Inside Jude Okoye’s Bail Conditions In Alleged N1.38bn Fraud Case
Justice Alexander Owoeye of the Federal High Court, Ikoyi, Lagos, on Monday, March 3, 2025 adjourned hearing in the trial of Jude Okoye Chigozie, older brother and ex-manager of Paul and Peter Okoye till April 14, 2025.
Okoye is standing trial alongside his company, Northside Music Limited, on seven- count charges bordering on money laundering raised against him by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC.
One of the counts reads: “That you, Jude Okoye Chigozie and Northside Music Limited 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.”
He pleaded “not guilty” to the charges when they were read to him upon his arraignment on February 26, 2025.
At Monday’s proceeding, defence counsel, Inibehe Effiong, moved the bail application of his client citing medical grounds. He prayed the court to grant the bail.
Prosecuting counsel, Fanen Anum, however, opposed the bail application, urging the court to refuse it and instead grant accelerated hearing.
“He is a flight-risk and he may interfere with the prosecution’s witnesses,” he said.
After listening to all the submissions, Justice Owoeye noted that Okoye’s charges were bailable and granted bail to the defendant in the sum of N100 million, with two sureties in like sum, one of whom must have landed properties within the court’s jurisdiction.
The court further ordered that he must notify the EFCC before any travel outside the jurisdiction.
He adjourned the matter till April 14, 2025.
