An Ikeja Special Offences Court on Thursday, March 6th, granted former P-Square manager, Jude Okoye, bail in the sum of N50 million following his arraignment on money laundering charges.
The Economic and Financial Crimes Commission (EFCC) had arraigned Jude Okoye on allegations involving a sum of $1 million, ₦1.38 billion, and €34,537.59. The case has drawn significant public attention due to the nature of the charges and the high-profile status of the defendant.
A few days ago, a Lagos court, presided over by Justice Alexander Owoeye, ruled that Jude Okoye must meet stringent bail conditions, including providing two sureties, each worth ₦100 million, and surrendering his travel documents, effectively restricting him from leaving the country.
However, shortly after being granted bail, Jude Okoye was reportedly picked up again by authorities, sparking concerns among his legal representatives and supporters.
In the latest court session, his lead counsel, Clement Onwuenwunor, SAN, argued for his release, emphasizing that his client was prepared to comply with all legal requirements. Justice Rahman Oshodi, after reviewing the affidavit evidence and oral submissions presented by both parties, made a ruling in favor of Jude Okoye.
“The singular issue for determination is whether or not the court should exercise its discretion in favor of the first defendant by granting him bail,” Justice Oshodi stated.
He further cited Section 115 (2) of the Administration of Criminal Justice Law (ACJL), which allows the court to grant bail in cases not punishable by death.
“I am therefore satisfied that the issue of bail should be resolved in the defendant’s favor,” he ruled.
As a result, the judge officially granted Jude Okoye bail in the sum of N50 million, with two sureties required in like sum.
Legal experts say the case is still unfolding, with further proceedings expected in the coming weeks.