Breaking: Jude Okoye's $100m Bail Granted, Trial Looms Over $1.8bn Fraud
The former manager and elder brother of Nigerian artists, Peter and Paul Okoye, Jude Okoye, has been granted bail by the Federal High Court in Lagos ahead of his trial for alleged fraud.
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Following arguments from Okoye's attorney, Inibehe Effiong, and the Economic and Financial Crimes Commission's attorney, Mr. Fanny Anum, Justice Alexander Owoeye scheduled the hearing on the bail application for March 3, 2025, on Friday, February 28, 2025.
On Wednesday, February 26, 2025, Jude Okoye was arraigned in court by the EFCC for allegedly committing a money laundering offense involving ?1.38 billion, $1 million, and £34,537.59.
The EFCC filed seven charges against him and his business, Northside Music Limited.
The EFCC claims that the offenses are criminal under Section 18(3) of the same Act and violate Section 18(2)(a) of the applicable legislation.
'Not guilty' was his plea to the allegations.
On Wednesday, February 26, 2025, Jude Okoye was arraigned in court by the EFCC for allegedly committing a money laundering offense involving ?1.38 billion, $1 million, and £34,537.59.
The EFCC filed seven charges against him and his business, Northside Music Limited.
The EFCC claims that the offenses are criminal under Section 18(3) of the same Act and violate Section 18(2)(a) of the applicable legislation.
'Not guilty' was his plea to the allegations.
After Friday's sitting, he was remanded to the Ikoyi detention facility.
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This came after his attorney, Inibehe Effiong, asked to have him placed under remand in the custody of the EFCC until the hearing, to which the prosecution's attorney objected.
According to Owoeye's bail requirements, Okoye must produce two sureties, each of whom must own ?100 million worth of landed properties in Lagos.
After then, the court will check the properties' records.
Furthermore, Okoye is not allowed to leave the nation without permission.
Additionally, Owoeye insisted that Okoye would not be released from custody until the terms of his bail were fulfilled.
April 14, 2025 is when his trial is scheduled to start.
According to Owoeye's bail requirements, Okoye must produce two sureties, each of whom must own ?100 million worth of landed properties in Lagos.
After then, the court will check the properties' records.
Furthermore, Okoye is not allowed to leave the nation without permission.
Additionally, Owoeye insisted that Okoye would not be released from custody until the terms of his bail were fulfilled.
April 14, 2025 is when his trial is scheduled to start.
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