Court Grants Psquare Ex-Manager 50M Bail Over Alleged $1Million, €34,537 Theft
Justice Rahman Oshodi of Lagos Special Offences Court, Ikeja, has granted bail to Jude Okoye, the former manager of the hip-hop artists of the defunct music group P-square, in the alleged theft of $1 million US dollars 34,537 pounds.
The judge admitted him to bail of N50 million with two sureties in like sum and ordered the defendant to deposit his two international passports.
Justice Oshodi granted him bail after listening to the arguments and submissions of counsel representing the parties on bail applications.
Okoye, the elder brother of Peter Okoye (Alias Mr P) and Paul Okoye (a.k.a. Rude Boy), is being tried by the Economic and Financial Crimes Commission (EFCC) alongside his company, Northside Music Limited.
He was arraigned on a four-count charge bordering on stealing, but the defendant denied committing the offence and pleaded not guilty to all four counts.
The anti-graft Commission, in the charge marked Ref/99260/2025, EFCC, alleged that Okoye dishonestly converted $767,544.15 to his own use, the sum which was paid Lex Records Limited as payment for music digital distribution/publishing royalties with intent to permanently deprive the complainant, Peter Okoye, of his special interest in the property.
The anti-graft commission also alleged that sometime between 2016 and 2023, the defendant dishonestly converted the sum of £34,537.59, paid by Lex Records Limited as payment for music digital distribution/ publishing royalties with intent to permanently deprive the complainant of his special interest in the property.
Okoye was also alleged of dishonestly converting $133,566.49, which was paid by Kobalt Music Digital distribution/publishing royalties, with the intent to permanently deprive Peter Okoye of his special interest in the property.
The anti-graft agency said the defendant dishonestly converted the sum of $118,652.23, paid by MTech Limited as payment for music digital distribution publishing royalties with intent to deprive Peter Okoye permanently of his special interest.
The defendant’s offenses contravene the provision of Sections 278 and 285 of the Criminal Laws of Lagos 2011.
However, the EFCC counsel, Mr. Mohammed Bashir, earlier in his submission, told the court that the prosecution filed a counter affidavit to the bail application dated March 3, 2025. He said the defendant had a dual identity, and the ill health he claimed was not substantiated with any document.
However, the defendant’s counsel, Mr Clement Onwuenwunor (SAN), informed the court that he had filed a bail application dated January 27 and prayed the court to grant bail to the defendant.
He urged the court to grant his client bail on liberal terms. He said his offence is bailable and that he did not jump bail when the EFCC admitted him to jail.
While delivering his ruling, Justice Oshodi ordered that the defendant deposit his international passport. He also admitted him to bail of N50 million with two sureties in like sum. He ordered that the addresses of the duties be verified and that evidence of tax payment in the last three years be shown.
