Jude Okoye, former manager of the dissolved music duo P-Square, was on Wednesday, 26th February, arraigned on seven counts of money laundering.
Mr. Okoye was brought before the federal high court alongside his company, Northside Music, involving allegations of laundering 1.38 billion naira, 1 million dollars, and 34,567.59 pounds.
The Economic and Financial Crimes Commission (EFCC) accused Mr. Okoye of using illicit funds to acquire property worth 850 million naira in Lagos.
According to Channels Television, one of the counts read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime 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 ₦850,000,000.00 (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.”
He also converted 1 million dollars via bureau de change.
Another count read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert 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 the intention of concealing that the said fund form 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.”
Justice Owoeye adjourned the case to 28th February for bail hearing and fixed his trial commencement for 14th April.
Mr. Okoye pleaded not guilty and the court ordered his remand in the Ikoyi correctional facility until his bail hearing.
In August 2024, Peter Okoye of P-Square openly revealed in a statement that his brother Jude diverted millions of P-Square’s royalties.
He also claimed that he had discovered a secret company called Northside Music, founded by Jude and his wife, Ifeoma Okoye, used in carrying out the act.
According to Peter, this company, which bore a striking resemblance to their official management company Northside Entertainment, had been quietly siphoning off large sums from P-Square’s royalties for years.
