A Federal High Court in Ikoyi, Lagos, Nigeria has granted Jude Okoye, the elder brother and former manager of the defunct music group P-Square, bail in the sum of N100 million amid allegations of financial fraud.
Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of laundering N1.38 billion, $1 million, and £34,537.59. He pleaded not guilty to the charges and was initially remanded in the Ikoyi Correctional Facility.
His lawyer, Inibehe Effiong, requested that he be kept in EFCC custody instead, but the prosecution, led by Larry Peters Aso, opposed the request, arguing that Okoye was a flight risk and could interfere with witnesses.
During a hearing on Monday, Justice Alexander Owoeye ruled in favor of granting bail, setting stringent conditions. Okoye is required to provide two sureties, each owning landed property worth N100 million in Lagos. The court must verify the property documents before he can be released. Additionally, Okoye has been barred from traveling outside Nigeria without prior approval.
Until he meets the bail conditions, Okoye will remain in custody. His trial is set to commence on April 14, 2025.
