EFCC Reveals How Ex-P-Square Manager, Jude Okoye, Allegedly Laundered N1.38bn

The Economic and Financial Crimes Commission (EFCC) has detailed how Jude Okoye, the former manager of the defunct music group P-Square, allegedly laundered ₦1.38 billion, $1 million, and £34,537.59 through his company, Northside Music Ltd.

Okoye was arraigned before Justice Alexander Owoeye at the Federal High Court, Lagos, where he faced multiple charges related to money laundering and financial fraud.

Allegations Against Jude Okoye

According to the seven-count charge filed by the EFCC, Okoye and Northside Music Ltd allegedly used illicit funds in 2022 to acquire a luxury property located at No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at ₦850 million.

The EFCC claims that Okoye knew or should have known that the money used to buy the property was linked to unlawful activities, violating the Money Laundering (Prevention and Prohibition) Act, 2022.

In another charge, the EFCC alleges that Okoye used a bureau de change to convert and transfer $1,019,762.87 through an Access Bank Plc account linked to Northside Music Ltd. The funds were reportedly distributed into multiple bank accounts to hide their original source, a method commonly used in money laundering schemes.

Legal Proceedings

These accusations place Okoye and his company at the center of a major financial crime investigation, with the EFCC pushing for accountability.

Justice Owoeye has set February 28 for the bail hearing and April 14 for the trial, where Okoye will defend himself against the charges.