An Ikeja Special Offences Court on Thursday granted bail of N50 million to Jude Okoye, the former manager of P-Square, who has been charged with stealing $1 million and £34,537.
Jude, the elder brother of Peter and Paul Okoye, is standing trial alongside his company, Northside Music Ltd., on a four-count charge of theft.
The Economic and Financial Crimes Commission, EFCC, filed the charges against him, but he pleaded not guilty.
Delivering his ruling on the bail application moved by Jude’s lead counsel, Clement Onwuenwunor, SAN, Justice Rahman Oshodi said he had considered the affidavit evidence and oral submissions presented by the parties.
“The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail.
“Section 115 (2) of the ACJL confers discretion upon this court to grant bail in cases not punishable by death.
“I am therefore satisfied that the issue of bail should be resolved in the defendant’s favour,” the judge said.
He, therefore, granted the defendant bail in the sum of N50 million, with two sureties in like sum.
Oshodi stated that the sureties must be gainfully employed and provide evidence of three years’ tax payments to the Lagos State Government.
He ordered the defendant to submit his dual citizenship documents to the chief registrar of the court.
Oshodi also directed EFCC to notify the Immigration office to withhold the defendant’s international passport pending the determination of the case.
The court adjourned the case until 16th May for the commencement of trial.
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