Alleged N1.3bn fraud: Court grants Jude Okoye N100m bail

Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, has granted bail set at N100 million to Jude Okoye, the former manager of the defunct music group P-Square, as he faces trial for alleged financial crimes.

Tribune Online reports that the Economic and Financial Crimes Commission (EFCC) had arraigned Okoye on charges of laundering N1.38 billion, $1 million, and £34,537.59.

He pleaded not guilty and was initially remanded at the Ikoyi Correctional Facility.

During Friday’s court session, Okoye’s lawyer, Inibehe Effiong, requested that he be kept in EFCC custody pending trial, but prosecution counsel Larry Peters Aso opposed the request, arguing that Okoye posed a flight risk and could interfere with witnesses.

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On Monday, the presiding judge, Alexander Owoeye, ruled in favor of the bail application but set strict conditions. 

Okoye must provide two sureties with landed properties in Lagos valued at N100 million each. 

The court must verify these properties, and he is barred from traveling abroad without prior approval.

Until he meets the bail conditions, Okoye will remain in custody. His trial is scheduled to begin on April 14, 2025.

Recall that Jude Okoye’s legal troubles started from a long-standing rift between his younger twin brothers, Paul and Peter Okoye, who parted ways in 2017 after a dispute over Jude’s role as their manager. 

NIGERIAN TRIBUNE