Jude Okoye, the embattled ex-manager of the defunct P-Square music group and elder brother to Peter and Paul Okoye, was granted N50 million bail by an Ikeja Special Offences Court on Thursday, following his alleged theft of $1 million and £34,537.
Jude Okoye was arraigned alongside his company, Northside Music Ltd, by operatives of the Economics and Financial Crimes Control on 27th February 2025, on a seven-count charge bordering on money laundering to the tune of N1.38billion, $1million and £34,537.59 respectively.
On Tuesday 4th March 2025, he was remanded in prison over fresh ‘$1M, £34K fraud charges which were filed by the EFCC, accusing him of misappropriating music profits from three companies for personal gain, which has deprived his brother, Peter ‘Mr. P’ Okoye, of his rightful earnings.
However, he pleaded “not guilty” to the charges when he appeared before Justice Ramon Oshodi at the Ikeja High Court. His defence counsel, Clement Onwuenwunor prayed the court to grant him bail, citing an ongoing case at the Ikoyi court that is akin to the current one.
But the prosecuting counsel MK Bashiru opposed the application, insisting that he should not be bailed until he files a response. Justice Oshodi in compliance, ruled that he would not grant the bail application hastily without first of all reviewing the all the necessary files.
The judge directed the prosecuting counsel to tender his response before the next hearing of the case which was scheduled for 6th March while the trial holds on 16th and 23rd May.
Delivering his verdict on Okoye’s bail application file by his lead counsel, Clement Onwuenwunor, SAN, the presiding judge, Justice Rahman Oshodi said he had considered the affidavit evidence and oral submissions presented by the parties.
“The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail.
“Section 115 (2) of the ACJL confers discretion upon this court to grant bail in cases not punishable by death. I am therefore satisfied that the issue of bail should be resolved in the defendant’s favour,” the judge said.
Therefore the defendant was granted bail in the sum of N50 million, with two sureties in like sum while the case was adjourned until 16th May for the commencement of trial.
