Court grants Jude Okoye ₦100m bail ahead of trial for ₦1.8bn alleged fraud

Justice Alexander Owoeye had on Friday, February 28, 2025 fixed March 3, 2025, for the ruling of the bail application after hearing arguments from Okoye’s lawyer, Inibehe Effiong, and the counsel for the Economic and Financial Crimes Commission, Mr Fanny Anum.

This was after Jude Okoye was arraigned before the court on Wednesday, February 26, 2025 by the EFCC over an alleged money laundering offence involving ₦1.38 billion, $1 million, and £34,537.59.

He was charged alongside his company, Northside Music Limited, on seven counts filed by the EFCC.

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According to the EFCC, the offences contravene Section 18(2)(a) of the relevant law and are punishable under Section 18(3) of the same Act.

He pleaded 'not guilty' to the charges.

He was then remanded in the Ikoyi correctional facility following Friday's sitting.

This was after his lawyer, Inibehe Effiong, had requested that he be remanded in the EFCC’s custody pending the hearing to which the prosecution counsel objected.

The bail conditions, as set by Owoeye, require Okoye to provide two sureties, each with landed properties in Lagos worth ₦100 million.

The court will then verify the properties’ documents.

In addition, Okoye is prohibited from traveling outside the country without approval.

Owoeye also maintained that Okoye will remain in prison until the bail conditions are met.

His trial is set to commence on April 14, 2025.

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