Jude Okoye, the elder brother and former manager of the popular music duo P-Square, has been remanded in prison over allegations of financial fraud involving ₦1.38 billion, $1 million, and £34,000.
The Economic and Financial Crimes Commission (EFCC) arraigned Okoye and his company, Northside Music Ltd, before Justice Alexander Owoeye at the Federal High Court in Lagos on Wednesday.
He faces a seven-count charge related to money laundering.
One of the charges alleges that in 2022, Okoye used ₦850 million to purchase a property in Ikoyi, Lagos, despite knowing the money came from illegal activities.
Another charge accuses him of using a Bureau de Change operator to convert over $1 million into naira to hide the source of the funds.
Okoye pleaded not guilty to all charges. The EFCC requested that he be kept in a correctional facility until his trial, while his lawyer asked the court to allow him to remain in EFCC custody until his bail hearing.
However, the judge ruled that he should be held at the Ikoyi correctional facility until his bail application is decided on February 28. His trial is set to begin on April 14.
