Peter Okoye, one half of the iconic duo P-Square, testified on Monday at the Federal High Court in Lagos, revealing how his older brother and former manager, Jude Okoye, secretly established a new company in his wife’s name.
He went on to explain that Jude used this company to divert royalties that were rightfully owed to the now-defunct P-Square group.
Jude Okoye is currently facing prosecution by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge related to money laundering, involving a sum of N1.38 billion, $1 million, and £34,537.59, alongside his company, Northside Music Limited.
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Peter Okoye, as the first prosecution witness, testified that Jude Okoye set up Northside Music Ltd, a company with a name closely resembling their original business, Northside Entertainment Ltd, without consulting him or his twin brother, Paul.
“I found out Jude had incorporated another company, Northside Music Ltd similar to our original Northside Entertainment Ltd and he was using it to collect our royalties.
“He and his wife are the only directors. She owns 80 per cent and he owns 20 per cent,” Peter testified.
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Peter informed the court that following P-Square’s split in 2017 and their reunion in 2021, he started noticing inconsistencies in their financial affairs, especially regarding royalty payments.
While testifying under the guidance of the Economic and Financial Crimes Commission’s counsel, Aso Larry, Peter explained that his discovery of these discrepancies occurred after years of being shut out from financial decisions and denied access to the group’s accounts, all of which were managed solely by Jude.
“He was the sole signatory to our accounts in Zenith Bank, Ecobank, and FCMB. I couldn’t even buy a phone without Jude’s permission,” he said.
“Sometimes in 2017, the group Psquare disbanded. We were apart for nearly five years. In November 2021, the group came back together,” Peter stated.
Peter testified in court that when he tried to gain access to the backend reports and catalogues for P-Square’s music, Jude denied him. He also mentioned that his twin brother, Paul, claimed to have no knowledge of how the finances were being handled.
The witness stated that he later found out about a company called Northside Music Limited.
“In late 2022, when someone wanted to acquire our albums, they asked for our statements of account. I realised I had no access to the ‘backend’, which is where digital revenue can be traced via aggregators like YouTube or iTunes,” he explained.
He stated that when Jude refused to provide the backend information, Peter turned to Paul, who allegedly replied, “You know I don’t know anything about that, but Jude…”
Peter claimed that Jude later informed him that his share of the money was with some individuals in South Africa. However, Peter emphasised that he wasn’t asking for money, but rather for access to the backend and account details.
“I received no positive response,” he said.
Peter outlined how P-Square, formed around 1997–1998, had multiple managers before Jude took over. He mentioned Chioma Ugochi, who managed them during their secondary school and university years, as well as the late Bayo Odusami of Mbuntu Music, who managed them for five years.
“After that, my twin brother and I managed ourselves for a couple of months before we asked Jude to manage us under Northside Entertainment Ltd,” he said.
He further explained that when the group disbanded in 2017 and he pursued a solo career, funding for a joint house project in Ikoyi was abruptly halted.
“That’s when I went to our lawyer, Festus Keyamo (SAN), now Minister of Aviation, and told him I couldn’t even buy a phone without Jude’s approval.”
He revealed that it was their lawyer, Keyamo, who suggested they establish a sharing formula.
“Jude controlled all the money. We were building houses, financed through Northside Entertainment Ltd. But when I left P-Square, they stopped funding my house. When I asked why, I was told, ‘As you leave P-Square, you leave the money.”
Peter shared that he got in touch with Zenith Bank’s account officer, who later informed him that Jude had directed him not to send any funds to Peter. The officer added that the only way for Peter to receive the funds was by going through the court.
He also found out that the same aggregators managing P-Square’s catalogue were also handling projects for both Jude and Paul.
“When I started asking questions, they allowed me to give the catalogue to Mad Solutions. Three months after signing with them, I received over $22,000. When I asked if they had received their shares, I was told they had already been paid,” he stated.
Peter also told the court that he had never come across Northside Music before. Upon researching on the Corporate Affairs Commission website, he found that the directors were Jude and his wife, with her holding 80 percent of the shares.
He explained, “When I confronted Jude for the backend again, he said it would take three and a half months to retrieve the catalogue. When we finally received it, it showed no figures, only numbers. The aggregators said the backend had been tampered with, which affected its value. People who initially offered $8,000 were now only willing to offer $500.”
Peter also mentioned that a person handling their tax affairs came to his home, stating that Jude was only required to pay about N2 million.
“He also said Jude had shown that we hadn’t performed since the split, but when I checked the Access Bank statements from January to December 2017, they were all from aggregators,” he said.
The witness testified in court that after making these discoveries, he reached out to his lawyer, Afolabi, who subsequently filed a petition with the Economic and Financial Crimes Commission.
The court has adjourned the case until 4th June for cross-examination.
