Victoria Mbangwa
A Federal High Court in Ikoyi, Lagos, has set stringent bail conditions for music executive Jude Okoye, who is facing trial over an alleged N1.38 billion fraud.
Justice Alexander Owoeye granted him bail in the sum of N100 million but mandated that he remain in custody until he meets all conditions.
As part of the bail requirements, Okoye must provide two sureties who each own landed property in Lagos valued at N100 million.
The court will verify the documents before he can be released. Additionally, he has been barred from traveling outside Nigeria without official approval.
Okoye, the former manager of the defunct music duo P-Square, was arraigned by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering involving N1.38 billion, $1 million, and £34,537.59. He pleaded not guilty to the charges.
During the bail hearing, the prosecution argued against his release, citing concerns that he might flee or interfere with witnesses. However, the court ruled in favor of bail under strict conditions to ensure his availability for trial.
Okoye will remain in custody until he fulfills the bail terms. His trial is scheduled to commence on April 14, 2025.
