Peter Okoye Testifies Against Brother Jude in High-Profile Money Laundering Case

The ongoing legal dispute involving members of the renowned but now defunct Nigerian music group P-Square has taken a new turn. This comes as Peter Okoye, one half of the duo, testified against his brother and former manager, Jude Okoye, in a money laundering case currently before the Federal High Court in Lagos.

Allegations of Financial Mismanagement

Peter Okoye, testifying on Monday, alleged that Jude Okoye mismanaged the group’s finances during his tenure as manager. He allegedly incorporated a separate company—Northside Music Limited—to collect royalties without transparency. According to Peter, this left him uninformed about key financial activities.

“We continued running our business, and sometimes we started having issues with how he ran the business,” Peter told the court. “The issues were mainly on how he was the sole signatory to all our bank accounts in Ecobank, Zenith and FCMB.”

He further asserted that Northwest Entertainment Ltd denied access to funds during a house construction project in Ikoyi. “The finance of the house project was by Northwest Entertainment Ltd, but they just stopped financing my house for six months,” Peter said. When he inquired, Jude allegedly responded, “As you leave P-Square, you leave the money.”

Discovery of a New Company

Peter told the court that he discovered the existence of Northside Music Limited while searching the Corporate Affairs Commission (CAC) database. The company, he said, was not previously disclosed to him and was structured with Jude’s wife owning 80% and Jude owning 20%.

He added that attempts to obtain financial records from Jude were unsuccessful. “I was unable to get anything because the backend had been tampered with,” Peter testified. He said this discovery prompted him to contact his lawyer, Afolabi, who assisted in filing a petition against his brother.

EFCC’s Case Against Jude Okoye

The Economic and Financial Crimes Commission (EFCC) has filed a seven-count charge against Jude Okoye and Northside Music Limited. The charges include allegations of money laundering involving ₦1.38 billion, $1 million, and £34,537.59.

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… which money you knew or reasonably ought to have known forms part of proceeds of unlawful act…”

Another charge alleges that the defendants used a Bureau De Change to convert over $1 million held in an Access Bank account into naira and transferred the funds to various accounts to conceal their origin. The EFCC contends that this violates Sections 18(2)(a) and (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Background on P-Square and Management

Peter Okoye provided context to the court about P-Square’s management history. He explained that before Jude took over as manager, others had overseen the group’s affairs, including Chioma Ugochi and the late Bayo Odusami. After a period of self-management, the brothers appointed Jude and operated under Northside Entertainment Ltd.

He added that disagreements over financial transparency and Jude’s exclusive control of bank accounts were long-standing issues. Legal intervention by Festus Keyamo, who was then their lawyer and is now Nigeria’s Minister of Aviation, reportedly helped establish a sharing formula at one point.

Trial Continues

The trial is being heard by Justice Alexander Owoeye. Jude Okoye has pleaded not guilty to all charges. The court adjourned the case to June 4 for cross-examination.

This case continues to draw public interest, particularly within the Nigerian music industry. This is due to the high-profile nature of the individuals involved and the significant financial sums under scrutiny.

Mimi Mefo Info