Peter Okoye testifies against brother, Jude in court

In a dramatic courtroom improvement, Nigerian singer Peter Okoye, one-half of the defunct music duo P-Sq., testified in opposition to his elder brother and former supervisor, Jude Okoye, on Monday in a high-profile N1.38 billion cash laundering trial.

Showing earlier than a trial choose Alexander Owoeye on the Federal Excessive Courtroom in Lagos, Mr Okoye, often called Mr P, accused his older brother of secretly incorporating an organization, Northside Music Restricted, to gather and management P-Sq.’s royalties with out the information or consent of its members.

As evidenced by prosecution counsel Aso Larry, Mr P instructed the courtroom that Mr Jude and his spouse used the corporate to divert substantial earnings from the group’s digital royalties whereas excluding him from monetary decision-making and account entry.

“Typically in 2017, the group P-Sq. disbanded, and we have been aside till November 2021,” Mr P testified. “Throughout this time, I realised I had no entry to the group’s financial institution accounts held with Ecobank, Zenith Financial institution, and FCMB — all managed solely by Jude.”

He stated the state of affairs worsened throughout a home mission in Ikoyi, Lagos, which was collectively funded by way of Northside Leisure Ltd.

In keeping with Mr P, he was denied funds for six months after parting methods with the group.

“Once I requested why financing had stopped, I used to be instructed, ‘As you permit P-Sq., you permit the cash,’” Mr P recalled, saying the assertion got here from Jude and their brother, Mr Paul (aka Rudeboy).

Suspicious of monetary misappropriation, Mr P stated he visited the Company Affairs Fee (CAC) portal, the place he found that Mr Jude had secretly registered Northside Music Restricted.

He stated the corporate information confirmed that Mr Jude’s spouse owns 80% of the corporate whereas Mr Jude holds the remaining 20%.

Mr P additionally alleged that backend knowledge on royalty funds had been tampered with, leading to underreported figures and missed enterprise alternatives.

He claimed Mr Jude refused to launch detailed monetary statements, asserting his share of the royalties was “with folks in South Africa.”

“I needed to search authorized help from our then-lawyer, Festus Keyamo, SAN, now Minister of Aviation, to suggest a sharing system,” Mr P stated, including that he later employed one other lawyer, recognized as Mr Afolabi, to petition the EFCC over suspected monetary fraud.

The Financial and Monetary Crimes Fee (EFCC) has since charged Mr Jude and his firm seven counts of cash laundering involving N1.38 billion, $1 million, and £34,537.59.

Mr Jude has pleaded not responsible.

One of many prices states that Mr Jude and Northside Music Restricted, in 2022, acquired a property price N850 million at No. 5 Tony Eromosele Avenue, Parkview Property, Ikoyi, utilizing funds allegedly derived from felony exercise — an offence opposite to Part 18(2)(d) and punishable underneath Part 18(3) of the Cash Laundering (Prevention and Prohibition) Act, 2022.

One other cost alleges that Mr Jude used a Bureau De Change to transform $1,019,762.87 into naira and laundered the proceeds by transferring them to varied Nigerian financial institution accounts.

A dual-front battle

Mr Jude can be going through a separate trial earlier than one other choose, Rahman Oshodi of the Particular Offences Courtroom in Ikeja.

He and Northside Music Restricted are charged with stealing and changing royalties price over $1 million and £34,537.59 between 2016 and 2023.

He was first arraigned on 4 March. On the time, the EFCC alleged that he diverted digital music royalties from worldwide aggregators into personal accounts.

He pleaded not responsible.

Mr Oshodi initially ordered Mr Jude to be remanded at Ikoyi Correctional Centre however later granted bail on 6 March within the sum of N50 million with two sureties in like sum.

The choose additionally directed him to give up his Nigerian and St. Kitts & Nevis passports, citing twin citizenship as a possible flight threat.

The courtroom adjourned the Ikeja case to 16 and 23 Could for trial.

Background

The P-Sq. saga started in 2017 with the group’s acrimonious break up.

Although the brothers reunited musically in 2021, the fallout over funds persevered.

In August 2024, PREMIUM TIMES reported that Mr P filed a petition with the EFCC, accusing Messrs Jude and Impolite Boy of monetary impropriety, together with diverting royalties and enterprise funds.

Mr Jude’s authorized workforce, led by Clement Onwuenwunor, a Senior Advocate of Nigeria (SAN), has described the dispute as a civil disagreement amongst enterprise companions and relations.

READ ALSO:How Paul teamed up with Jude, marginalised, humiliated me- Peter Psquare breaks silence

“That is extra of a misunderstanding between administrators than a felony case,” Mr Onwuenwunor instructed the courtroom.

In courtroom filings, the defence maintains that the EFCC’s case lacks advantage and that Mr Jude has cooperated totally with investigators.

Nonetheless, the fee argues that the gravity of the allegations and Mr Jude’s twin nationality current a threat of absconding.

The case continues on 4 June, with Mr P anticipated to face cross-examination.