The simmering rift between the famous Okoye brothers — Peter and Jude — of the defunct P-Square musical duo took a dramatic turn yesterday as Peter Okoye took the witness stand against his elder brother in a N1.3 billion fraud trial at the Federal High Court in Lagos.
Jude Okoye, the former manager of the celebrated P-Square group, alongside his company, Northside Music Limited, is facing a seven-count charge of money laundering to the tune of N1.38 billion, $1 million, and £34,537.59.
The Economic and Financial Crimes Commission (EFCC) brought the charges following a petition filed by Peter Okoye, Jude’s younger brother and one-half of the now-reunited P-Square.
Among the charges brought against Jude Okoye before the court presided over by Justice Alexander Owoeye is the acquisition of property worth ₦850 million in Ikoyi, Lagos, allegedly with funds traced to unlawful activities.
One of the counts specifically stated: “That you, Jude Okoye Chigozie and Northside Music Limited, sometime in 2022, in Lagos, did directly acquire a landed property worth ₦850,000,000.00, which you knew or reasonably ought to have known forms part of the proceeds of an unlawful act.”
Another count accuses Jude and his company of converting over $1 million through a Bureau De Change into naira to conceal the source of the funds, a violation of the Money Laundering (Prevention and Prohibition) Act, 2022.
But Jude Okoye had pleaded not guilty to all charges.
In his testimony, Peter Okoye painted a picture of betrayal and financial exclusion.
He described Jude as a controlling manager who held sole authority over P-Square’s finances.
“He was the only signatory to all our bank accounts in Ecobank, Peter testified, adding that he often found himself without access to the funds he helped earn.
Peter recounted how tensions within the group escalated around 2017, leading to the group’s five-year breakup.
Despite reuniting in 2021, Jude was no longer their manager. Peter testified that in 2022 while trying to access data regarding royalties and backend earnings from their musical catalogue, he discovered the existence of a separate company, Northside Music Limited, run by Jude and his wife, unknown to him at the time.
“People wanted to buy our catalogue and asked for backend statements to see how much we earned monthly. But I didn’t have access.
“When I approached Jude, he said my share was with people in South Africa. I wasn’t asking for money, I just wanted transparency,” Peter told the court.
Peter said that his suspicions deepened when his inquiries to bank officials were rebuffed. He claimed that an account officer with a new generation bank eventually admitted that Jude had instructed them not to release any information to him.
The situation worsened when Peter discovered that aggregators handling P-Square’s music catalogue were the same ones managing Jude and Paul’s projects.
“When they finally sent me the catalogue, the backend was tampered with, and data was either missing or manipulated,” he claimed.
Peter also revealed that a would-be buyer who initially offered $8,000 for their catalogue revised the offer to just $500 after reviewing the tampered backend.
The most startling revelation came when Peter checked with the Corporate Affairs Commission (CAC) and found that Jude and his wife were the only directors of Northside Music Limited.
His wife owned 80% of the shares while Jude held the remaining 20%, said Peter Okoye.
According to Peter, this structure excluded him and Paul from the company’s finances and operations.
Peter also mentioned a tax consultant who alleged that Jude falsely claimed the group had not been performing since their breakup to reduce tax liabilities.
“When I checked the bank statements for 2017, all the inflows were from aggregators, proof we were still earning,” he said.
Peter testified that when he confronted Paul about the situation, his twin brother dismissed him, reportedly saying, “Peter, go and do your worst.”
“Until the court intervenes, I will never be able to access the money or even the truth behind what happened to our earnings,” he added.
Justice Owoeye has adjourned the case until June 4, 2025, for the cross-examination of Peter Okoye by the defence counsel.
