Jude Okoye Faces $1M, £34K Theft Charges: EFCC Set For Arraignment

The Economic and Financial Crimes Commission (EFCC) is set to arraign Jude Okoye, the former manager and elder brother of P-Square’s Peter (Mr. P) and Paul (Rudeboy) Okoye, over allegations of misappropriating $1,019,763.87 and £34,537.59.

Court Proceedings in Lagos

Jude Okoye’s case is scheduled for hearing at the Lagos State Special Offences Court, Ikeja, on Tuesday. The EFCC alleges that between 2016 and 2023, he dishonestly converted substantial funds meant for digital music distribution and publishing royalties.

Funds Allegedly Diverted

According to EFCC records, the misappropriated funds include:

$767,544.15 from Lex Records Limited
£34,537.59 from Lex Records Limited
$133,566.49 from Kobalt Music
$118,652.23 from Mtech Limited

These sums were allegedly designated for Peter Okoye’s royalties.

Arraignment and Legal Charges

Initially set for Monday, his arraignment was delayed due to a delay in processing his transfer from the Ikoyi Correctional Centre. The EFCC has filed a four-count charge (Case No. Ref/99260/2025), citing violations of Sections 278 and 285 of the Lagos State Criminal Laws.

Additionally, Okoye was arraigned on February 26, 2025, before the Federal High Court in Lagos on seven counts of money laundering, involving N1.38 billion, $1 million, and £34,537.59.

Allegations of Money Laundering

EFCC prosecutors allege that Okoye:

Purchased a property worth N850 million in Parkview Estate, Ikoyi, Lagos
Converted $1,019,762.87 into naira through a Bureau De Change to obscure the source of funds

Bail Conditions and Travel Restrictions

Okoye pleaded not guilty to all charges. His defense team, led by Inibehe Effiong, applied for bail, which Justice Alexander Owoeye granted under strict conditions:

N100 million bail bond
Two sureties:
- One must own landed property
- The second must be a business owner with a verifiable address
Sureties must provide property documents and Bank Verification Numbers (BVN)
Okoye must remain in custody until bail conditions are met
A travel ban restricts him from leaving the country during the trial