Peter of P-Square testifies against brother, Jude in alleged N1.38bn fraud

Jude Okoye and his twin brothers, Peter and Paul of P Square

The trial of Jude Okoye, former manager of the music group Psquare, commenced at the Federal High Court in Lagos, where he faces allegations of laundering N1.38 billion, $1 million, and £34,537.59. He is being prosecuted alongside his company, Northside Music Limited, by the Economic and Financial Crimes Commission (EFCC) on a seven-count charge related to money laundering.

Justice Alexander Owoeye is presiding over the matter. The charges stem from a petition filed by Jude’s younger brother and former bandmate, Peter Okoye.

One of the charges alleges that in 2022, Jude Okoye and Northside Music Limited acquired a property located at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million, knowing or reasonably suspecting that the funds used were proceeds of unlawful activity. This act, according to the EFCC, constitutes a violation of Section 18 (2) (d) and is punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Jude Okoye has pleaded not guilty to all charges.

At the hearing, Peter Okoye testified as the prosecution’s first witness. Led in evidence by prosecutor Aso Larrys Peters, Peter detailed how he believed Jude mismanaged and diverted group funds during and after his time as Psquare’s manager.

Peter introduced himself formally as Peter Obumuneme Okoye and explained the history of Psquare’s management. He stated that the group began in 1997–98 and had several managers before Jude took over. He cited former managers like Chioma Ugochi and the late Bayo Odusami of Mbuntu Music. Eventually, Jude was appointed as manager under Northside Entertainment Ltd.

Peter told the court that issues began when Jude became the sole signatory to all their company bank accounts, including those at Ecobank, Zenith Bank, and FCMB. He recounted periods when he had no access to funds and had to consult their lawyer, Festus Keyamo (SAN), now Minister of Aviation, who recommended a structured sharing formula.

One of the flashpoints involved a housing project in Ikoyi, which was financed by Northside Entertainment Ltd. According to Peter, the funding for his house stopped without explanation, and when he confronted Jude and his twin brother Paul, he was told, “As you left P-Square, you left the money.” All finances remained under Jude’s control, as he was the sole signatory to the company's accounts.

After the group reunited in November 2021, Jude was no longer managing Psquare. Peter later discovered the existence of a company named Northside Music Limited, which resembled their own. By late 2022, while negotiating the acquisition of their music catalog, he was asked by interested parties to provide financial records. Peter explained that he had no access to the “backend” or the statements of account and turned to his twin brother Paul, who admitted knowing nothing about it.

Peter testified that he tried repeatedly to obtain financial details from Jude but was met with vague responses. At one point, Jude claimed Peter’s share was with some people in South Africa. Peter insisted he wasn’t asking for money but for financial transparency and account statements. These requests were never honored.

Suspicious of Jude’s handling of finances, Peter approached account officers at Ecobank and Zenith Bank but did not receive satisfactory answers. His testimony concluded with the claim that these circumstances led him to believe there had been fraudulent activity.

The case continues, with further hearings scheduled in the coming weeks.