EFCC TO ARRAIGN P-SQUARE’S EX-MANAGER ON A FRESH CHARGE OF ALLEGED $1M, £34,537 THEFT
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The Economic and Financial Crimes Commission (EFCC) is set to arraign Jude Okoye, the elder brother of Peter (Mr. P) and Paul Okoye (Rudeboy) of the defunct music group P-Square, on charges of theft amounting to $1,019,763.87 and £34,537.59. The arraignment is scheduled for Tuesday at the Lagos State Special Offences Court in Ikeja.
The EFCC filed the four-count charge before Justice Rahman Oshodi, accusing Okoye of dishonestly converting these sums to his personal use, which were paid to Lex Records Limited and other entities for music royalties. The commission alleges that Okoye’s actions were intended to permanently deprive Peter Okoye of his rightful share in the property.
Specifically, the EFCC claims that between 2016 and 2023, Okoye illegally converted $767,544.15 and £34,537.59 paid to Lex Records for music distribution royalties. Additionally, Okoye is accused of dishonestly converting $133,566.49, paid by Kobalt Music, and $118,652.23, paid by Mtech Limited, for similar royalties.
The charges against Okoye, filed under sections 278 and 285 of the Lagos State Criminal Laws of 2011, involve allegations of financial misconduct that contravene the state’s legal provisions on theft.
Initially scheduled for Monday, the arraignment was delayed due to administrative issues at the Ikoyi Correctional Centre, which had not received the necessary information regarding the proceedings.
Earlier, on Monday, the Federal High Court in Lagos granted Jude Okoye bail in the sum of N100 million. He was also required to provide two sureties, each with a like sum. This decision followed an earlier arraignment on February 26, 2025, where he was charged with money laundering involving N1.38 billion, $1 million, and £34,537.59.
The EFCC has accused Okoye and his company, Northside Music Limited, of acquiring a property in Ikoyi, Lagos, worth N850 million in 2022, knowing it was likely funded through illicit activities. The agency also claims that they used a Bureau De Change to convert the aforementioned sum into naira, subsequently transferring it to various bank accounts to conceal its origins.
Justice Alexander Owoeye, in granting bail, ordered Okoye to remain at the Ikoyi Correctional Centre until the conditions were met. Additionally, the judge imposed travel restrictions, stating that Okoye could not leave the country until the case is resolved.
The case has been adjourned until April 14, 2025, for trial to commence.
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