A high-profile trial unfolded yesterday at the Federal High Court in Lagos as former manager Jude Okoye, along with his company Northside Music Limited, faces a seven-count charge of alleged money laundering totaling N1.38 billion, US$1 million, and £34,537.59. In a dramatic turn of events, Peter Obumuneme Okoye, the younger brother of Jude, took the stand to testify against him, shedding light on a complex web of financial mismanagement and alleged fraud within the iconic P-Square legacy.
The case, being led by the Economic and Financial Crimes Commission (EFCC) and presided over by Justice Alexander Owoeye, centers on a charge that Jude Okoye, in 2022, used funds from unlawful sources to acquire a landed property located at No 5, Tony Eromosele Street, Parkview Estate in Ikoyi—a property valued at approximately N850 million. The charge under the Money Laundering (Prevention and Prohibition) Act, 2022, is just one of several allegations aimed at uncovering a broader scheme of misappropriation and money laundering.
Peter Okoye, who initially submitted a petition to the commission, recounted his turbulent experience working with his elder brother during and after P-Square’s heyday. He detailed that Jude, who once managed the group’s finances, had been given complete control as the sole signatory over critical bank accounts at Ecobank, Zenith, and FCMB. This centralized control, Peter claimed, effectively cut him off from accessing funds, leaving him in a vulnerable position during financial crises and even impacting personal projects, such as the prolonged financing of his house in Ikoyi.
During his testimony, Peter traced the timeline of events, recalling that following the disbandment of P-Square in 2017, the duo managed their affairs independently for a brief period before Jude assumed managerial responsibilities under Northside Entertainment Ltd. According to Peter, disagreements over financial management only intensified after the band’s reunion in November 2021. It was during this period that Peter discovered the existence of Northside Music Limited—a company mirroring Northside Entertainment’s operations—which later became entangled with dubious financial practices.
Peter testified that his repeated attempts to obtain detailed accounts of the group’s finances were met with evasive responses from Jude. “At one point, when I inquired about our album revenue and the backend of our financial records, Jude claimed that my share was held by contacts in South Africa,” he recalled. Frustrated by the lack of transparency, Peter consulted account officers at Eco Bank and Zenith Bank, only to receive unsatisfactory explanations that hinted at a deeper financial manipulation.
The courtroom drama underscores not only the personal betrayal felt by Peter but also raises wider concerns about the management of funds in the disarray that has followed P-Square’s tumultuous history. While Jude Okoye maintains his innocence and has pleaded not guilty to all charges, the testimony delivered by his brother provides a candid glimpse into internal conflicts and alleged fraudulent activities that could reshape the narrative surrounding the famed music group’s business dealings.
As the trial continues, both the public and industry stakeholders remain alert to the revelations emerging from the proceedings, which may have far-reaching implications for the legacy of P-Square and the regulatory oversight of financial transactions within the entertainment industry in Nigeria.
