In a turn of events, Peter Okoye, aka Mr P, one of the famous P-Square music duo, has taken a stand against their biological brother, Jude Okoye, in a high-profile money laundering case.
The trial, which commenced on Monday, before the Federal High Court in Lagos State, has sent ripples across the music industry.
According to Peter’s testimony, Jude, who managed P-Square’s finances, allegedly incorporated a company called Northside Music Limited to collect their royalties without transparency.
Peter claimed that Jude’s actions left him in the dark about the duo’s finances, and he was forced to take drastic measures to uncover the truth.
The court heard that Jude’s management of P-Square’s finances was shrouded in secrecy, with him being the sole signatory to the duo’s bank accounts.
Peter alleged that when he asked for access to funds for his house project in Ikoyi, Jude coldly replied, “As you leave P-Square, you leave the money.”
The plot thickened when Peter discovered that Jude had registered Northside Music Limited, similar to their Northside Entertainment Ltd.
When Peter requested the backend and statement of accounts, Jude refused, claiming his share of the money was with people in South Africa.
The court also heard that Peter discovered the aggregators handling P-Square’s music were the same ones handling Paul and Jude’s accounts.
Furthermore, Jude’s wife owns 80% of Northside Music Limited, while Jude owns 20%. Peter alleged that when he requested the backend from Jude, it was tampered with, resulting in reduced figures and lost business opportunities.
The allegations against Jude Okoye are serious, with the Economic and Financial Crimes Commission (EFCC) accusing him and his company of money laundering amounting to ₦1.38billion, $1million, and £34,537.59. The case has been adjourned to June 4 for cross-examination.
Led in evidence by the prosecution counsel Aso Larry, Peter, who introduced himself as Peter Obumuneme Okoye, told the court, how his brother, Jude incorporated another company to collect their royalties.
“Sometimes in 2017, the group P-square disbanded, we were apart for nearly 5 years plus. In November 2021, the group came back.
“We were part for 5 years 2017-2021. P square started in 1997-98. Before Jude became our manager, we had several managers who included; Chioma Ugochi; she managed us when we are in secondary – University studies. We also have late Bayo Odusami OG Mbuntu music. He managed us for five years. After myself and twin brother managed ourselves for couple of months, before we decided that he (Jude) should manage us and Northside entertainment Ltd.
“So, we continued running our business and sometimes we started having issues on how he run the business. The issues were mainly on how he was the sole signatory to all our bank accounts in Ecobank, Zenith and FCMB.
“When we have these issues for couple of months, I didn’t have access to Money. Not until when Mr. Festus Keyamo (SAN) now Minister of Aviation, who was our lawyer came up that we have to have sharing formula.
“There was a scenario that happened when we were building our houses in Ikoyi, whereby it’s only the defendant can sign out money. The finance of the house project was by Northwest entertainment Ltd, but they just stopped financing my house for six months.
“The accounts were owned by the company, while the defendant was the only signatory to all the accounts. Within that six months, when we came back, I approached the defendant and my twin brother, Paul, and asked why they stopped financing my project, what I heard from them was ‘as you leave P-square, you leave the money’. With that comment, I had to approach our lawyer, Keyamo.”
He also told the court how he went to Corporate Affairs Commission (CAC) site, where he discovered that the director of Northside music were Jude okoye and his wife. And also discovered that Jude’s wife owns 80% while Jude owned 20%.
On the backend, he told the court that he was unable to get anything because the backend had been tampered with.
He stated that based on the discovery, he contacted his lawyer, one Afolabi who helped him to petition against his brother for financial fraud.
Jude and his company, Northside Music Limited are being prosecuted on a seven-count charge before Justice Alexander Owoeye’s Court, by the Economic and Financial Crimes Commission (EFCC).
One of the charges reads: “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 forms part of proceeds of unlawful act and thereby committed an offence contrary to Section 18 (2) (d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”
Another charge reads that Okoye and his company, in 2022, used a Bureau De Change to convert $1,019,762.87 USD, held in an Access Bank account operated by Northside Music Ltd, into naira and transferred the funds into various bank accounts to conceal the illicit origin of the money.
This alleged act, according to the EFCC, violates Section 18 (2)(a) and is punishable under Section 18 (3) of the same Act.
He had denied the allegations and pleaded not guilty to all charges.
