FRAUD CASE: JUDE OKOYE GRANTED N100M BAIL

Jude Okoye, the elder brother and former manager of the now-defunct music group P-Square, has been granted bail set at N100 million ahead of his trial for alleged fraud. Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of laundering N1.38 billion, $1 million, and £34,537.59.

During his arraignment, Okoye pleaded “not guilty” to the charges and was initially remanded in the Ikoyi Correctional Facility by Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos. His counsel, Inibehe Effiong, had requested that Okoye be held in EFCC custody pending the hearing, but the prosecution counsel, Larry Peters Aso, opposed the request.

At Friday’s court session, Okoye’s legal team filed a bail application, which the prosecution countered with an affidavit, arguing that the defendant posed a flight risk and could potentially interfere with witnesses. Justice Owoeye agreed to hear the bail application and ultimately granted the request on Monday.

The bail conditions, as stipulated by the judge, require Okoye to provide two sureties, each possessing landed properties in Lagos valued at N100 million. The court must verify the authenticity of the property documents, and Okoye is barred from traveling outside Nigeria without prior approval.

Justice Owoeye ruled that Okoye would remain in custody until the bail conditions are fully met. His trial is scheduled to begin on April 14, 2025.

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