Jude Okoye, the former manager of the defunct music group Psquare, is facing a new wave of legal troubles as the Economic and Financial Crimes Commission (EFCC) is set to re-arraign him on Tuesday on fresh charges of stealing $1,019,763.87 and £34,537.59.
The EFCC has filed four counts against Okoye before Justice Rahmon Oshodi, accusing him of dishonestly converting funds meant for music digital distribution and publishing royalties to his personal use. Specifically, Okoye is alleged to have stolen $767,544.15, £34,537.59, and $133,566.49, all of which were paid by Lex Records Limited and Kobalt Music.
According to the EFCC, Okoye’s actions contravened Sections 278 and 285 of the Criminal Laws of Lagos State 2011. The commission alleges that Okoye, between 2016 and 2023, dishonestly converted the sum of $767,544.15 paid by Lex Records Limited as payment for music digital distribution/publishing royalties, with the intent to permanently deprive Peter Okoye of his special interest in the property.
Furthermore, Okoye is accused of dishonestly converting the sum of £34,537.59 paid by Lex Records Limited as payment for music digital distribution/publishing royalties, with the intent to permanently deprive Peter Okoye of his special interest in the property. Additionally, the EFCC alleges that Okoye dishonestly converted the sum of $133,566.49 paid by Kobalt Music as payment for music digital distribution/publishing royalties, with the intent to permanently deprive Peter Okoye of his special interest in the property.
These fresh charges are in addition to the N1.38 billion fraud charges Okoye faced last week. He was granted bail on Monday by Justice Alexander Owoeye, who ruled that Okoye must provide two sureties and refrain from traveling outside the country.
Okoye’s legal troubles are mounting, and this re-arraignment is yet another blow to his reputation. The EFCC’s allegations against him are serious, and if convicted, Okoye could face severe penalties.
