UPDATE: COURT GRANTS JUDE OKOYE N100M BAIL IN N1.3 BILLION FRAUD CASE
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Jude Okoye, the older brother and former manager of the now-defunct band P-Square, was granted N100 million bail by a Federal High Court in Ikoyi, Lagos, prior to his trial for alleged fraud.
The Economic and Financial Crimes Commission (EFCC) charged Okoye with laundering N1.38 billion, $1 million, and £34,537.59 when he was arraigned. Justice Alexander Owoeye first remanded him in the Ikoyi Correctional Facility after he entered a not guilty plea.
Inibehe Effiong, his attorney, had asked to have him placed in EFCC custody instead, but Larry Peters Aso, the prosecution attorney, had objected.
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The prosecution responded to the defence’s bail request during Friday’s hearing with an affidavit, claiming that Okoye was a flight risk and may obstruct witnesses.
The judge granted bail on Monday and stipulated that Okoye must produce two sureties, each of whom must own N100 million worth of landed property in Lagos. Okoye cannot leave Nigeria without permission, and the court must confirm the property documentation.
According to Justice Owoeye, Okoye will not be released from detention until he complies with the terms of his bail. On April 14, 2025, his trial is scheduled to start.
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