An Ikeja Special Offences Court has granted a N50 million bail to the former manager of the music group, P-Square, Jude Okoye, who is charged with stealing more than one million U.S. dollars and 34, 537 pounds.
Jude, who is also the elder brother of popular twin musicians, Peter Okoye (Alias Mr P) and Paul Okoye ( Alias Rudeboy), was arraigned on Tuesday alongside his company, Northside Music Ltd. He pleaded not guilty to the four-count charge proffered against him by the Economic and Financial Crimes Commission (EFCC).
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."
Earlier, 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 is fixed for May 16.