P-Square fraud case: EFCC denies backing Peter Okoye’s $800,000 allegation against brothers

The Economic and Financial Crimes Commission (EFCC) has told the Lagos High Court in Ikeja that it has no evidence to support singer Peter Okoye’s allegation that his brothers, Jude and Paul Okoye, unlawfully withdrew $800,000 from P-Square’s joint funds.

Peter had petitioned the EFCC in 2024, accusing Jude and Paul of diverting group earnings, operating 47 undeclared bank accounts, and manipulating ownership records of their company, Northside Entertainment Ltd. The petition formed the basis of financial misconduct charges filed against Jude.

But at Thursday’s proceedings, EFCC counsel M.K. Bashir informed Justice Rahman Oshodi that the commission could not validate Peter’s $800,000 claim.

When the judge asked for evidence, Bashir replied: “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, that fresh financial records revealed that Jude and Paul withdrew and shared more than $800,000 between March 2023 and October 2024.

However, under cross-examination by defence counsel, Clement Onwuenwunor, SAN, he altered his timeline, admitting the withdrawals may have occurred between 2013 and 2014 instead.

The defence also disputed Peter’s claim that Jude operated 47 bank accounts. While Peter insisted the EFCC possessed the documents, Bashir denied this, saying he had no such evidence.

Onwuenwunor asked the court to order Peter and the EFCC to provide the documents, but Justice Oshodi declined, advising the defence to file a formal application.

Peter maintained his assertion that Jude held an 80% stake in Northside Entertainment.

But the defence tendered Corporate Affairs Commission (CAC) records contradicting this claim.

He was further questioned over his alleged ignorance of another company, Northside Music, and its role in the signing of artiste Cynthia Morgan.

Peter said he only became aware of the company in 2024 after Morgan shared a copy of her contract issued under Northside Entertainment, noting that her albums were also credited to a separate entity, Northside Inc.

Justice Oshodi adjourned the matter to December 12, 2025, for continuation of trial.