P-Square's Peter Okoye Testifies Against Brother Jude In N1.3 Billion Fraud Case
A Federal High Court in Lagos has commenced the trial of Jude Okoye, former manager of the popular Nigerian music duo P-Square, over alleged money laundering to the tune of N1.38 billion, $1 million, and £34,537.59. Jude's younger brother, Peter Okoye, testified against him, detailing how he allegedly defrauded him and mismanaged the group's finances.
The Economic and Financial Crimes Commission (EFCC) arraigned Jude Okoye and his company, Northside Music Limited, on a seven-count charge of money laundering. According to the EFCC, Jude Okoye allegedly used his position as the sole signatory to the group's bank accounts to divert funds for his personal use. Peter Okoye's petition to the EFCC led to the commencement of the trial.
In his testimony, Peter Okoye explained that P-Square was formed in 1997/98 and had several managers before Jude took over. He stated that Jude's management led to frequent disputes over financial management, particularly since Jude was the sole signatory to all their bank accounts. Peter Okoye claimed that this arrangement left him unable to access funds, and he had to rely on their lawyer, Festus Keyamo, to intervene.
One notable incident Peter Okoye mentioned was when they were building their houses in Ikoyi. He alleged that Jude stopped financing his house project for six months, and when he asked why, he was told, "As you leave P-Square, you leave the money." This response made Peter Okoye realize that something was amiss.
Peter Okoye further testified that he discovered Jude had set up a company, Northside Music Limited, without their knowledge or consent. He claimed that this company seemed to be collecting royalties from P-Square's music and mirrored their legitimate business, Northside Entertainment Ltd. When Peter Okoye requested a statement of account, Jude allegedly refused, and even instructed the account officers at Zenith Bank not to provide him with access.
Peter Okoye's investigation revealed that Jude and his wife were listed as directors of Northside Music Limited, with Jude owning 20% of the company and his wife owning 80%. He claimed that he had no knowledge of the company's existence until he checked Cynthia Morgan's album metadata and realized where the royalties were being diverted.
Peter Okoye also alleged that Jude only paid minimal taxes, based on the group's suspended operations after their 2017 breakup. He claimed that the group's tax consultant informed him of this, and he subsequently instructed his lawyer to petition the EFCC.
The charges against Jude Okoye include acquiring a landed property worth N850 million in Parkview Estate, Ikoyi, allegedly using proceeds from unlawful activities. Another charge alleges that he converted $1,019,762.87 to naira using a Bureau de Change and then transferred the money to different bank accounts to conceal its source.
Jude Okoye has pleaded not guilty to all charges, and the trial has been adjourned to June 4 for cross-examination of Peter Okoye. The case highlights the importance of transparency and accountability in financial management, particularly in high-profile cases involving large sums of money. As the trial continues, it remains to be seen how Jude Okoye will respond to the allegations and whether he will be able to clear his name.
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