EFCC Arraigns Jude Okoye for Alleged Money Laundering Involving ₦1.38 Billion
The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of the defunct music duo P-Square, on charges of allegedly laundering ₦1.38 billion, $1 million, and £34,537.59.
Okoye, alongside his company Northside Music Ltd, faced a seven-count charge before Justice Alexander Owoeye at the Federal High Court in Ikoyi, Lagos, on Wednesday, February 26, 2025.
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The EFCC alleges that Okoye and his company engaged in financial crimes, including acquiring a high-value property and converting illicit funds through a bureau de change. One charge claims that, in 2022, Okoye directly acquired a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, valued at ₦850 million, using funds he knew or should have known were proceeds of unlawful activity.
Another count accuses him of converting $1,019,762.87 from a Northside Music Ltd account at Access Bank Plc into naira via a bureau de change, then transferring the money into various accounts to conceal its illegal origins.
Okoye pleaded “not guilty” to all charges. Following his plea, EFCC prosecutor Larry Peters Aso requested a trial date and asked that Okoye be remanded in a correctional facility pending proceedings. However, defense counsel Inibehe Effiong informed the court of a pending bail application, seeking a swift hearing date and requesting that Okoye remain in EFCC custody in the interim. Aso opposed this, citing overcrowding at EFCC detention facilities, and urged remand at a correctional centre instead.
Justice Owoeye adjourned the case, scheduling the bail hearing for February 28, 2025, and the April 14, 2025 trial. He ordered Okoye to be held at the Ikoyi Correctional Facility until the next court date.
The arraignment stems from a petition reportedly filed by Peter Okoye, one-half of P-Square, last year, accusing Jude of financial misconduct.
The charges have reignited public interest in the long-standing feud between the Okoye brothers—Jude, Peter, and Paul Okoye—which contributed to the dissolution of the once-iconic music group known for hits like Bizzy Body and Chop My Money. Jude, who managed P-Square during its peak, has been a polarizing figure in the saga, with allegations of mismanagement shadowing the family’s musical legacy.
