By Comfort Asemota
The Economic and Financial Crimes Commission (EFCC) has informed the Lagos State High Court, Ikeja, that it has no evidence to support the allegation that Jude and Paul Okoye of P-Square fraudulently withdrew $800,000, contrary to claims made by their brother, Peter Okoye.
Peter had petitioned the EFCC in 2024, accusing Jude of diverting P-Square group funds, operating 47 undeclared bank accounts, and manipulating the share structure of Northside Entertainment Ltd, a company jointly owned by the brothers. The EFCC subsequently filed charges against Jude over alleged financial misconduct in managing the P-Square brand.
During resumed cross-examination on Friday, EFCC counsel M.K. Bashir told Justice Rahman Oshodi that the commission could not present evidence for the alleged withdrawal. When asked to substantiate Peter’s claim, Bashir said: “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have.”
Peter had testified on May 23, 2025, claiming he obtained new evidence showing how Jude and Paul allegedly withdrew and shared more than $800,000 between March 2023 and October 2024. However, when confronted with inconsistencies by defence counsel Clement Onwuenwunor (SAN), he revised his statement, saying the alleged withdrawal occurred between 2013 and 2014.
The defence also challenged Peter’s assertion that Jude operated 47 bank accounts, asking the court to compel Peter and the EFCC to produce the accounts. Justice Oshodi rejected the request, ruling that the defence must make a formal application, since the documents were not before the court nor part of admitted evidence.
Peter’s claim that Jude owned 80 per cent of Northside Entertainment was also disputed, with the defence submitting CAC records contradicting his assertion.
Additionally, Peter was questioned about his statement that he was unaware of the existence of Northside Music and that Jude signed artist Cynthia Morgan without his knowledge. He said he only discovered the company in 2024 when Cynthia Morgan sent him her contract on Northside Entertainment letterhead, noting that while the contract was signed with Northside Music, her albums were credited to Northside Inc.
The court adjourned the matter to December 12, 2025, for the continuation of the trial.
