Jude Okoye, ex-manager of the disbanded music group P-Square, will remain in custody at Ikoyi Correctional Centre until March 3, when his bail application will be heard.
A Federal High Court in Lagos, presided over by Justice Alexander Owoeye, gave the ruling on Friday.
Okoye, the elder brother of Nigerian music duo Peter and Paul Okoye, was arraigned by the Economic and Financial Crimes Commission (EFCC) on the charges of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.
He was charged alongside his company, Northside Music Limited, on a seven-count indictment.
According to the EFCC, one of the charges stated that Okoye and Northside Music Limited, in 2022, acquired a property at No. 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850 million, knowing that the funds used for the purchase were proceeds of unlawful activities.
This, the EFCC argued, contravenes Section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Another charge alleged that Okoye and his company, in 2022, converted $1,019,762.87 held in a new generation bank through a Bureau De Change into naira and transferred the money into multiple bank accounts to conceal its illicit origin, violating Section 18 (2) (a) of the same Act.
Okoye pleaded not guilty to all charges when arraigned and was subsequently remanded at the Ikoyi Correctional Centre pending his bail hearing.
At the bail hearing, Okoye’s lawyer, Inibehe Effiong, argued that his client was entitled to bail, citing medical grounds.
He submitted an affidavit and a written address supporting the bail application, stating that the EFCC’s claim that Okoye was a flight risk was unfounded.
Effiong further asserted that the case had a familial angle, implying it was not as severe as the prosecution made it seem.
He urged the court to disregard the EFCC’s counter-affidavit and grant Okoye bail under liberal conditions.
However, EFCC’s counsel, Fanny Anum, opposed the bail request, arguing that Okoye had not presented any medical reports to justify his claim of ill health.
Anum also contended that Okoye posed a flight risk and could interfere with witnesses, citing a 13-paragraph counter-affidavit deposed by EFCC investigator Rabana Job.
He urged the court to deny bail and instead grant an accelerated hearing of the case.
After hearing arguments from both sides, Justice Owoeye adjourned the matter to Monday, March 3, for a ruling on the bail application.