Trial Of Jude Okoye Begins As Brother Peter Testifies In Alleged Money Laundering Case

The trial of Jude Okoye, former manager of the Psquare music group, commenced today before a Federal High Court in Lagos over alleged money laundering involving N1.38 billion, $1 million, and £34,537.59. The case is being prosecuted by the Economic and Financial Crimes Commission (EFCC).

Jude’s younger brother, Peter Obumuneme Okoye—one-half of the Psquare duo—testified against him, revealing a series of financial irregularities and disputes dating back several years.

Led in evidence by the prosecution counsel, Aso Larry, Peter narrated how Jude allegedly incorporated a separate company, Northside Music Limited, to divert the group’s royalties.

“Psquare disbanded around 2017 and we were apart for over five years until our reunion in November 2021,” Peter told the court. “Psquare started back in 1997–1998. Before Jude became our manager, we had several others, including Chioma Ugochi during our university days, and the late Bayo Odusami of Mbuntu Music who managed us for five years. After that, my twin brother Paul and I managed ourselves briefly before Jude took over as manager under Northside Entertainment Ltd.”

Peter explained that issues began to arise regarding Jude’s management style and control over the group’s finances. “He was the sole signatory to all our bank accounts in Ecobank, Zenith Bank, and FCMB. When disagreements occurred, I would often be denied access to funds.”

He recounted an incident during the construction of their houses in Ikoyi, where funding for his own project was abruptly halted. “The housing project was being financed through Northside Entertainment Ltd, but they stopped funding my house for six months without explanation. When I asked Jude and Paul why, I was told, ‘You left Psquare, you left the money.’”

Peter said he approached their lawyer, Festus Keyamo (now Minister of Aviation), who then proposed a formula for sharing finances. “All our income was channeled through Northside Entertainment, with Jude as the sole signatory. It got to the point where I had to ask Jude for permission just to buy a phone.”

Following their 2021 reunion, Peter discovered the existence of a similar company, Northside Music Limited, allegedly owned by Jude and his wife. “In late 2022, potential buyers of our music catalog requested financial statements. Since I had no backend access, I asked Jude, but he refused. I approached Paul, who said he wasn’t aware of it either.”

Peter stated that Jude claimed his share of the money was with people in South Africa. “But I wasn’t asking for the money, I just wanted the backend and account statements.”

He continued, “I contacted the account officers at Ecobank and Zenith Bank, but got no satisfactory response. The Zenith Bank officer eventually told me Jude had instructed them not to release any information to me and that I’d need a court order.”

Peter further discovered that the aggregators handling Psquare’s music were the same ones handling Jude and Paul’s content. “Eventually, I convinced them to hand over the Psquare catalog to a company called Mad Solutions. Within three months of signing, I received over $22,000, but was told Jude and Paul had already been paid.”

He also revealed that a search on the Corporate Affairs Commission (CAC) website showed Jude and his wife were the directors of Northside Music Ltd, with Jude’s wife owning 80% and Jude 20%.

When he finally received the catalog, it contained no clear financial figures—only skewed numbers. “The backend data had been tampered with. One potential buyer who initially offered $8,000 for the catalog dropped their offer to just $500.”

Peter added that a tax officer named Emmanuel informed him Jude was only required to pay around N2 million in taxes, having claimed that the group had not performed since their breakup. However, Peter said the 2017 account statements showed income from various aggregators.

Following these discoveries, Peter approached a lawyer named Afolabi, who assisted him in filing a petition with the EFCC.

Jude Okoye and his company, Northside Music Limited, are now facing a seven-count charge before Justice Alexander Owoeye. One of the charges 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, which you knew or reasonably ought to have known forms part of proceeds of unlawful acts…”

Another charge accuses Jude and his company of using a Bureau De Change to convert over $1 million from an Access Bank account to naira and transferring the funds to various accounts to conceal its origin, in violation of the Money Laundering (Prevention and Prohibition) Act, 2022.

Jude has denied all allegations and pleaded not guilty to all charges.

The case has been adjourned until June 4 for cross-examination