By Our Reporter
The Economic and Financial Crimes Commission (EFCC) is preparing to arraign Jude Okoye, the former manager and elder brother of P-Square stars Peter (Mr. P) and Paul (Rudeboy) Okoye, for alleged theft involving $1,019,763.87 and £34,537.59.
The case will be heard at the Lagos State Special Offences Court in Ikeja on Tuesday. Okoye is accused of misappropriating funds intended for music digital distribution and publishing royalties between 2016 and 2023. The EFCC claims he unlawfully converted the following amounts:
$767,544.15 from Lex Records Limited
£34,537.59 from the same company
$133,566.49 from Kobalt Music
$118,652.23 from Mtech Limited
These funds were reportedly meant for Peter Okoye’s royalties.
Okoye’s arraignment, initially set for Monday, was delayed due to issues with his transfer from the Ikoyi Correctional Centre. The EFCC’s four-count charge (Case No. Ref/99260/2025) cites violations of Sections 278 and 285 of the Lagos State Criminal Laws.
In a separate case, Okoye was also arraigned on February 26, 2025, before the Federal High Court in Lagos on seven charges of money laundering involving N1.38 billion, $1 million, and £34,537.59. The EFCC alleges that in 2022, Okoye used illicit funds to:
Purchase an N850 million property in Parkview Estate, Ikoyi, Lagos
Convert $1,019,762.87 into naira through a Bureau De Change to obscure the source of the funds
Okoye has pleaded not guilty to all charges. His legal team, led by Inibehe Effiong, applied for bail, which was granted by Justice Alexander Owoeye on Monday under the following conditions:
N100 million bail bond
Two sureties: one must own landed property, and the other must be a business owner with a verifiable address
Sureties must submit property documents and Bank Verification Numbers (BVN) to the court
The judge also ruled that Okoye remain in custody until he meets his bail conditions and barred him from traveling abroad