EFCC Arraigns Jude Okoye Over Multi-Million Dollar Theft and Money Laundering Allegations
The Economic and Financial Crimes Commission (EFCC) is set to arraign Jude Okoye, the elder brother of popular Nigerian music duo Peter Okoye (Mr. P) and Paul Okoye (Rudeboy), over alleged financial crimes amounting to $1,019,763.87 and £34,537.59. The former manager of the defunct P-Square group will face trial on Tuesday at the Lagos State Special Offences Court in Ikeja on fresh charges of theft and misappropriation of royalties.
The EFCC has filed four counts of theft against Okoye before Justice Rahman Oshodi. However, his scheduled arraignment on Monday was stalled due to logistical issues at the Ikoyi Correctional Centre, which had not received the necessary information for his appearance in Ikeja.
Allegations Against Jude Okoye
According to the charge marked Ref/99260/2025, the anti-graft agency alleges that Okoye dishonestly converted $767,544.15, a sum paid to Lex Records Limited for music digital distribution and publishing royalties, thereby depriving Peter Okoye of his rightful share. The charge further states that between 2016 and 2023, Okoye converted £34,537.59, also paid by Lex Records Limited, without authorization or consent.
The EFCC also accuses Okoye of misappropriating $133,566.49 received from Kobalt Music for digital distribution and publishing royalties, along with an additional $118,652.23 paid by Mtech Limited, all of which allegedly belonged to Peter Okoye. These offences, the commission asserts, contravene Sections 278 and 285 of the Criminal Laws of Lagos State, 2011.
Previous Court Proceedings and Bail Conditions
In a separate case, Okoye was arraigned before the Federal High Court in Lagos on February 26, 2025, on charges of money laundering involving N1.38 billion, $1 million, and £34,537.59. He was arraigned alongside his company, Northside Music Limited, on seven counts of financial crimes.
According to the EFCC, Okoye and Northside Music Limited allegedly acquired a property valued at N850 million at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, using proceeds from illicit financial activities. The agency further alleges that in 2022, Okoye used a Bureau De Change to convert $1,019,762.87 from an Access Bank account into naira and subsequently transferred the funds to various accounts in an attempt to obscure the origin of the money.
Despite pleading not guilty to all charges, Okoye was remanded at the Ikoyi Correctional Centre pending a bail ruling. On Monday, Justice Alexander Owoeye granted him bail in the sum of N100 million with two sureties in like sum. The court mandated that one of the sureties must be a landed property owner, while the other must be a business owner with a verifiable address. The judge further directed that the sureties present an affidavit of means and that the property title as well as their Bank Verification Number (BVN) be deposited with the court.
Justice Owoeye also imposed a travel restriction on Okoye, barring him from leaving the country until the case is concluded. He remains in custody at the Ikoyi Correctional Centre pending the fulfillment of his bail conditions.
Trial Date Set Amidst Industry Reactions
The trial is set to commence on April 14, 2025, as the EFCC intensifies its crackdown on financial crimes in the Nigerian entertainment industry. The case has sent shockwaves across the music and entertainment sectors, raising concerns about financial transparency and trust in music management deals.
Industry stakeholders have expressed mixed reactions to the case, with some calling for stringent measures to prevent financial mismanagement in the entertainment industry. Others argue that the ongoing legal battle could significantly impact the reputation and future dealings of Nigerian artists with international music distribution firms.
As the case unfolds, all eyes will be on the Nigerian judicial system to ensure justice is served in what could be one of the most high-profile financial crime cases involving a key figure in Nigeria’s music industry.