The Economic and Financial Crimes Commission told a Lagos Special Offences Court in Ikeja that it has no evidence to support Peter Okoye’s allegation that his brothers, Jude and Paul Okoye, fraudulently withdrew $800,000 from the P-Square music business.
Peter petitioned the EFCC in 2024, accusing Jude of diverting group funds, operating 47 secret bank accounts, and altering the shareholding of Northside Entertainment Ltd., the company owned by the brothers. The petition formed the basis of the charges later filed against Jude for alleged financial mismanagement.
During Friday’s cross-examination, EFCC counsel Mohammed Bashir told Justice Rahman Oshodi that the commission could not present any proof of the alleged $800,000 withdrawal. According to him, the burden of proof lies on Peter since the EFCC does not possess such documents.
Jude and his company, Northside Music Limited, were arraigned on March 4, 2025, on allegations involving the conversion and theft of $1 million and £34,000 in digital royalties. The EFCC also alleged that Jude converted $767,544.15 from payments made by Lex Records. He was granted N50 million bail on March 6.
