EFCC rejects Peter Okoye’s allegation that brothers withdrew $800k

The Economic and Financial Crimes Commission, EFCC, has told a Lagos High Court in Ikeja that it has no evidence to support claims that Jude and Paul Okoye of P-Square fraudulently withdrew $800,000, contradicting allegations by their brother, Peter Okoye

Peter had petitioned the EFCC in 2024, accusing Jude and Paul of diverting P-Square funds, operating 47 undeclared bank accounts, and manipulating the share structure of Northside Entertainment Ltd, a company they jointly own.

Following the petition, the EFCC filed charges against Jude over alleged financial misconduct in managing the P-Square brand.

During cross-examination, EFCC counsel M.K. Bashir told Justice Rahman Oshodi that the commission could not substantiate Peter’s claim. “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have,” he said.

Peter had testified on May 23, 2025, that he obtained new evidence showing Jude and Paul allegedly withdrew and shared over $800,000 between March 2023 and October 2024. When confronted with inconsistencies by defence counsel Clement Onwuenwunor, SAN, he revised his statement, saying the withdrawal actually occurred between 2013 and 2014.

The defence also challenged Peter’s claim that Jude operated 47 bank accounts. Peter insisted the EFCC held the records, but Bashir denied it: “I do not have 47 bank accounts. It is one of the witness’s claims, but I do not have such a copy.”

Onwuenwunor asked the court to compel Peter and the EFCC to produce the alleged accounts. Justice Oshodi rejected the request, ruling that the defence must apply formally since the documents were neither before the court nor part of the admitted evidence.

Peter was further questioned about his claim that Jude owned 80 per cent of Northside Entertainment. While he maintained he had proof, the defence presented CAC records contradicting his assertion.

Entertainment center

Peter also said he was unaware of Northside Music and only discovered it in 2024 when Cynthia Morgan sent him her contract on Northside Entertainment letterhead. He added that although the contract was signed with Northside Music, her albums were credited to Northside Inc.

The trial was adjourned to December 12, 2025, for continuation.