Former manager of the defunct music group P-Square, Jude Okoye, has been granted a N100m bail ahead of his trial for alleged N1.38bn fraud.
LEADERSHIP recalls that Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) over charges of laundering N1.38 billion, $1 million, and £34,537.59.
He pleaded “not guilty” to the charges and was initially remanded in the Ikoyi correctional facility by the judge of the federal high court in Ikoyi, Lagos, Justice Alexander Owoeye.
His counsel, Inibehe Effiong, requested that he be remanded in the EFCC’s custody pending the hearing, but the prosecution counsel, Larry Peters Aso, objected to the request.
During Friday’s sitting, the defendant’s counsel filed a bail application, but the prosecution countered with an affidavit, arguing that Okoye poses a flight risk and may interfere with witnesses.
The judge agreed to hear the bail application and granted the request on Monday.
The bail conditions, as set by Owoeye, required Okoye, who is the older brother popular twin singers – Paul and Peter Okoye of former PSquare, to provide two sureties, each with N100 million worth of landed properties in Lagos.
The court must verify the properties’ documents, and Okoye was prohibited from travelling outside the country without approval.
Owoeye held that Okoye will remain in prison until the bail conditions were met.
His trial is set to commence on April 14, 2025.
The dispute between Jude’s younger twin brothers, Paul and Peter Okoye, started in 2017, prompting the split of their music group, Psquare, as they pursued solo careers.
Although they reconciled briefly in November 2021, their reunion was short-lived due to ongoing tensions, particularly regarding their older brother Jude’s role as their manager.
In August 2024, Paul, now Rudeboy, alleged that Peter was behind his arrest by the anti-corruption agency.
Peter, now Mr P., refuted these claims and accused Jude of siphoning millions of dollars from their shared account into a hidden company.
Peter involved the EFCC after Paul asked him to “do his worst” during their last conversation on the matter.
Responding to the accusations, Jude said he had done everything possible, even “sacrificing himself,” to mend the rift between his younger brothers.
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