Court grants Jude Okoye ₦50 million bail amid money laundering case

An Ikeja Special Offences Court has granted Jude Okoye, former manager of the music duo P-Square, bail in the sum of ₦50 million following his arraignment by the Economic and Financial Crimes Commission (EFCC) over alleged money laundering.

Jude Okoye was charged with laundering $1 million, ₦1.38 billion, and €34,537.59. A previous ruling by a Lagos court, presided over by Justice Alexander Owoeye, required him to provide two sureties valued at ₦100 million each and restricted him from traveling outside Nigeria.

However, shortly after being granted bail, Okoye was reportedly re-arrested. In a fresh ruling on Thursday, March 6, Justice Rahman Oshodi reviewed the bail conditions based on submissions from Okoye’s lead counsel, Clement Onwuenwunor (SAN).

“The singular issue for determination is whether or not the court should exercise its discretion in favor of the first defendant by granting him bail,” the judge stated, citing Section 115 (2) of the Administration of Criminal Justice Law (ACJL), which allows bail in non-capital offenses.

Justice Oshodi ruled in Okoye’s favor, granting him bail set at ₦50 million with two sureties of the same amount. The case continues as legal proceedings unfold.