Jude Okoye, the elder brother and former manager of the defunct music group P-Square, has been remanded in prison after his arraignment on fresh charges of $1,019,763.87 and £34,537.59 fraud.
On Monday, the Economic and Financial Crimes Commission (EFCC) filed fresh four-count charge alleging that Okoye “dishonestly converted” funds received as music proceeds from three companies to his own use.
According to the charges, Okoye’s actions were intended to permanently deprive his brother Peter ‘Mr. P’ Okoye of his benefits from the payment.
The charges, dated January 27, 2025, specifically stated that Okoye and his company Northside Music Limited converted the following amounts:
“$767,544.15 paid by Lex Records Limited as payment for music digital distribution/publishing royalties. £34,537.59 paid by Lex Records Limited as payment for music digital distribution/publishing royalties,” it reads in part.
“$133,566.49 paid by Kobalt Music Services Limited as payment for music digital distribution/publishing royalties.
“$118,652.23 paid by Mech Limited as payment for music digital distribution/publishing royalties.”
The EFCC alleged that Okoye’s actions contravene sections 278 and 285 of the criminal law of Lagos State of 2011.
On Tuesday, Okoye, who appeared before Ramon Oshodi, a justice of the Ikeja high court, pleaded “not guilty” to the charges.
Clement Onwuenwunor, the defence counsel, informed the court that Okoye has a similar case ongoing at the Ikoyi court and has been granted bail.
He argued that the dispute is between Okoye and his Psquare brothers and that his client is a prominent entertainer who would not jump bail.
The lawyer asked the court to grant bail to Okoye pending the start of his trial.
However, MK Bashiru, the prosecuting lawyer, opposed the request, stating that he is yet to file a response to the bail application.
In his ruling, Oshodi said he cannot “hastily grant the bail application” because he needs to be fully aware of the filing.
The judge asked the prosecuting counsel to file a response to the bail application pending the hearing on March 6.
The trial was scheduled for May 16 and 23.
Okoye’s latest ordeal comes barely a day after he was granted N100 million bail over alleged fraud charges.
Last week, he was arraigned by EFCC on charges of laundering N1.38 billion, $1 million, and £34,537.59.
He pleaded “not guilty” to the charges and was remanded in the Ikoyi correctional facility by Alexander Owoeye, the judge of a federal high court in Ikoyi, Lagos.
