By Ayobami Owolabi
Abuja (Sundiata Post) – Peter Okoye, a member of the renowned duo P-Square, took the stand on Monday at the Federal High Court in Lagos, revealing that his older brother and former manager, Jude Okoye, had secretly set up a new company under his wife’s name to divert royalties owed to the P-Square group.
Jude Okoye is currently facing prosecution by the Economic and Financial Crimes Commission (EFCC) on multiple charges related to money laundering, involving a sum of N1.38 billion, $1 million, and £34,537.59, along with his company, Northside Music Limited.
As the first prosecution witness, Peter testified that Jude created Northside Music Ltd, a company bearing a name similar to their original business, Northside Entertainment Ltd, without informing him or his twin brother, Paul. According to Peter, Jude and his wife were the sole directors, with her owning 80% of the shares and Jude holding 20%.
Peter explained that after P-Square’s breakup in 2017 and their subsequent reunion in 2021, he started noticing irregularities in the group’s financial matters, particularly with royalty payments. He revealed that Jude had full control of their accounts, including those at Zenith Bank, Ecobank, and FCMB, making it difficult for Peter to access any funds or make purchases without his approval.
“I couldn’t even buy a phone without Jude’s permission,” Peter said. “I found out that Jude had set up Northside Music Ltd to collect royalties, using it to manage funds without my consent.”
Peter further revealed that when he requested access to the backend of P-Square’s music catalog, which would allow him to track digital revenue from platforms like YouTube and iTunes, Jude refused to provide the necessary information. Paul, he added, claimed to have no knowledge of the financial arrangements.
Peter also testified that Jude told him his share of the royalties was being held by people in South Africa. However, Peter clarified that he wasn’t asking for the money, but simply for transparency regarding the catalog and financial details.
Describing how P-Square was initially managed by various individuals before Jude took charge, Peter mentioned that Chioma Ugochi and the late Bayo Odusami of Mbuntu Music had managed them before Jude. “After our breakup in 2017, I struggled to access funds, including for a house project we were working on,” he added.
Peter explained that when he reached out to their lawyer, Festus Keyamo (SAN), now Minister of Aviation, he was advised to establish a fair sharing formula with Jude. However, Peter found that his funds were being withheld by Jude, who had instructed Zenith Bank’s officer not to release any money to him without court approval.
In his testimony, Peter revealed that when he sought answers from aggregators managing P-Square’s catalog, he learned that they had already paid Jude and Paul their shares. He also shared that after transferring the catalog to a new agency, Mad Solutions, he received a payment of over $22,000, although the aggregators later claimed that they had already received their shares.
Peter’s investigation into Northside Music revealed that the company was listed with Jude and his wife as directors, with her owning 80% of the shares. He confronted Jude about the backend, but when it was eventually provided, the figures were missing, and the aggregators claimed the data had been tampered with, reducing its value.
Peter also discovered discrepancies regarding their tax affairs, with reports indicating that Jude had only paid about N2 million in taxes. He further testified that the Access Bank statements from 2017 showed significant activity from aggregators, contradicting Jude’s claim that the group had not been performing financially since their split.
After making these discoveries, Peter approached his lawyer, Afolabi, who filed a petition with the EFCC, leading to the current case.
The court has adjourned the case until June 4 for cross-examination.
