The Federal High Court in Lagos has granted bail to Jude Okoye, the former manager of the defunct music group P-Square.
Justice Alexander Owoeye set the bail at ₦100 million on Monday, with two sureties required in the same amount.
As part of the bail conditions, the court ruled that Okoye must not travel out of Nigeria. Additionally, one of the sureties must be a property owner, among other stipulations.
Jude Okoye, who is the elder brother to Peter and Paul of P-square, was arraigned last week Wednesday before the court by the Economic and Financial Crimes Commission on alleged crime of money laundering involving N1.38 bn, $1m, and £34,537.59.
He was arraigned alongside his company, Northside Music Limited, on seven counts preferred against him by EFCC.
The commission informed the court that the defendant, along with his company, Northside Music Limited, directly acquired a landed property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, in 2022. The property, valued at ₦850 million, was allegedly purchased with funds the defendant knew or ought to have reasonably known were proceeds of unlawful activities.