P-Square: Peter Okoye in court, testifies against brother in over N1.3 billion alleged fraud

Admin I Tuesday, April 15, 2025

 

IKOYI, Lagos – The legal battle between two members of the iconic music band P-Square continued yesterday at the Federal High Court in Ikoyi, with Peter Okoye, testifying against his brother and member of the team, Jude Okoye in the alleged fraud totalling N1.38 billion, $1 million and £34,537.59 fraud.

Led in evidence by the prosecution counsel Aso Larry, Peter, who introduced himself as peter Obumneme Okoye, informed the court, how his brother, Jude incorporated another company to collect and pocket royalties accruing to P-Square.

“Sometimes in 2017, the group P-square disbanded, we were apart for nearly 5 years plus. In November 2021, the group came back.

“We were apart for 5 years 2017-2021. P-square started in 1997-98. Before Jude became our manager, we had several managers like Chioma Ugochi; she managed us during our secondary – university studies. We also had late Bayo Odusami of Mbuntu Music, he managed us for 5 years. After him, myself and twin Brother managed ourselves for couple of months, before we decided that he (Jude) managed us and Northside entertainment Ltd.

“So, we continued running our business and sometimes we started having issues on how he was running the business. The issues were mainly on how he was the sole signatory to all our bank accounts in Ecobank, Zenith and FCMB.

“Whenever we have these issues for a couple of months, I don’t have access to money. Not until when Mr. Festus keyamo (SAN) now Minister of Aviation, who was our lawyer came up that we should have sharing formula.

“There was a scenario that happened when we were building our houses in Ikoyi, whereby it’s only the defendant that can sign out money. The finance 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 the defendant was the only signatory to all the accounts. Within that six months, when we came back, I approached the defendant and my twin brother, Paul, why they stopped financing my project, what I heard from them was ‘as u leave P-square, u leave the money’.

“With that comment, I have to approach our lawyer, Keyamo that if I want to buy phone, I need to ask the first defendant and that all our money is in Northside entertainment and he is the sole signatory.

“Sometimes in 2017, the group disbanded for 5 years, November 17, 2021, there’s a reunion again, and this time the defendant was no longer managing us. I discovered that there’s a company similar to ours, Northside Music Limited, and in ending of 2022, I made discovery when some people wanted to acquire our albums, and these individuals demanded for our statement of account to know how much the albums generates monthly, because I don’t have access to ‘backend’, which can be traced through Northside account and through the aggregators (people who use and play our music on any medium (utube, i-tune…) you get paid monthly, quarterly. I then demanded that I want to know the backend but he refused. Then I went to my twin Brother, Paul, who replied and said: ‘U know say I don’t know anything about it but Jude, I said let’s go and meet him but, he then said he’ll go and meet him then I left him.”

Few weeks later, I approached Paul again and asked ‘have you contacted Jude, he said Paul told him that he did not have the time, and thereafter approached Jude again, who told him that his share of money was with some people in South Africa, and he replied that he was not asking for money but backend and the statement of accounts again, there’s no positive response.

Peter further told the court that based on the defendant’s response, he knew that something was going on, he then asked the accounts officers in both Eco Bank and Zenith Bank, adding that when he could not get satisfactory response from the account officers. He added that the account officer at the Zenith Bank later told him that Jude told him not to send it to him adding that the only way I can get it is through the court.

He further told the court that he however made discovery that the same aggregators handling P-square’s music company are the same aggregator handling Paul and the defendant, and that he then approached Paul that he should give them the albums of P-square, but Jude and Paul were not comfortable with that request.

Peter in his evidence further told the court that he started feeling suspicious, but they (Judge and Paul) later gave the catalogue to Mad solution and they said they will start making payments after three months that they signed. He said that three months after signing he received over $22,000 USD, when I asked about the money for my brothers, he said that both Jude and Paul have been paid.

He told the court that until he called he did not have idea of a company called Northside music. And that he decided not to meet Jude but when he approached Paul if he knows Northside music, he said go and check Cynthia Morgan album, Jude artist by then, and when he checked Cynthia Morgan album, it’s Northside incorporation not Northside music. I then approached Jude for the same backend, he then said that it’s going to take three and half months to retrieve the catalogues. And he then forwarded the catalogue to him, and his new management now sent it to people that wanted to buy it.

He said by the time they sent it, it did not show any show figure but numbers, and they responded that the backend has been tampered with, meaning that the people that offered $8,000 USD could not offer $500 usd, because the numbers have been reduced.

He also told the court how he went to Corporate Affairs Commission (CAC) site, where he discovered that the director of Northside music were Jude okoye and his wife. And also discovered that Jude’s wife owns 80% while Jude owned 20%.

On the backend, he told the court that he was unable to get anything because the backend had was tampered with. And that one of those interested in buying the catalogue came to his house and invited Paul, but Paul’s response was Peter go and do your worst’.

He also told the court that the man handling their tax called and came to my house and said Jude should pay only N2 million. Something million or there about. Adding that the tax man named Emmanuel, also said Jude was able to prove that since they broke up, they have not been performing. But when he checked the statement of account from 1 January to December 2017, he discovered that all that money paid to Access Bank account statement were all aggregators.

He stated that based on the discovery, he contacted his lawyer, one Afolabi who now went to the EFCC where he wrote the petition against his brother

Jude, is being tried before the court presided by Justice Alexander Owoeye, following charges of money laundering brought against him by the Economic and Financial Crimes Commission (EFCC).

He is standing trial before the court alongside his company, Northside Music Limited, on a seven-count charge.

One of the charges reads: “that you, Jude Okoye Chigozie and Northside Music Limited sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight hundred and fifty million naira) only, which money you knew or reasonably ought to have known forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

Another charge reads that Okoye and his company, in 2022, used a Bureau De Change to convert $1,019,762.87 USD, held in an Access Bank account operated by Northside Music Ltd, into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.

This alleged act, according to the EFCC, violates Section 18 (2)(a) and is punishable under Section 18 (3) of the same Act.

He had denied the allegations and pleaded not guilty to all charges.

Further hearing of the matter has been adjourned to June 4, for cross-examination.