Peter Okoye Testifies Against Brother Jude Over Alleged N1.38 Billion Fraud

 

Music sensation Peter Okoye, one half of the iconic duo P-Square, delivered explosive testimony at the Federal High Court in Lagos on Monday, April 14, as part of an ongoing trial against his elder brother and former manager, Jude Okoye.

Peter, appearing as the first prosecution witness, revealed a deep web of alleged deception involving unapproved business dealings, hidden accounts, and unauthorized royalty collections—all allegedly masterminded by Jude using a company registered in his wife’s name.

Jude Okoye and his company Northside Music Limited are facing a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering amounting to: ₦1.38 billion, $1 million and £34,537.59.

One specific count accuses Jude of acquiring a luxury property in Ikoyi, Lagos, for ₦850 million, using funds suspected to be from criminal proceeds. Jude pleaded “not guilty” to all charges during his February 26, 2025 arraignment.

In court, Peter detailed how Jude allegedly secretly registered "Northside Music Ltd", a company with a name eerily similar to their original label, Northside Entertainment Ltd—without informing him or his twin brother, Paul Okoye.

“He used it to collect royalties behind our backs. His wife owns 80% of the shares, and he owns 20%,” Peter testified.

Peter recounted years of financial manipulation, saying Jude was the sole signatory to all P-Square accounts, including Zenith Bank, FCMB, and Ecobank. “I couldn’t even buy a phone without Jude’s permission,” he added.

He said suspicions deepened when someone attempted to acquire P-Square’s music catalogue in late 2022, and Peter realized he had no access to backend revenue data from platforms like YouTube and iTunes.

“When I asked Jude for access, he gave excuses. I wasn’t asking for money—just transparency,” Peter explained.

Peter’s concerns grew when he consulted Nigeria’s Corporate Affairs Commission and discovered that Jude and his wife were the sole directors of Northside Music. He found that the same aggregators managing P-Square’s catalogue were also handling Jude and Paul’s projects.

After negotiating a new deal through Mad Solutions, Peter received $22,000 in just three months, confirming there had been a revenue stream he had previously been excluded from. When Peter finally obtained the group’s full catalogue, it allegedly lacked key financial data, leading aggregators to suspect tampering.

“The catalogue was worth $8,000 before. After the discrepancies, offers dropped to $500,” Peter revealed.

Peter also uncovered irregularities in P-Square’s tax records, prompting a visit from a tax official. Further review of Access Bank records from 2017 showed inflows from digital aggregators, contradicting Jude’s claim that no performances or revenue occurred post-split.

Following these discoveries, Peter reached out to his lawyer, Afolabi, who filed a formal petition with the EFCC, triggering the investigation that led to Jude’s prosecution.

The case has been adjourned to June 4, 2025, for cross-examination. The fallout from Peter’s testimony may not only redefine the legacy of P-Square but also bring more scrutiny to how artists’ royalties and management contracts are handled in the Nigerian music industry.