Peter Okoye testifies against brother Jude in ongoing N1.3 Billion fraud trial

The fraud trial involving Jude Okoye, former manager of the music duo P-Square, continued on Tuesday at the Federal High Court in Lagos, with his younger brother and bandmate Peter Okoye taking the witness stand.

Jude Okoye and his company, Northside Music Limited, are facing a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC), which alleges money laundering involving N1.38 billion, $1 million, and £34,537.59.

The trial is being presided over by Justice Alexander Owoeye and follows a petition by Peter Okoye to the EFCC.

Led in testimony by the EFCC’s counsel, Aso Larry, Peter detailed how his brother allegedly diverted the group’s royalties by registering another company to receive payments without the knowledge of the group.

He explained that although P-Square was formed in 1997/98 and had various managers over the years, Jude later took over management under a new arrangement with Northside Entertainment Ltd.

Peter stated that things started to fall apart in 2017 when the group disbanded and were inactive for nearly five years until they reconciled in November 2021.

He raised concerns about Jude being the sole signatory to all the group’s bank accounts in Ecobank, Zenith Bank, and FCMB, which limited his access and control.

He recounted an incident involving the financing of their houses in Ikoyi, where construction halted for six months because only Jude could authorize payments.

When he asked questions, Peter claimed he was told, “As you leave P-Square, you leave the money,” by Jude and his twin brother, Paul. He then sought legal advice from their lawyer, Festus Keyamo, now Minister of Aviation, who recommended a fair sharing formula.

After the group’s reunion in 2021, Peter discovered that Jude had incorporated a new company, Northside Music Limited, which had taken over handling their music catalogue and royalties.

When Peter requested access to the backend of the company to check album financials in 2022, he was denied. He later found out that Jude had instructed staff at Ecobank and Zenith Bank not to disclose any information to him.

Peter testified that Jude and Paul eventually handed the P-Square catalogue over to a company called Mad Solution, which paid him $22,000 after three months.

He also revealed that according to information from the Corporate Affairs Commission (CAC), Jude’s wife owned 80 percent of Northside Music Limited, while Jude held 20 percent, raising further suspicion.

The court is expected to continue reviewing evidence as the case unfolds.