The Economic and Financial Crimes Commission (EFCC) on Monday told the Lagos State High Court in Ikeja that it has no documentary or forensic evidence to support allegations that Jude Okoye and his twin brother, Paul, illicitly withdrew $800,000 belonging to the now-defunct music group, P-Square.
The disputed transaction stems from a 2024 petition filed by band member Peter Okoye, who accused Jude—then P-Square’s manager—and Paul of financial diversion, operating dozens of undisclosed bank accounts, and manipulating the ownership structure of Northside Entertainment Ltd., the company behind the group’s business operations.
Following the petition, the EFCC filed financial misconduct charges against Jude Okoye.
EFCC: “We Have No Evidence”
During cross-examination, EFCC counsel M. K. Bashir conceded before Justice Rahman Oshodi that the anti-graft agency could not produce any proof of the alleged $800,000 withdrawal.
Pressed by the court to clarify, Bashir responded bluntly: “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have.”
Bashir also admitted the commission lacked documentation to support the allegation that Jude and Paul operated 47 secret bank accounts, saying the claim came from a witness and not from EFCC’s investigative files.
Peter Okoye’s Testimony Under Scrutiny
Peter, who gave evidence on May 23, 2025, initially stated that new information he obtained confirmed that Jude and Paul shared more than $800,000 between March 2023 and October 2024.
However, when defence counsel Clement Onwuenwunor, SAN, confronted him with inconsistencies, Peter altered the timeline, insisting the transactions actually occurred between 2013 and 2014.
Onwuenwunor requested that the court compel Peter and the EFCC to present the alleged bank account documents, but Justice Oshodi rejected the oral request, directing the defence to file a formal motion since the materials were not part of the court’s existing record.
Dispute Over Northside Entertainment’s Ownership
The defence also contested Peter’s claim that Jude owned an 80% majority stake in Northside Entertainment.
Also Read: Festive Season Money: 5 Businesses That Boom in Nigeria Every December
Although Peter maintained that he had evidence to back his assertion, the defence tendered extracts from the Corporate Affairs Commission (CAC) that directly contradicted his position.
Peter told the court he only discovered the existence of Northside Entertainment in 2024 after singer Cynthia Morgan—formerly managed by Jude—forwarded a copy of her contract, which carried the company’s letterhead. He explained that although Cynthia signed with Northside Music, some of her projects were later released under Northside Inc. and its U.S. affiliate, Northside Inc. US.
Next Steps in the Trial
Following the heated exchange, Justice Oshodi adjourned proceedings to December 12, 2025, when the parties are expected to present final arguments and tender any outstanding documents.
