Jude Okoye Granted N100m Bail in N1.3bn Fraud Case

A Federal High Court in Ikoyi, Lagos, has granted Jude Okoye, the former manager of the defunct music duo P-Square, bail in the sum of N100 million amid allegations of financial fraud. The Economic and Financial Crimes Commission (EFCC) arraigned Okoye on charges of laundering N1.38 billion, $1 million, and £34,537.59.

Okoye pleaded not guilty to the charges and was initially remanded at the Ikoyi Correctional Facility. His legal counsel, Inibehe Effiong, had requested that he remain in EFCC custody pending trial, but the prosecution, represented by Larry Peters Aso, opposed the request.

During the bail hearing, the prosecution argued that Okoye posed a flight risk and could interfere with witnesses. However, on Monday, Justice Alexander Owoeye ruled in favor of granting bail, setting strict conditions. Okoye must provide two sureties who each own landed property in Lagos worth N100 million. The court will verify the property documents, and Okoye is prohibited from leaving the country without approval. Until these conditions are met, he will remain in custody. His trial is scheduled to begin on April 14, 2025.

The legal battle follows years of controversy surrounding the Okoye family. The feud between twin brothers Peter and Paul Okoye led to P-Square’s split in 2017, with disagreements over Jude’s role as their manager fueling the fallout. Although the brothers briefly reconciled in 2021, tensions resurfaced in August 2024. Paul accused Peter of orchestrating Jude’s arrest, while Peter claimed Jude had diverted millions from their joint account into a secret company. Jude, in his defense, insisted he had sacrificed himself to mend the rift between his brothers.