Justice Rahman Oshodi of the Lagos Special Offences Court, Ikeja, on Thursday granted the former manager of P-Square, Jude Okoye, bail in the sum of N50 million.
Jude, the elder brother of Peter Okoye and Paul Okoye, was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside his company, Northside Music Limited, for alleged theft of $1 million and £34,537.
He was arraigned on a four-count charge of theft to which he pleaded not guilty.
Justice Oshodi, while delivering ruling on the bail application moved by Jude’s lead counsel, Mr. Clement Onwuenwunor (SAN), said: “I have considered the affidavit evidence and oral application submitted by the parties.
“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.”
He, therefore, granted the defendant bail in the sum of N50 million with two sureties in like sum.
The judge said the sureties should be gainfully employed and should show evidence of three years’ tax payment to the Lagos State government.
He ordered the defendant to submit his dual citizenship documents to the court’s chief registrar.
Oshodi also ordered the EFCC to notify the immigration office to withhold the defendant’s international passport pending the determination of the case.
Source: Ripples