Jude Okoye, the former manager of the defunct music group P-Square, has been arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering involving N1.38 billion, $1 million, and £34,537.59.
According to Channels TV, the charges were presented in court with his company, Northside Music Ltd., in a seven-count indictment.
Okoye pleaded “not guilty” to the charges but Justice Alexander Owoeye adjourned the case until February 28 for a bail hearing and April 14 for trial.
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In the meantime, Okoye will be remanded in the Ikoyi correctional facility.
The allegations against Okoye include indirectly using a bureau de change to convert $1,019,762.87 into its naira equivalent and remitting it into various bank accounts with the intention of concealing that the funds were proceeds of unlawful activity.
He’s also accused of acquiring a property valued at N850,000,000, which he knew or reasonably ought to have known formed part of the proceeds of unlawful activity.