The Economic and Financial Crimes Commission (EFCC) has grace Jude Okoye, the older brother and former manager of the disbanded music group Psquare, with serious money laundering charges.
On Wednesday, Okoye was arraigned alongside his company, Northside Music Ltd before Alexander Owoeye at the Federal High Court in Lagos.
The court heard that in 2022, Okoye and Northside Music Ltd bought a landed property at No 5, Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos.
This property was valued at ₦850,000,000.00 and it was alleged that the funds used for the purchase was from illegal activities.
The charges on this transaction is under Section 18 (2)(d) and Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Again, the court documents stated that Okoye and his company converted a sum of $1,019,762.87 using a bureau de change.
The converted funds was then deposited into various bank accounts to hide its illegal origin. This charge is under Section 18 (2)(a) and Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
He pleaded not guilty to all the charges. His lawyer, Inibehe Effiong told the court of a pending bail application and asked Okoye to be remanded in EFCC’s custody until the next hearing.
But the prosecution lawyer, Larry Peters Aso objected to this, citing overcrowding in EFCC’s custody facilities.
He further urged that the defendant be remanded to correctional facility since he has already taken his plea.
The judge then ordered Okoye to be remanded in Ikoyi correctional facility.
The matter was adjourned to February 28 for bail hearing and trial to commence on April 14.
This is an example of how EFCC is tackling financial crimes in Nigeria.
Recent statistics show that money laundering cases has been challenging the Nigerian financial sector, prompting authorities to intensify regulatory measures.
This is part of the efforts to restore public trust and ensure financial transactions integrity in the country.