Jude Okoye Faces ₦1.38 Billion Money Laundering Charges, Pleads Not Guilty

The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, the elder brother and former manager of Paul and Peter Okoye, on charges of laundering ₦1.38 billion, $1 million, and £34,537.59.

Okoye appeared alongside his company, Northside Music Ltd., before Justice Alexander Owoeye. One of the charges states:

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Another charge accuses him of converting $1,019,762.87 through a bureau de change.

“That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Ltd to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Okoye pleaded “not guilty” to all charges.

Following his plea, prosecution counsel, Larry Peters Aso, applied for a hearing date and requested that the defendant be remanded in a correctional facility pending trial. In contrast, defense counsel Inibehe Effiong requested the court to remand Okoye in EFCC custody until the bail application is heard.

Justice Owoeye adjourned the case to February 28 for the bail hearing and April 14 for trial. He also ordered Okoye to be remanded in the Ikoyi correctional facility.