Jude Okoye, alongside his company, Northside Music Limited, is currently facing a seven-count charge filed by the Economic and Financial Crimes Commission (EFCC). The charges center on alleged money laundering involving over N1.38 billion.
One of the allegations involves the acquisition of a high-value property in Lagos: “That you, Jude Okoye Chigozie and Northside Music Limited, sometime in 2022, in Lagos, within the jurisdiction of this Honourable Court, did directly acquire a landed property known as No 5, Tony Eromosele Street Parkview Estate, Ikoyi, Lagos worth ₦850,000,000.00 (Eight Hundred and Fifty Million Naira only), which money you knew or reasonably ought to have known form part of proceeds of unlawful act…”
Jude pleaded not guilty to all charges upon his arraignment on February 26, 2025.
Peter’s Testimony: A Family Rift in Court
Peter Okoye appeared as the first prosecution witness (PW1), offering a detailed account of his working and financial relationship with his elder brother. In his testimony, Peter confirmed Jude’s role as P-Square’s manager, a position he assumed after a series of previous managers, including Chioma Ugochi and the late Bayo Odusami.
According to Peter, Jude became their manager as the group transitioned from grassroots fame to international stardom. But the relationship, he claimed, was riddled with disputes — particularly around financial transparency.
“Jude was the sole signatory to all our bank accounts, including those in Ecobank, Zenith, and FCMB,” Peter told the court. He added that these financial control issues persisted for months, prompting legal intervention from their then-lawyer, Festus Keyamo, SAN — now Nigeria’s Minister of Aviation.
Allegations of Mismanagement and Concealment
Peter detailed a critical episode surrounding the financing of their individual residential properties in Ikoyi, noting that funding for his own home abruptly ceased. When he sought clarity from Jude and his twin brother, Paul, he was allegedly told: “As you leave P-Square, you leave the money.”
This statement, Peter said, marked a turning point. He began to investigate the band’s finances and came across a company previously unknown to him — Northside Music Limited — distinct from the originally known Northside Entertainment.
In 2022, while negotiating with potential buyers for the group’s music catalogue, Peter discovered that he had no access to the backend financial records or statements needed to determine the catalogue’s earnings. His inquiries to his brother Paul were met with evasiveness, while Jude refused outright to disclose the records.
“I was later told by a Zenith Bank officer that Jude had instructed them not to release any information to me — that I could only obtain it through the court,” Peter testified.
Eventually, Peter was allowed to transfer the group’s catalogue to a company named Mad Solution, through which he received a payment of over $22,000 — a move that further revealed discrepancies in the financial reporting of P-Square’s assets.
Discovery of Northside Music and Alleged Financial Irregularities
Peter claimed he later found that Northside Music Limited was registered under Jude and his wife, with the latter holding 80% ownership. This revelation came alongside concerns that backend data tied to their music had been tampered with. He alleged that potential buyers devalued their offer — from $8,000 to under $500 — due to the suspicious alterations in the catalogue’s performance metrics.
The dispute reached its climax when Peter approached his tax handler and uncovered evidence indicating continued financial activity from the group’s earnings, contrary to Jude’s claims of inactivity post-breakup.
Having exhausted internal efforts, Peter said he turned to his lawyer, who escalated the matter to the EFCC.
Case Adjourned
The court adjourned the case to June 4, 2025, for cross-examination. As this high-profile family and business conflict unfolds in court, it continues to raise significant questions about transparency, trust, and financial accountability within Nigeria’s entertainment industry.