Psquare Brother Jude Okoye Arraigned, Remanded in Prison Over Money Laundering

Psquare brother Jude Okoye has been arraigned and remanded in prison over money laundering.

Newsone Nigeria reports that the elder brother and former manager of the defunct music group, Psquare, Jude Okoye, has been arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of laundering N1.38 billion, $1 million, and £34,537.59.

This online news platform understands that the music executive was arraigned alongside his company Northside Music Ltd on Wednesday, February 26, 2025, before Justice Alexander Owoeye of the federal high court in Lagos on a seven-count charge.

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022,” the counts read in part.

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts to conceal that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Okoye pleaded “not guilty” to the charges. Inibehe Effiong, his counsel, informed the court of a pending bail application and requested that the defendant be remanded in the EFCC’s custody pending the hearing.

However, Larry Peters Aso, the prosecution counsel, objected to the request, citing congestion in the EFCC custody.

Aso also urged the court to remand the defendant to the correctional facility since he had taken his plea.

Justice Owoeye ordered that Okoye be remanded in the Ikoyi correctional facility.

The presiding judge also adjourned the matter till February 28 for a bail hearing and April 14, 2025 for trial.