Lagos High Court Grants Jude Okoye N100m Bail In N1.3bn Fraud Case

A Federal High Court in Ikoyi, Lagos, has granted bail to Jude Okoye, former manager of the defunct music group P-Square, in the sum of N100 million amid charges of financial misconduct.

Justice Alexander Owoeye issued the ruling on Monday, March 3, following allegations by the Economic and Financial Crimes Commission (EFCC) that Okoye laundered N1.38 billion, $1 million, and £34,537.59. He pleaded not guilty and was initially remanded at the Ikoyi Correctional Facility.

During an earlier hearing on February 28, Okoye’s lawyer, Inibehe Effiong, requested that his client remain in EFCC custody until trial, a request opposed by the prosecution’s counsel, Larry Peters Aso. The prosecution further argued against bail, citing flight risk concerns and potential witness tampering.

Despite these objections, Justice Owoeye granted bail under strict conditions. Okoye must provide two sureties, each owning property in Lagos worth N100 million. The court will verify the property documents, and he is prohibited from leaving the country without prior approval. Until the bail conditions are met, Okoye will remain in custody.

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The case has been adjourned until Monday, April 14, for further proceedings.