EFCC arraigns former P-Square Manager for alleged N1.38bn money laundering

The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye Chigozie, the older brother and former manager of the defunct P-Square music duo, on charges of money laundering involving N1.38 billion, $1 million, and £34,537.59.

Okoye was brought before A.O. Owoeye, Justice of the Federal High Court in Ikoyi, Lagos, on Wednesday, alongside his company, Northside Music Ltd.

The EFCC, in a statement signed by Dele Oyewale, its Head of Media & Publicity, disclosed that the charges stem from financial transactions allegedly linked to illicit funds.

According to the EFCC, Okoye and his company were accused of acquiring an N850 million property in Parkview Estate, Ikoyi, Lagos, in 2022, with funds suspected to be proceeds of unlawful activities.

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Another charge alleges that he converted over $1 million through a bureau de change and funneled the naira equivalent into various bank accounts to conceal the source of the funds.

According to the statement, Okoye pleaded not guilty to all seven charges.

L.P. Aso, prosecution counsel, subsequently requested a trial date and urged the court to remand him in a correctional facility.

However, his defence counsel, Inibehe Effiong, sought a short adjournment for a bail hearing and requested that his client remain in EFCC custody pending the court’s decision.

The prosecution opposed the request, citing congestion in EFCC detention facilities and arguing that Okoye should be sent to the Ikoyi Correctional Centre.

Owoeye upheld the prosecution’s argument, ordering Okoye’s remand at Ikoyi Correctional Centre.

The court set February 28, 2025, for the bail application hearing and April 14, 2025, for trial.