Music executive and former manager of the PSquare brothers, Jude Okoye has been remanded at the Ikoyi Correctional Centre after being arraigned in Court by the Economic and Financial Crimes Commission.
Mr. Okoye and his Northside Music outfit is accused of laundering ₦1.38billion, $ 1 million and £34,537.59 and was hauled before a Federal High Court sitting in Lagos and presided by Justice Alexander Owoeye.
One of the counts read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another count read: “That you, Jude Okoye Chigozie and Northside Music Ltd sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did indirectly using bureau de change convert the sum of $1,019,762.87 (One million nineteen thousand, seven hundred and six-two dollars eighty-seven cents), domiciled in Access Bank Plc operated by Northside Music Lid to the naira equivalent and remitted into various bank accounts with the intention of concealing that the said fund form part of the proceeds of an unlawful act and thereby committed an offence contrary to Section 18 (2)(a) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
He pleaded “not guilty” to the charges.
Justice Owoeye adjourned the matter till February 28 for bail hearing and April 14 for trial. He also ordered that the defendant be remanded in the Ikoyi correctional facility.
