Alleged N1.38 billion Fraud: Peter Okoye testifies against brother, Jude in court

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In a dramatic courtroom development, Nigerian singer Peter Okoye, one-half of the defunct music duo P-Square, testified against his elder brother and former manager, Jude Okoye, on Monday in a high-profile N1.38 billion money laundering trial.

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Appearing before a trial judge Alexander Owoeye at the Federal High Court in Lagos, Mr Okoye, known as Mr P, accused his older brother of secretly incorporating a company, Northside Music Limited, to collect and control P-Square’s royalties without the knowledge or consent of its members.

As evidenced by prosecution counsel Aso Larry, Mr P told the court that Mr Jude and his wife used the company to divert substantial earnings from the group’s digital royalties while excluding him from financial decision-making and account access.

“Sometimes in 2017, the group P-Square disbanded, and we were apart until November 2021,” Mr P testified. “During this time, I realised I had no access to the group’s bank accounts held with Ecobank, Zenith Bank, and FCMB — all controlled solely by Jude.”

He said the situation worsened during a house project in Ikoyi, Lagos, which was jointly funded through Northside Entertainment Ltd.

According to Mr P, he was denied funds for six months after parting ways with the group.

“When I asked why financing had stopped, I was told, ‘As you leave P-Square, you leave the money,’” Mr P recalled, saying the statement came from Jude and their brother, Mr Paul (aka Rudeboy).

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Suspicious of financial misappropriation, Mr P said he visited the Corporate Affairs Commission (CAC) portal, where he discovered that Mr Jude had secretly registered Northside Music Limited.

He said the company records showed that Mr Jude’s wife owns 80% of the company while Mr Jude holds the remaining 20%.

Mr P also alleged that backend data on royalty payments had been tampered with, resulting in underreported figures and missed business opportunities.

He claimed Mr Jude refused to release detailed financial statements, asserting his share of the royalties was “with people in South Africa.”

“I had to seek legal assistance from our then-lawyer, Festus Keyamo, SAN, now Minister of Aviation, to propose a sharing formula,” Mr P said, adding that he later hired another lawyer, identified as Mr Afolabi, to petition the EFCC over suspected financial fraud.

The Economic and Financial Crimes Commission (EFCC) has since charged Mr Jude and his company seven counts of money laundering involving N1.38 billion, $1 million, and £34,537.59.

Mr Jude has pleaded not guilty.

One of the charges states that Mr Jude and Northside Music Limited, in 2022, acquired a property worth N850 million at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, using funds allegedly derived from criminal activity — 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 alleges that Mr Jude used a Bureau De Change to convert $1,019,762.87 into naira and laundered the proceeds by transferring them to various Nigerian bank accounts.

A dual-front battle

Mr Jude is also facing a separate trial before another judge, Rahman Oshodi of the Special Offences Court in Ikeja.

He and Northside Music Limited are charged with stealing and converting royalties worth over $1 million and £34,537.59 between 2016 and 2023.

He was first arraigned on 4 March. At the time, the EFCC alleged that he diverted digital music royalties from international aggregators into private accounts.

He pleaded not guilty.

Mr Oshodi initially ordered Mr Jude to be remanded at Ikoyi Correctional Centre but later granted bail on 6 March in the sum of N50 million with two sureties in like sum.

The judge also directed him to surrender his Nigerian and St. Kitts & Nevis passports, citing dual citizenship as a potential flight risk.

The court adjourned the Ikeja case to 16 and 23 May for trial.

Background

The P-Square saga began in 2017 with the group’s acrimonious split.

Though the brothers reunited musically in 2021, the fallout over finances persisted.

In August 2024, PREMIUM TIMES reported that Mr P filed a petition with the EFCC, accusing Messrs Jude and Rude Boy of financial impropriety, including diverting royalties and business funds.

Mr Jude’s legal team, led by Clement Onwuenwunor, a Senior Advocate of Nigeria (SAN), has described the dispute as a civil disagreement among business partners and family members.

READ ALSO:How Paul teamed up with Jude, marginalised, humiliated me- Peter Psquare breaks silence

“This is more of a misunderstanding between directors than a criminal case,” Mr Onwuenwunor told the court.

In court filings, the defence maintains that the EFCC’s case lacks merit and that Mr Jude has cooperated fully with investigators.

Nonetheless, the commission argues that the gravity of the allegations and Mr Jude’s dual nationality present a risk of absconding.

The case continues on 4 June, with Mr P expected to face cross-examination.