Jude Okoye, the former manager of music group P-Square, has been granted N50 million bail by an Ikeja Special Offences Court after being charged with stealing over one million U.S. dollars and thirty four thousand, five hundred and thirty seven pounds.
Jude, the elder brother of famed twin artists Peter Okoye (a.ka.a Mr P) and Paul Okoye (a.k.a Rudeboy), was arrested on Tuesday, together with his company, Northside Music Ltd.
He pled not guilty to the Economic and Financial Crimes Commission’s four-count allegation against him.
Justice Rahman Oshodi, while delivering ruling on the bail application moved by the Lead defence Counsel, Clement Onwuenwunor, (SAN), on Thursday admitted the defendant to a N50 million bail with two sureties in like sum.
The sureties must be gainfully employed and show evidence of three years’ tax payment to the Lagos State Government.
He also ruled that the defendant shall submit his two passports, Nigerian and St. Kitts and Nevis to the Registrar of the court and the EFCC shall notify the Immigration of withholding the passports pending the determination of this case.
The judge said: “I have considered the affidavits evidences submitted by the parties as well as the oral application at today’s proceeding.
“The singular issue for determination is whether or not the court should exercise its discretion in favour of the first defendant by granting him bail.
“Section 115 ((2) of the ACJL confers the discretion of this court to grant bail in cases not punishable by death
“I am therefore satisfied that the issue for determination of bail should be resolved in the defendant’s favour.”
The defence counsel, while moving the bail application dated Feb.27, had prayed the court to admit bail to the defendant on liberal basis.
Mr Onwuenwunor had argued that the defendant had been on administrative bail since the inception of the case with the EFCC and had not jumped bail.
According to him, the defendant owns 40 percent of the family company while the nominal complainant, his brother, Peter Okoye, owns 30 percent.
He prayed that for the purpose of family unity, the defendant should be released to his younger brother, who he said is willing to take him on bail.
The counsel added that the matter before the court is a civil dispute, describing it as a dispute of directors and a family feud.
EFCC’s Counsel, Mohammed Bashir, had argued that the defendant has a dual citizenship which could make him a flight risk.
He admitted that Mr Okoye had presented himself promptly to the EFCC, while on administrative bail but said this is a different case due to the multiple charges he’s facing.
Further hearing has been fixed for May 16.
