A special offences court in Ikeja has granted Jude Okoye, the elder brother and former manager of the defunct music group Psquare, bail in the sum of N50 million.
On Monday, the Economic and Financial Crimes Commission (EFCC) filed a fresh four-count charge alleging that Okoye “dishonestly converted” funds received as music proceeds from three companies to his use.
According to the charges, Okoye’s actions were intended to permanently deprive his brother Peter ‘Mr. P’ Okoye of his benefits from the payment.
The charges, dated January 27, 2025, specifically stated that Okoye and his company Northside Music Limited converted the following amounts:
$767,544.15 paid by Lex Records Limited as payment for music digital distribution/publishing royalties. £34,537.59 paid by Lex Records Limited as payment for music digital distribution/publishing royalties,” it reads in part.
$133,566.49 paid by Kobalt Music Services Limited as payment for music digital distribution/publishing royalties.
$118,652.23 paid by Mech Limited as payment for music digital distribution/publishing royalties.
The EFCC alleged that Okoye’s actions contravene sections 278 and 285 of the criminal law of Lagos State of 2011.
On Tuesday, Okoye pleaded “not guilty” to the charges while appearing before Ramon Oshodi, the judge.
Clement Onwuenwunor, the defence counsel, informed the court about ongoing fraud charges against Okoye at the Ikoyi high court. The lawyer also asked the court to grant bail to Okoye pending the start of his trial.
Ruling on the bail application on Thursday, Oshodi said he had considered the affidavit evidence and oral submissions presented to him.
The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail,” he said.
Section 115 (2) of the ACJL confers discretion upon this court to grant bail in cases not punishable by death.
I am therefore satisfied that the issue of bail should be resolved in the defendant’s favour.
The judge granted Okoye bail in the sum of N50 million with two sureties in like sum.
He said the sureties must be gainfully employed and provide evidence of three years’ tax payments to the Lagos state government.
The court also ordered Jude to submit his dual citizenship documents to the chief registrar and directed the EFCC to notify the immigration office to withhold his international passport pending the determination of the case.
The trial is set to commence on May 16.
Okoye was similarly granted N100 million bail last week over another alleged fraud charges. This was after he was arraigned by the EFCC on charges of laundering N1.38 billion, $1 million, and £34,537.59.
He however pleaded “not guilty” to the charges.
ORIGIN OF CONTROVERSY
The controversy began in 2017 with the feud between Paul Okoye and his twin brother Peter. The rift led the brothers to split their group Psquare and pursue solo careers.
The twins were said to have parted ways after a disagreement on the role of Jude — their older brother who was their manager then.
Though they reunited in November 2021, their reconciliation was short-lived.
In August 2024, Paul revealed another fallout, accusing Peter of orchestrating his arrest by the anti-graft commission.
Peter, however, denied the allegations and accused Jude of diverting millions of dollars from their joint account into a secret company.
He said he was left with no choice but to involve the EFCC after Paul asked him to do your worst” during their last conversation on the matter.
Responding to the accusations, Jude said he had done everything possible, even “sacrificing himself, to mend the rift between his brothers.
