Peter Okoye testifies against brother Jude in N1.38 Billion Money Laundering trial

The Federal High Court in Lagos has commenced the trial of Jude Okoye, former manager of the music group P-Square, over allegations of money laundering involving N1.38 billion, $1 million, and £34,537.59.

The trial began with a dramatic testimony from his younger brother and group member, Peter Okoye, who also filed the petition that led to the prosecution.

Jude, alongside his company, Northside Music Limited, is facing a seven-count charge brought against him by the Economic and Financial Crimes Commission (EFCC). The charges include acquiring a property at No. 5 Tony Eromosele Street, Parkview Estate, Ikoyi, Lagos, worth N850 million, which is allegedly linked to the proceeds of unlawful activities.

Presiding over the trial is Justice Alexander Owoeye.

During the court session, Peter Okoye, the first prosecution witness, gave detailed testimony about the financial mismanagement that allegedly occurred while Jude was managing the affairs of the P-Square music group.

“He’s my elder brother and was our manager,” Peter began. “After the group split in 2017 and reunited in 2021, I started asking questions about our earnings and backend data from streaming and sales, but Jude was evasive.”

Peter explained that Jude was the sole signatory to all P-Square’s company accounts in Ecobank, Zenith Bank, and FCMB under Northside Entertainment Ltd, leaving him and his twin, Paul, with no access to their own earnings. He recalled an incident during the construction of their homes in Ikoyi when funding for his house was halted without explanation, forcing him to seek legal intervention from their then-lawyer, Festus Keyamo, SAN.

Peter also claimed that upon trying to reconcile account records for their musical works, he discovered the existence of a separate but similar company, Northside Music Limited. He said Jude refused to provide financial statements or backend earnings from streaming platforms.

“I wasn’t even asking for money. I just needed access to our statement of accounts and backend,” Peter told the court. “But Jude kept making excuses, saying the money was with people in South Africa. That raised red flags for me.”

He said that after failed attempts to retrieve financial details from Jude and account officers at the respective banks, he became convinced that something suspicious was going on, leading him to take the matter to the EFCC.

Jude Okoye, however, has denied all charges and pleaded not guilty.

The trial continues, with more revelations expected in the coming sessions.