The Economic and Financial Crimes Commission (EFCC) has told a Lagos High Court that it has no evidence to back allegations that Jude and Paul Okoye of Psquare fraudulently withdrew $800,000, claims originally made by their brother, Peter Okoye.
Peter had petitioned the EFCC in 2024, accusing Jude of diverting group funds, running 47 undisclosed bank accounts and manipulating the share structure of Northside Entertainment Ltd, the company jointly owned by the brothers. The commission later charged Jude with alleged financial misconduct in managing the Psquare brand.
However, during cross-examination in Ikeja, EFCC counsel M. K. Bashir told Justice Rahman Oshodi that the agency could not present any evidence of the alleged withdrawal. When the judge pressed him to substantiate Peter’s claims, he responded:
“We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have.”
Peter had earlier testified on 23 May 2025 that fresh evidence showed Jude and Paul withdrew and shared over $800,000 between March 2023 and October 2024. But under scrutiny from defence counsel Clement Onwuenwunor, SAN, he shifted the timeline, saying the alleged withdrawal actually happened between 2013 and 2014.
The defence also disputed Peter’s claim that Jude operated 47 bank accounts. Peter insisted the EFCC possessed the documents, but Bashir denied it, saying he had no such records. Onwuenwunor then urged the court to compel Peter and the EFCC to produce the accounts, but Justice Oshodi rejected the request, insisting the defence must file a formal application since the documents were not before the court.
Peter also maintained he had proof that Jude owned 80 per cent of Northside Entertainment, but the defence tendered Corporate Affairs Commission (CAC) records contradicting his claim.
He was further questioned about his assertion that he was unaware of Northside Music or that Jude signed artiste Cynthia Morgan without his consent. Peter said he only discovered the company in 2024 when Cynthia Morgan sent him her contract bearing Northside Entertainment letterhead. He added that while the contract was with Northside Music, her albums were credited to Northside Inc.
Justice Oshodi adjourned the case to 12 December 2025 for continuation of trial.
