The Economic and Financial Crimes Commission (EFCC) is set to arraign Jude Okoye, former manager and elder brother of P-Square duo Peter (Mr. P) and Paul (Rudeboy) Okoye, over alleged theft of $1,019,763.87 and £34,537.59.
The case will be heard at the Lagos State Special Offences Court, Ikeja, on Tuesday.
Okoye is accused of misappropriating funds meant for music digital distribution and publishing royalties between 2016 and 2023. According to the EFCC, he dishonestly converted:
$767,544.15 paid by Lex Records Limited
£34,537.59 from the same company
$133,566.49 from Kobalt Music
$118,652.23 from Mtech Limited
These funds were allegedly meant for Peter Okoye’s royalties.
His arraignment, initially scheduled for Monday, was postponed due to a delay in processing his transfer from the Ikoyi Correctional Centre. The EFCC’s four-count charge (Case No. Ref/99260/2025) cites violations of Sections 278 and 285 of the Lagos State Criminal Laws.
Separately, Okoye was arraigned on February 26, 2025, before the Federal High Court in Lagos on seven counts of money laundering involving N1.38 billion, $1 million, and £34,537.59.
The EFCC alleges that in 2022, he used illicit funds to:
Purchase a property worth N850 million in Parkview Estate, Ikoyi, Lagos
Engage a Bureau De Change to convert $1,019,762.87 into naira to obscure the source of the funds
Okoye pleaded not guilty to all charges. His legal team, led by Inibehe Effiong, applied for bail, which was granted by Justice Alexander Owoeye on Monday under the following conditions:
N100 million bail bond
Two sureties:
One must own landed property
The other must be a business owner with a verifiable address
Sureties must submit property documents and Bank Verification Numbers (BVN) to the court
The judge also ordered that Okoye remain in custody until he meets his bail conditions and barred him from traveling abroad during the trial.
The case is set to resume on April 14, 2025, for trial commencement.
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