18 / 100 Powered by Rank Math SEO SEO Score The Economic and Financial Crimes Commission (EFCC) has officially arraigned Jude Okoye, the former manager and elder brother of Paul and Peter Okoye from the now-defunct music duo P-Square. He is facing charges related to money laundering, involving N1.38 billion, $1 million, and £34,537.59. The case was presented at the Federal High Court in Lagos. Court Proceedings and Charges Jude Okoye and his company, Northside Music Ltd, were brought before Justice Alexander Owoeye on a seven-count charge of financial misconduct. One of the allegations states that in 2022, Jude Okoye and Northside Music Ltd acquired a property located at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million. The EFCC claims the funds used for this acquisition were proceeds of unlawful activity, which constitutes an offense under the Money Laundering (Prevention and Prohibition) Act, 2022. Another charge accuses Okoye of using a bureau de change service to convert $1,019,762.87 from an Access Bank account operated by Northside Music Ltd into naira. The converted funds were allegedly distributed across various bank accounts to obscure their origins. This act, according to EFCC, violates the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. Courtroom Arguments and Bail Application Jude Okoye pleaded not guilty to the charges brought against him. Following his plea, EFCC counsel Larry Aso requested a trial date and urged the court to remand Okoye in a correctional facility pending the commencement of the proceedings. In response, Okoye’s legal representative, Inibehe Effiong, informed the court of a pending bail application and requested a short adjournment to address it. Effiong also petitioned for his client to remain in EFCC custody until the bail hearing. However, EFCC’s counsel opposed this request, citing overcrowding in EFCC detention facilities and instead recommending remand in a correctional facility. Court’s Ruling and Next Steps Justice Alexander Owoeye ruled that the defendant be remanded in Ikoyi Prison. The case is scheduled for a bail hearing on February 28, while the trial is set to commence on April 14. Key Takeaways For further details on financial crime laws in Nigeria, visit EFCC’s official website. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel Discover more from LMSINT STORE Subscribe to get the latest posts sent to your email. Type your email… Subscribe