Background of the Case
The Economic and Financial Crimes Commission (EFCC) arraigned Jude Okoye and his company, Northside Music Ltd, on February 26, 2025, on a seven-count charge bordering on money laundering. The charges include the alleged acquisition of a property worth ₦850 million in Ikoyi, Lagos, and the conversion of over1 million through a bureau de change to conceal the illicit origin of the funds.
Peter Okoye's Testimony
During his testimony, Peter Okoye detailed the internal financial disputes within P-Square, highlighting that Jude was the sole signatory to the group's bank accounts, which included Ecobank, Zenith, and FCMB. He expressed concerns about the lack of transparency and access to financial records, stating that attempts to obtain account statements were rebuffed, with bank officials indicating that only a court order could grant such access.
Peter also revealed the existence of a separate entity, Northside Music Ltd, managed by Jude and his wife, which he discovered during negotiations for the sale of P-Square's music catalog. He alleged that the backend data for the catalog had been tampered with, significantly reducing its value and impacting potential deals.
Legal Proceedings and Next Steps
Jude Okoye has pleaded not guilty to all charges. Following his arraignment, he was granted bail set at ₦50 million, with two sureties in like sum. The court has scheduled the next hearing for June 4, 2025, where cross-examination of Peter Okoye is expected to continue.
This case underscores the complexities of financial management within the entertainment industry and the importance of transparency and accountability in business dealings.
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