ALLEGED N1.3BN FRAUD: PETER OKOYE TESTIFIES AGAINST BROTHER, JUDE OKOYE, IN EFCC CASE

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The Federal High Court in Lagos witnessed a dramatic turn in the ongoing trial of Jude Okoye — former manager of the Psquare music duo — as his younger brother and music partner, Peter Okoye, popularly known as Mr. P, gave evidence against him over an alleged N1.38 billion fraud.

The trial, which opened before Justice Alexander Owoeye, stems from a petition filed by Peter Okoye accusing Jude Okoye and his company, Northside Music Limited, of criminal financial misconduct, including money laundering, diversion of royalties, and unauthorized control over group finances.

While being led in evidence by the prosecution counsel, Aso Larry, Peter detailed the internal financial dealings of the Psquare group, revealing how Jude allegedly registered another company to divert the royalties generated by their music catalog.

Peter recounted that tensions began in 2017 after the group disbanded and Jude, who was the sole signatory to their business accounts at Ecobank, Zenith, and FCMB, allegedly blocked access to funds. “For months, I had no access to money,” Peter told the court, adding that even when the group reunited in 2021, Jude was no longer managing them, yet discrepancies around the financial accounts persisted.

Peter also testified that he discovered the existence of another company Northside Music Limited which bore striking similarities to their original brand. Upon further investigation through the Corporate Affairs Commission, he found that Jude and his wife were listed as the owners, with his wife holding an 80% stake.

He narrated how attempts to obtain financial statements and backend payment reports from music aggregators like YouTube and iTunes were frustrated by his brother, raising further suspicion. According to him, even their tax consultant found evidence of steady earnings from music royalties while Jude allegedly underreported their earnings to reduce tax liabilities.

The Economic and Financial Crimes Commission (EFCC) charged Jude Okoye and Northside Music Limited with seven counts bordering on money laundering, conversion of proceeds from unlawful activities, and concealment of funds.

One of the charges alleges that Jude Okoye and Northside Music Limited, in 2022, acquired a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million — a sum the EFCC claims was part of proceeds from illegal activities.

Another count accuses them of using a Bureau de Change to convert over $1 million held in Northside Music’s Access Bank account into naira and distributing the money to various accounts to disguise its origin.

Jude Okoye has denied all allegations and pleaded not guilty to the charges.

Justice Alexander Owoeye adjourned the case till June 4, 2025, for cross-examination.