One half of the legendary duo P-Square, Peter Okoye, told the Federal High Court in Lagos on Monday how Jude Okoye, his older brother and former manager, had secretly set up a new business in his wife’s name and used it to siphon off royalties from the now-defunct P-Square.
Jude Okoye and his company, Northside Music Limited, are facing seven charges from the Economic and Financial Crimes Commission that include money laundering for N1.38 billion, $1 million, and £34,537.59.
As the first prosecution witness, Peter disclosed that Jude had not told him or his twin brother Paul about the incorporation of Northside Music Ltd., a name that was remarkably similar to their earlier business, Northside Entertainment Ltd.
“He and his wife are the only directors. She owns 80 per cent and he owns 20 per cent,” Peter testified.
After P-Square broke up in 2017 and got back together in 2021, Peter informed the court, he started to find irregularities in their financial transactions, especially with regard to royalties.
Aso Larry, the attorney for the Economic and Financial Crimes Commission, led Peter in testifying that this revelation followed years of being shut out of group accounts and financial decision-making, both of which Jude controlled.
“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,”
“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.”
He explained how the group, which started in 1997 or 1998, had a number of managers before Jude took over, including the late Bayo Odusami of Mbuntu Music, who handled them for five years, and Chioma Ugochi, who managed them through high school and college.
Peter claimed that after speaking with the account officer at Zenith Bank, he was informed that Jude had advised him not to send anything to him and that the only way he could obtain it was by going through the legal system.
Additionally, he saw that Jude and Paul’s projects were being managed by the same aggregators that were in charge of Psquare’s catalog.
“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.
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