Justice A. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, adjourned till October 23 and November 10 further hearing in the N1.38 billion fraud case involving Jude Okoye, elder brother and former manager of pop duo P-Square.
Jude is being prosecuted by the Lagos zonal directorate 1 of the Economic and Financial Crimes Commission (EFCC) alongside his company, Northside Music Limited, on a seven-count charge bordering on money laundering.
One of the counts 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 N850,000,000.00 (Eight Hundred and Fifty Million Naira only), which money you knew or reasonably ought to have known form 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.”
Jude pleaded not guilty to the charges when they were read to him upon his arraignment on February 26.
At the resumed sitting on Wednesday, Peter Okoye, also known as Mr. P and the first prosecution witness (PW1), told the court under cross-examination by defence counsel Clement Onwuenwunor, that, “I never signed any cheque and had no access to the accounts while still signed to Northside Entertainment.”
Peter added that although he received some money from the company’s Ecobank account, “they were not royalties because the account also received millions of dollars from endorsements and shows.”
He also told the court, “I never knew about the existence of Northside Music Limited, my brother’s company, until late 2022,” adding that he did not receive any proceeds from Lex Records during his time at the company.
However, the defence presented documents from the Corporate Affairs Commission (CAC) showing that Jude Okoye holds 80 percent ownership of Northside Music Limited.
Peter had earlier testified that Jude’s wife, Ifeoma, owned 80 percent of the company.
Upon being shown the CAC record, he admitted, “I was wrong in my earlier testimony.”
Onwuenwunor also presented a bank mandate document showing Jude was a category A signatory to the company’s accounts, while Peter and his twin brother Paul were category B signatories.
This contradicted Peter’s claim that he had no access to the account.
The defence further tendered bank statements indicating royalty payments from Lex Records through Mad Solutions Limited into Northside Entertainment’s Ecobank account between 2012 and 2017.
Justice Owoeye warned Peter over his hostile demeanor during the cross-examination and cautioned him to remain respectful while giving evidence.
The judge adjourned the matter to October 23 and November 10, for continuation of trial.
The case stems from a petition filed by Peter Okoye in December 2023, alleging that his elder brother, Jude Okoye and Jude’s wife, Ifeoma, diverted millions of dollars in royalties from P-Square’s earnings into a private account.
Peter claimed he discovered a secret company named Northside Music Limited, allegedly owned by Jude and Ifeoma, which was used to carry out the act.
He emphasised that his petition was solely against Jude and Ifeoma, not his twin brother Paul.
He had said, “I want to make it clear that I never reported my twin brother PAUL to the EFCC” .
Jude Okoye, reacting to the allegations, expressed his shock upon learning about the petition.
He recounted, “This guy came to my compound to play with my son knowing fully well he just submitted a petition against me. I almost lost my mind” .
The EFCC’s investigation led to the arraignment of Jude Okoye and Northside Music Limited on charges of money laundering and stealing, involving sums of N1.38 billion, $1 million and £34,537.59.
