Jude Okoye Granted N50m Bail in Alleged $1 Million Theft Case

A Lagos Special Offences Court has granted Jude Okoye, former manager of the defunct music group P-square, bail in the sum of N50 million. Okoye is facing a four-count charge of stealing, brought by the Economic and Financial Crimes Commission (EFCC).

Conditions of Bail:

• Deposit of International Passports: Okoye must deposit his two international passports.
• Two Sureties: He must provide two sureties in like sum (N50 million each).
• Verification of Sureties’ Addresses: The addresses of the sureties must be verified.
• Tax Payment Evidence: The sureties must show evidence of tax payment in the last three years.

Justice Rahman Oshodi, while delivering the ruling, said, “I have carefully read the bail application and the counter application filed by the parties. The defendant’s offences is a four-count charge of stealing.” He admitted Okoye to bail of N50 million with two sureties in like sum and ordered that the addresses of the sureties be verified and must show evidence of tax payment in the last three years.

Okoye’s counsel, Mr. Clement Onwuenwunor (SAN), had prayed the court to grant bail in liberal terms, arguing that the offence is bailable and Okoye did not jump bail when he was admitted to jail by the EFCC.

The EFCC alleged that Okoye dishonestly converted funds totaling over $1 million and £34,537.59 to his own use, with the intent to permanently deprive Peter Okoye of his special interest in the property.