Jude Okoye, former Psquare manager, remains in prison as a Lagos court sets March 3 for his bail ruling in a N1.3 billion money laundering case. The EFCC alleges he acquired property and converted foreign funds illegally. His brother, Paul Okoye, offered surety, but the court postponed its decision.
A Federal High Court in Ikoyi, Lagos, has postponed the ruling on Jude Okoye’s bail application to March 3, 2025. Okoye, former manager of Psquare, is facing charges of laundering N1.38 billion, $1 million, and £34,537.59.
The Economic and Financial Crimes Commission (EFCC) arraigned Okoye and his company, Northside Music Ltd, on a seven-count charge related to money laundering. He is accused of using illicit funds to acquire property and convert foreign currencies through a bureau de change.
Okoye pleaded not guilty. His lawyer, Inibehe Effiong, sought his release on bail, arguing that he has cooperated with investigations. However, the prosecution opposed the request, claiming he is a flight risk and could interfere with witnesses.
During Friday’s court session, the judge ordered Okoye’s remand at the Ikoyi Correctional Centre until the next hearing. Paul Okoye (Rudeboy), who was present in court, offered to stand as a surety for his brother. The judge requested his legal team to present supporting documents.
The case stems from a longstanding family dispute between the Psquare brothers. Peter Okoye previously accused Jude of diverting millions from their joint account, which led to EFCC involvement. Their reconciliation in 2021 was short-lived, reigniting tensions.
The court has set April 14, 2025, for the trial to commence.
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