Court to rule on Jude Okoye’s bail application over alleged N1.38bn fraud

The Federal High Court in Lagos will decide on Jude Okoye’s bail application on March 3, 2025, following allegations of N1.38bn fraud

[dropcap]T[/dropcap]he Federal High Court in Lagos has set March 3, 2025, to rule on the bail application of Jude Okoye, the former manager of the renowned Nigerian music duo P-Square.

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The decision follows a heated legal battle between Okoye’s defence team and the Economic and Financial Crimes Commission (EFCC).

Justice Alexander Owoeye fixed the date after hearing arguments on Friday from Okoye’s lawyer, Inibehe Effiong, and EFCC’s counsel, Mr Fanny Anum.

Okoye, the elder brother of Peter and Paul Okoye (P-Square), is facing allegations of money laundering involving N1.38 billion, $1 million, and £34,537.59.

The EFCC arraigned Okoye and his company, Northside Music Limited, on seven counts related to alleged financial crimes.

According to the prosecution, Okoye acquired a property worth N850 million in Parkview Estate, Ikoyi, Lagos, in 2022, with funds believed to be proceeds of unlawful activities.

The agency also claimed that Okoye used a Bureau de Change to convert over $1 million from a Northside Music Access Bank account into naira and transferred the funds to various accounts to conceal their origin.

Okoye pleaded not guilty to all charges. Following his plea, EFCC prosecutor Larry Aso requested the court to remand Okoye in a correctional facility pending trial.

Effiong, however, urged the court to consider his client’s bail application on medical grounds and asked that Okoye be kept in EFCC custody instead of a correctional centre.

The prosecution opposed this request, arguing that the EFCC’s detention facility was overcrowded and insisting that Okoye posed a flight risk and could interfere with witnesses.

Justice Owoeye subsequently ordered Okoye’s remand at Ikoyi Correctional Centre and adjourned the bail hearing to February 28, before setting the trial date for April 14, 2025.

At Friday’s hearing, Effiong reiterated his client’s medical condition, supported by an affidavit and written address, while the EFCC countered, stating there was no medical report to substantiate the claim.

Anum, representing the EFCC, urged the court to deny bail and push for an accelerated hearing of the case.

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After considering arguments from both sides, Justice Owoeye adjourned the case to March 3, 2025, when the court will deliver its ruling on Okoye’s bail application.

Quadri Olaitan

Quadri Olaitan is a journalist and contributor to Freelanews.com, covering news, public affairs, and human-interest stories.