EFCC Refutes Peter Okoye’s $800,000 Allegation Against Jude in P-Square Financial Dispute
The Economic and Financial Crimes Commission (EFCC) has informed a Lagos High Court in Ikeja that it has no evidence to substantiate Peter Okoye’s claim that his brothers, Jude and Paul Okoye of P-Square, fraudulently withdrew $800,000. This revelation directly contradicts allegations previously made by Peter against the music duo.
Peter Okoye had petitioned the EFCC in 2024, accusing Jude of misappropriating funds from the P-Square group, allegedly operating 47 undeclared bank accounts, and manipulating the shareholding structure of Northside Entertainment Ltd, a company jointly owned by the brothers. Following the petition, the EFCC filed charges against Jude, alleging financial misconduct related to the management of the P-Square brand.
During resumed cross-examination at the Ikeja High Court, EFCC counsel M.K. Bashir told Justice Rahman Oshodi that the commission could not provide evidence to support the claimed $800,000 withdrawal. “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have,” Bashir stated emphatically, highlighting the absence of EFCC records backing Peter’s allegations.
Peter had testified in May 2025, asserting that he had obtained new evidence showing that Jude and Paul allegedly withdrew and shared over $800,000 between March and October 2023. However, when pressed by defence counsel Clement Onwuenwunor (SAN) over inconsistencies in his testimony, Peter revised his claim, stating the alleged withdrawals actually occurred between 2013 and 2014. This inconsistency was highlighted as a major point of contention during proceedings.
The defence also challenged Peter’s assertion that Jude operated 47 bank accounts. Peter maintained that the EFCC had these records, but counsel Bashir denied the claim, insisting the commission did not possess such documents. Justice Oshodi ruled that the defence must formally request these records since they were not part of the admitted evidence before the court.
Disputes also arose regarding ownership of Northside Entertainment. Peter claimed Jude owned 80 percent of the company. While he insisted he had proof, the defence presented Corporate Affairs Commission (CAC) records that contradicted this assertion. Additionally, Peter testified that he only became aware of Northside Music in 2024 when singer Cynthia Morgan sent him a contract on the company’s letterhead, though her albums were credited to Northside Inc.
The trial, which underscores ongoing tensions within the P-Square brand, has been adjourned to December 12, 2025, for continuation. The case raises broader questions about financial transparency, corporate governance, and accountability within one of Nigeria’s most iconic music groups. Legal analysts and industry watchers continue to monitor the proceedings closely, given the high-profile nature of the dispute and its potential implications for artist management and corporate oversight in the Nigerian music industry.
The EFCC’s disavowal of evidence in Peter’s claims emphasizes the importance of verified documentation in financial disputes and sets the stage for a rigorous examination of corporate records and contractual obligations within Northside Entertainment.
