its hearing.

Justice Owoeye adjourned the matter till February 28, 2025, for the hearing of the bail application and April 14, 2025, for trial, and ordered that the defendant be remanded in Ikoyi Correctional Centre.