The Economic and Financial Crimes Commission (EFCC) on Friday informed a Lagos State Special Offences Court in Ikeja that it has no evidence to back Peter Okoye’s allegation that his brothers, Jude and Paul Okoye of the defunct music group P-Square, fraudulently withdrew $800,000.
Peter had petitioned the EFCC in 2024, claiming that Jude diverted funds belonging to P-Square, operated 47 undeclared bank accounts, and manipulated the shareholding structure of Northside Entertainment Ltd., a company jointly owned by the brothers.
The petition led to charges being filed against Jude over alleged financial mismanagement of the P-Square brand.
During resumed cross-examination on Friday, EFCC counsel Mohammed Bashir told Justice Rahman Oshodi that the commission could not tender evidence supporting the alleged $800,000 withdrawal.
He said, “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have.”
Jude and his Northside Music Limited company were arraigned on March 4, 2025, on four counts relating to the alleged theft and conversion of $1 million and £34,000 in royalties from music digital distribution and publishing.
The EFCC had claimed at the arraignment that Jude and Northside Music Limited allegedly converted $767,544.15 of payments made by Lex Records Limited for digital music distribution, intending to permanently deprive Peter of his interest.
Jude was granted bail of N50 million on March 6, 2025.
During the trial, Peter testified on May 23, 2025, that new evidence showed Jude and Paul withdrew and shared over $800,000 between March 2023 and October 2024.
Under cross-examination by defence counsel Clement Onwuenwunor (SAN), he revised the timeline to 2013–2014.
Peter also claimed that Jude operated 47 bank accounts and held an 80% stake in Northside Entertainment.
The EFCC denied having records of the accounts.
Bashir said, “I do not have 47 bank accounts. It is one of the witness’s claims, but I do not have such a copy.”
The defence further tendered Corporate Affairs Commission records contradicting Peter’s claim of an 80% stake.
Peter admitted that he only became aware of Northside Music in 2024 when artist Cynthia Morgan sent him her contract on the company’s letterhead, even though her albums were credited to Northside Inc.
Justice Oshodi adjourned proceedings to December 12, 2025, for the continuation of the trial.
