The ongoing trial of Jude Okoye, former manager of the P-Square musical group, took a new turn on Monday as his younger brother, Peter Okoye, testified before the Federal High Court in Lagos, accusing him of withholding access to the group’s financial records and diverting royalties.
Jude is standing trial alongside his company, Northside Music Limited, on a seven-count charge bordering on alleged money laundering involving N1.38 billion, $1 million and £34,537.59.
The charges were brought by the Economic and Financial Crimes Commission (EFCC) following a petition by Peter Okoye.
During his testimony, Peter told the court presided over by Justice Alexander Owoeye that Jude incorporated a separate company to receive and manage the group’s royalty payments without the knowledge or consent of other members.
He explained that the group, which started in 1997, had several managers before Jude assumed the role.
“Before Jude became our manager, we had people like Chioma Ugochi and the late Bayo Odusami. We later decided to let Jude manage us and Northside Entertainment Limited,” Peter stated.
Peter disclosed that problems began when Jude became the sole signatory to all the group’s bank accounts in Ecobank, Zenith Bank and FCMB.
He added that this structure created accountability issues and lack of transparency in financial transactions.
He referenced a situation where the financing of their houses in Ikoyi was halted for six months.
“When I asked why funding stopped, Jude and my twin brother Paul said ‘as you leave P-Square, you leave the money,’” Peter said.
Peter explained that this led him to contact their legal adviser at the time, Festus Keyamo, now Minister of Aviation, who intervened to establish a revenue-sharing formula.
He further revealed that after the group reunited in November 2021 and Jude was no longer managing them, he requested backend access to monitor income from digital platforms.
According to him, the request was denied. He then approached bank officials at Ecobank and Zenith Bank but was told Jude had instructed them not to release account details to him.
Peter said he later discovered through the Corporate Affairs Commission (CAC) website that Northside Music Limited, the entity receiving royalties, was owned by Jude and his wife.
Jude’s wife held 80 percent ownership while Jude owned 20 percent.
He also told the court that the catalogue was transferred to a firm, Mad Solution, which paid $22,000 in royalties after three months, revealing the scale of income being generated without transparency.
The court had earlier granted Jude Okoye bail in the sum of N50 million with two sureties and ordered the seizure of his international passport.
The case continues as the EFCC presents further evidence in support of its allegations.
