A Federal High Court in Ikoyi, Lagos, has granted Jude Okoye, the elder brother and former manager of the defunct music group P-Square, bail in the sum of N100 million ahead of his trial for alleged fraud.
Prompt News reports that Okoye was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of laundering N1.38 billion, $1 million, and £34,537.59.
He pleaded not guilty and was initially remanded in the Ikoyi Correctional Facility by Justice Alexander Owoeye.
His counsel, Inibehe Effiong, had requested that he be kept in EFCC custody instead, but the prosecution counsel, Larry Peters Aso, opposed the request.
During Friday’s hearing, the defense filed a bail application, which the prosecution countered with an affidavit, arguing that Okoye posed a flight risk and could interfere with witnesses.
On Monday, the judge ruled in favour of granting bail, setting conditions that require Okoye to provide two sureties, each with landed property in Lagos worth N100 million.
The court must verify the property documents, and Okoye is prohibited from travelling outside Nigeria without approval.
Justice Owoeye stated that Okoye would remain in custody until he meets the bail conditions. His trial is set to begin on 14th of April, 2025.
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