‘N1.3bn Fraud’: Jude Okoye, wife ran secret company to divert Psquare funds, Peter tells court

The Economic and Financial Crimes Commission (EFCC) on Monday presented Peter Okoye, its first prosecution witness, in the ongoing trial of Jude Okoye, Psquare’s former manager, over alleged money laundering involving N1.38 billion.

Jude, elder brother to Peter and Paul Okoye, is standing trial alongside his company Northside Music Limited before A. Owoeye of the federal high court in Ikoyi, Lagos.

He faces a seven-count charge related to financial misconduct. Jude, however, pleaded not guilty when arraigned on February 26, 2025.

During Monday’s proceedings, Peter recounted his strained business relationship with his brother.

Led by EFCC counsel Aso Larry’s Peters, the singer revealed that Jude had sole control over the group’s finances, including bank accounts in Ecobank, Zenith, and FCMB.

“The group, P-Square started sometime in 1997. But in 2017, it was disbanded. We stayed apart for about five years. But in November 2021, the group came back,” he testified.

“Before Jude became our Manager, we had several managers, including Chioma Ugochi, who managed us when we were in the secondary school and in the University; and the late Bayo Odusami of Mbuntu music, who managed us for five years.

“Thereafter, my twin brother and I managed the band for a couple of months before we decided that he (Jude) would manage us and Northside Entertainment Limited.

“So, we continued running our business. But we were always having issues about how he was running the business. The issues were mainly about the fact that he was the sole signatory to all our bank accounts in Ecobank, Zenith and FCMB.

“These issues lasted for a couple of months. I didn’t have access to the accounts until the current Minister of Aviation, Mr. Festus Keyamo, SAN, who was our lawyer, said we needed a sharing formula.”

• Jude Okoye arraigned on fresh charges over $1m and £34,000 fraud

He also narrated how funding for his Ikoyi home project was abruptly halted by Jude.

The singer also disclosed that he later uncovered the existence of Northside Music Limited, a company similar to their entertainment firm Northside Entertainment Limited.

“The funding of the house project was by Northwest Entertainment Ltd. But they just stopped financing my house for six months.

“The accounts were owned by the company, while Jude was the only signatory to all the accounts. At some, I approached him and my twin brother, Paul, to know why they stopped financing my project. But what I heard from them was “As you leave P-square, u leave the money’.

“With that comment, I had to approach our lawyer, Keyamo.

“All our money is in Northside Entertainment, and he is the sole signatory. Along the line, I discovered that there’s a company similar to ours, Northside Music Limited.

“In 2022, I discovered this when some people wanted to acquire our albums. These individuals demanded our statements of account to know how much the albums were generating monthly. The reason is that I didn’t have access to ‘backend’, which could be traced through a Northside account and through the aggregators (these are people you engage to know when they play your music on any medium, so you get paid). I then demanded that I wanted to know the backend. But he refused.

“Then, I went to my twin brother, Paul, who replied thus: “You know, I don’t know anything about it, but Jude.

“When I suggested we go to see him, he said he would go and meet him, so I left him.”

He further told the court that when he approached Paul a few weeks after about it, Paul told him he had discussed the issue with Jude.

“Thereafter, I approached Jude again. He told me that my share of the money was with some people in South Africa. I told him I was not asking for money, but the backend and the statements of the account. But there was no positive response.”

The singer said he reached out to the account officers in both Eco Bank and Zenith Bank but did not get a satisfactory response from them.

“The account officer at the Zenith Bank later told me that Jude told him not to send it to me. The officer added that the only way I could get it was through the court,” he said.

“I, however, discovered that the aggregators handling P-square’s Music Company were the same persons handling Paul and Peter. So, I approached Paul and told him to give them the albums of P-Square. But Jude and Paul were not comfortable with that.”

Peter also told the court that both Jude and Paul subsequently allowed him to give the catalogue to Mad Solution, and he was assured that he would start receiving money after three months.

“Three months after, I received over $22,000 USD. I was also told that both Jude and Paul had been paid,” he said.

“Until I called, I did not have an idea of a company called Northside music. I decided not to meet Jude over it. But when I approached Paul if he knew about Northside Music, he said I should check the album by Cynthia Morgan, who was then Jude’s artiste.

“When I checked Cynthia Morgan’s album, it was Northside Incorporation and not Northside Music. I then approached Jude for the same backend. He told me that it was going to take three and half months to retrieve the catalogue.

“And then forwarded the catalogue to me. My new management now sent it to people who wanted to buy it.

“By the time it was sent to me, it only bore numbers and not figures.

“They responded that the backend had been tampered with, which suggested that the people who offered $8000 USD could not offer $500 USD, owing to the fact that the numbers had reduced.

“I went to the Corporate Affairs Commission (CAC) site, and discovered that the Directors of Northside Music were Jude Okoye and his wife. I also discovered that Jude’s wife owned 80%, while Jude owned 20%.

“On the backend, I was unable to get anything because it had been tampered with. One of those interested in buying the catalogue came to my house and invited Paul. But his response was that “I know Peter has told you this. …..When he came back after an hour, he told me that he was tired of all this and that I could do my worst.

“The man handling our tax, Emmanuel, came to my house and said Jude should pay N2m or thereabouts.

“He said Jude was able to prove that since they broke up, they had not been performing. But when I checked the statements of accounts from January 1, to December 2017, I discovered that those who paid money to the Access Bank account were the aggregators.

“I then contacted my lawyer, Afolabi l, who now took the matter to the EFCC.”

The case was adjourned till June 4, 2025, for cross-examination.