The Economic and Financial Crimes Commission (EFCC) will on Tuesday arraign music executive Jude Okoye over allegations of fraud and money laundering amounting to N1.38 billion, $1 million, and £34,537.59 before the Lagos State Special Offences Court in Ikeja.
Okoye, who is also the elder brother and former manager of Paul and Peter Okoye of the defunct P-Square music group, faces a four-count filed by EFCC prosecutor Aso Larry Peters on January 27.
His arraignment, initially scheduled for Monday, was postponed after the Ikoyi Correctional Centre, where he is currently remanded, stated it had not received formal notification of his court appearance.
According to the EFCC, Okoye is accused of dishonestly converting $767,544.15 paid to Lex Records Limited as digital distribution royalties, intending to deprive Peter Okoye of his rightful earnings.
Between 2016 and 2023, he allegedly converted £34,537.59 from the same company and an additional $133,566.49 from Kobalt Music, both linked to music publishing royalties.
The anti-graft agency also claims Okoye misappropriated $118,652.23 from Mtech Limited, which was also intended as royalty payments for Peter Okoye. The charges, filed under Sections 278 and 285 of the Lagos State Criminal Code, accuse Okoye of knowingly diverting funds meant for his brother’s musical earnings over several years.
The EFCC further alleges that in 2022, Okoye used proceeds of unlawful activities to purchase a property worth N850 million at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos.
He is also accused of using a Bureau De Change to convert $1,019,762.87 from an Access Bank account operated by his company, Northside Music Limited, into naira, which was then transferred across various bank accounts to conceal the illicit origin of the funds. Okoye pleaded not guilty when first arraigned on February 26, 2025, alongside Northside Music Limited, on seven counts of money laundering.
Meanwhile, in a separate ruling, the Federal High Court in Ikoyi granted Okoye ₦100 million bail on Monday. Justice Alexander Owoeye set conditions requiring two sureties in the same sum, one of whom must own landed property, while the other must be a business owner with a verifiable address. The court ordered that property documents and the sureties’ Bank Verification Numbers (BVN) be submitted as part of the bail conditions.
“The defendant shall not leave Nigeria until the determination of the case,” Justice Owoeye ruled, adding that Okoye would remain in custody until he met his bail requirements. His younger brother, Paul Okoye, popularly known as “Rudeboy,” was present in court to show support. The trial is set to commence on April 14.
