EFCC Tells Court It Has No Evidence to Back Peter Okoye’s $800,000 Claim Against P-Square Brothers

The Economic and Financial Crimes Commission told a Lagos High Court in Ikeja that it has no evidence to support allegations by Peter Okoye that his brothers, Jude and Paul, withdrew $800,000 from P-Square’s accounts.

Peter had petitioned the commission in 2024, accusing Jude of diverting group funds, running 47 undeclared bank accounts and manipulating the share structure of Northside Entertainment Ltd, a company jointly owned by the brothers. The petition prompted the EFCC to file charges against Jude over alleged financial misconduct tied to the management of the P-Square brand.

During resumed cross-examination, EFCC counsel M. K. Bashir informed Justice Rahman Oshodi that the commission could not present proof of the alleged $800,000 withdrawal. When the judge asked for substantiation, Bashir replied that the claim belonged to Peter and he must prove it.

Peter had earlier testified that he uncovered new evidence showing how Jude and Paul withdrew and shared more than $800,000 between March 2023 and October 2023, but when confronted by defence counsel Clement Onwuenwunor (SAN) over contradictions, he adjusted his claim to say the withdrawal occurred between 2013 and 2014.

The defence also pressed him on his accusation that Jude operated 47 bank accounts. Peter insisted the EFCC held the evidence, but Bashir countered that the commission had no such records. Onwuenwunor asked the court to compel Peter and the EFCC to produce the accounts, but Justice Oshodi declined, ruling that a formal application was required since the documents were not before the court.

Peter’s claim that Jude owned 80 percent of Northside Entertainment was also challenged, with the defence presenting CAC documents indicating otherwise. He was further questioned about his assertion that he was unaware of the existence of Northside Music and that Jude signed artist Cynthia Morgan without informing him. Peter said he discovered the company only in 2024 when Cynthia Morgan sent him her contract on Northside Entertainment letterhead, adding that while the agreement was signed under Northside Music, her albums were credited to Northside Inc.

The case was adjourned to December 12 for continuation of trial.