Popular musician Peter Okoye appeared before a Lagos High Court in Ikeja on Monday to clarify his involvement in the finances of Northside Entertainment Limited, amid the ongoing trial of his elder brother, Jude Okoye, who is facing prosecution by the Economic and Financial Crimes Commission over allegations concerning company fund management.
During the resumed hearing, Peter confirmed under cross-examination by defence counsel Clement Onwuewunor (SAN) that he is a co-signatory to the company’s Ecobank account. Bank mandate documents presented in court showed that Peter and his twin brother, Paul Okoye, were officially listed as signatories.
“My Lord, Northside Entertainment Limited account in Ecobank, I am a co-signatory,” Peter stated, explaining that while Jude initially operated the account alone, the mandate was later updated to include him and Paul. He added, however, that he had not personally signed cheques or conducted transactions on the account.
When questioned about previous testimony in which he said a bank informed him he was only a shareholder, Peter clarified that the statement was based on a phone conversation with officials from what he described as a “new bank.”
PSquare Catalog and Management Structure
The musician also addressed questions concerning the PSquare music catalogue, which he said belongs to him and his twin brother. He explained that the collection includes songs released over approximately six albums, each containing between 10 and 15 tracks.
Peter emphasized that Jude was not an original member of the group, but joined as a manager around 2004 or 2005, without any formal written contract. He rejected suggestions that Jude played a more substantive role behind the scenes while the singers were merely the public faces of PSquare. “My brother and I drove the group’s success from the outset,” he told the court.
He further explained the business structure behind PSquare, noting that the brothers registered companies to manage their affairs. Northside Entertainment Limited serves as their management outfit, while Square Records Limited operates as their record label. Peter said he and Paul are both artistes and part-owners, while Jude holds approximately 40 per cent shares in Northside Entertainment and Peter about 30 per cent, though he could not confirm the exact figures.
Royalties and Revenue Distribution
Peter identified Mad Solutions as one of the companies responsible for collecting and distributing royalties from PSquare songs in Nigeria. He explained that royalties are paid directly into individual accounts, confirming that he receives his personal share into his own account.
When presented with a document on royalty distribution, Peter acknowledged that the signature appeared to be his but requested further examination before confirming it formally.
The testimony shed light on the financial and managerial structure of one of Nigeria’s most successful music groups, providing context to the charges facing Jude Okoye while affirming Peter and Paul’s primary roles in the creation and control of the PSquare catalogue.