The long-standing family and business feud between members of the famed Psquare music group took a legal turn on Monday as Peter Okoye, popularly known as Mr. P, testified against his elder brother and former manager, Jude Okoye, in an alleged N1.3 billion fraud case before a Federal High Court sitting in Lagos.
The Economic and Financial Crimes Commission (EFCC) has brought a seven-count charge against Jude Okoye and his company, Northside Music Limited, accusing them of laundering over N1.38 billion, $1 million, and £34,537.59. The trial, which is being presided over by Justice Alexander Owoeye, stems from a petition filed by Peter Okoye, one-half of the award-winning musical duo, Psquare.
One of the charges presented by the EFCC alleged that Jude, alongside Northside Music Limited, acquired a property located at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, valued at N850 million. The prosecution claimed the funds used for the acquisition were proceeds of unlawful activity, thereby violating Section 18 (2)(d) and punishable under Section 18 (3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Jude Okoye has, however, denied all the allegations and pleaded not guilty.
During his testimony as the first prosecution witness, Peter Okoye introduced himself formally as Peter Obumuneme Okoye and recounted how his elder brother, Jude, allegedly mishandled group finances while acting as Psquare’s manager. He told the court that the music group was formed in the late 1990s and initially managed by others, including Chioma Ugochi during their university years, and later, the late Bayo Odusami of Mbuntu Music. After a short period of self-management, Peter and his twin brother Paul agreed to let Jude manage them through Northside Entertainment Limited.
Peter narrated how business disagreements began to emerge over the years, primarily because Jude allegedly made himself the sole signatory to all Psquare-related bank accounts, including those domiciled in Ecobank, Zenith Bank, and FCMB. According to him, this arrangement left him financially stranded during certain periods, as he had no access to funds, even to the extent of needing approval from Jude to make personal purchases.
He recalled a particularly troubling incident during the construction of their houses in Ikoyi, where Jude reportedly halted financing Peter’s project for six months. Peter said the funds were being disbursed from Northside Entertainment Ltd, but without explanation, the flow of money to his building project was cut off. When he confronted Jude and Paul, he was told that since he had left the group, he had also forfeited access to the funds.
He disclosed that prominent lawyer and now Minister of Aviation, Festus Keyamo, SAN, who served as their legal counsel at the time, had advised them to establish a proper sharing formula. Despite this, the financial impasse continued.
Following the group’s reunion in November 2021 after a five-year split, Jude was no longer their manager. It was during this period that Peter said he made further discoveries. He stumbled upon a company named Northside Music Limited — a name strikingly similar to Northside Entertainment Ltd — and became suspicious. The suspicion deepened when some interested parties sought to acquire rights to Psquare’s music catalog and requested financial statements to assess its monthly earnings. Peter said he could not provide such documents, as he had no access to the “backend” or financial records.
When he approached Paul about the matter, he claimed Paul appeared uninformed and said he would speak to Jude. After waiting without any feedback, Peter confronted Jude directly. According to him, Jude told him his share of the money was with some individuals in South Africa. Peter said he clarified that he was not asking for funds but for access to the backend and account statements, yet he received no clear response.
He told the court that it was at that point he began making inquiries with officials at Ecobank and Zenith Bank. However, he said the responses he received from the account officers were evasive and unsatisfactory, further confirming his suspicions that something was wrong.
Peter’s testimony paints a picture of deep mistrust and alleged financial mismanagement that may have gone on for years behind the scenes of Nigeria’s most celebrated musical duo. The trial continues as the EFCC presses forward with its case against Jude Okoye and Northside Music Limited.
