Peter Okoye testifies against his brother in alleged ₦1.3bn fraud case

Peter Okoye, one-half of the popular music duo P-Square, has testified against his elder brother and former manager, Jude Okoye, in a case involving alleged money laundering of ₦1.38 billion, $1 million, and £34,537.59.

The trial commenced on Monday, April 14, at the Federal High Court in Lagos before Justice Alexander Owoeye. Jude and his company, Northside Music Limited, are facing a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC), following a petition by Peter.

One of the charges alleges that in 2022, Jude and Northside Music Limited knowingly acquired a property worth ₦850 million in Parkview Estate, Ikoyi, using proceeds suspected to be from unlawful activities.

During his testimony, Peter, also known as Peter Obumuneme Okoye, detailed a longstanding dispute over financial control and transparency during Jude’s time as P-Square’s manager. He said Jude was the sole signatory to all the group’s corporate bank accounts, including those with Ecobank, Zenith Bank, and FCMB, leaving him and his twin brother, Paul, without access to funds.

Peter recounted that after the group’s initial split in 2017 and reunion in 2021, he discovered the existence of a company named Northside Music Limited. Curious about royalties and revenue from their music catalog, he approached Jude and Paul but was met with vague responses. Paul allegedly told him to check with Jude, who later claimed Peter’s share of the money was with unidentified individuals in South Africa.

When Peter contacted the banks directly, he was told Jude had instructed them not to release account statements to him and that he would need a court order to access the records.

He also testified about learning that aggregators handling P-Square’s digital revenue were paying Jude and Paul but not him. After changing management and regaining partial access, Peter received over $22,000 in royalties. However, he later discovered irregularities in the backend data, suggesting that the music catalog had been tampered with, significantly lowering its value.

His investigation into the Corporate Affairs Commission records revealed that Jude and his wife were the sole directors of Northside Music Limited, with his wife holding an 80% stake.

Peter’s testimony highlighted years of alleged financial mismanagement and lack of transparency within the group’s operations. Jude has denied all allegations and pleaded not guilty. The trial continues.