A Federal High Court in Ikoyi, Lagos, heard the bail request of Jude Okoye on Friday. He is accused of laundering N1.38 billion, $1 million, and £34,537.59.
Jude Okoye, the older brother and former manager of the music duo Psquare, was charged by the Economic and Financial Crimes Commission (EFCC) along with his company, Northside Music Ltd. They face seven charges before Justice Alexander Owoeye.
The EFCC claims Okoye used illegal money to buy an N850 million property in Ikoyi and laundered over $1 million through a money exchange service. He denied the charges.
Okoye’s lawyer, Inibehe Effiong, asked for him to stay in EFCC custody until his bail is decided. However, prosecutor Larry Peters Aso opposed this, saying the EFCC facility was overcrowded and asking for him to be sent to Ikoyi prison instead.
The prosecution argued against bail, saying Okoye might run away. But his lawyer said Okoye had cooperated with investigators. He also told the court that Paul ‘Rudeboy’ Okoye was ready to be his guarantor.
Justice Owoeye asked Rudeboy to submit his documents and set March 3 for the bail decision. The trial will begin on April 14.
