Multi-billion dollar fraud: Former PSquare manager, Jude, remanded in prison

Jude Okoye, the former manager of PSquare and older brother of the duo, has been arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged money laundering.

This development is the latest in a long-standing feud between Jude and the defunct PSquare duo, Peter and Paul Okoye.

The allegations against Jude Okoye involve the diversion of millions of dollars in royalties from PSquare’s earnings into a private account.

Peter Okoye had previously accused Jude of secretly diverting funds into a company called Northside Music, which was founded by Jude and his wife, Ifeoma Okoye.

Presiding Judge, Justice Alexander Owoeye, ordered the accused remand.

The defendant was docked before the court alongside his company, Northside Music Ltd, on a seven-count charge of the offence contrary to Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The anti-graft agency claimed that the defendant committed the offence sometime in 2022 in Lagos by directly acquiring a property located at 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850,000,000.00.

He was accused of acquiring the property through funds which he ought to have known, or reasonably ought to have known, was part of proceeds from an unlawful act.

The anti-graft agency also alleged that the defendant used a bureau de change to convert the sum of $1,019,762.87 held in Access Bank Plc under Northside Music Ltd to its naira equivalent and deposited the funds into various bank accounts with the intention of concealing that the said funds formed part of the proceeds of an unlawful act.

Okoye pleaded not guilty to the charge.

Based on his plea, the prosecuting counsel, L. P. Aso, urged the court to fix a trial date and for the defendant to be remanded in a correctional facility pending trial.

However, the defence lawyer, Inibehe Effiong, informed the court of a pending bail application and requested a short date for its hearing; he also asked that the defendant be remanded in EFCC custody until the bail hearing.

Aso objected to the request, submitting that the EFCC detention facility was already congested with suspects awaiting arraignment.

He urged the court to instead remand the defendant in the correctional facility since he had entered his plea.

Cynthia Morgan reacts

Meanwhile, former Square Records signee and dancehall singer Cynthia Morgan has reacted to the news.

Reacting to the news, Cynthia expressed sadness over Okoye’s fallout as she noted how they could have handled the issues behind closed doors.

“Matter wey person suppose settle for house. God forbid (Tudiyi)”.

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