Peter Okoye Retracts Claim Over Access to Northside Entertainment Account in $1m Fraud Trial

Peter Okoye Retracts Claim Over Access to Northside Entertainment Account in $1m Fraud Trial

A Lagos High Court on Friday heard that music star Peter Okoye has withdrawn his earlier allegation that he was denied access to the bank account of Northside Entertainment Limited, the company at the centre of an alleged $1 million fraud case involving his elder brother, Jude Okoye.

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Testifying before Justice Rahman Oshodi, Peter admitted he is a co-signatory to the company’s Ecobank account, contradicting his previous assertion that Jude was the sole authorised signatory.

The case stems from a 2024 petition filed by Peter accusing Jude — former manager of the defunct music duo — of diverting group funds, operating 47 undeclared accounts, and altering the shareholding structure of Northside Entertainment Limited.

Jude is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside Northside Music Limited on a four-count charge of theft exceeding $1 million. He has pleaded not guilty to the charges.

During cross-examination, defence counsel Clement Onwuewunor presented bank documents indicating that Peter and his twin brother were authorised signatories to the account. Responding, Peter explained that his earlier statement — claiming he was only a shareholder and not a signatory — was based on information relayed to him during a phone conversation with officials of what he described as a new bank.

However, when specifically questioned about the Ecobank account of Northside Entertainment Limited, he conceded his status as a signatory.

“My Lord, I am a co-signatory to the Northside Entertainment Limited account in Ecobank,” he told the court.

Addressing the apparent contradiction, Peter said that although he was later added as a signatory, he never signed cheques or personally handled transactions.

“From the very onset, Jude was the only signatory. But after some years, he made myself and Paul signatories. Despite that, I never personally signed cheques or carried out transactions,” he said.

Peter further maintained that the P-Square music catalogue belongs solely to him and his twin brother, insisting Jude was not an original member of the group but joined later as manager around 2004 or 2005.

“We all started together as students. We had several managers before Jude. The success of P-Square was built by me and my twin brother from the beginning,” he said.

He confirmed that Northside Entertainment Limited and Square Records Limited were established to manage their business affairs, adding that the structure made them part-owners and not just performers.

According to his testimony, Jude owned about 40 per cent of Northside Entertainment Limited, while he held roughly 30 per cent.

Peter also stated that his royalties are paid directly into his personal account by Mad Solutions, the organisation responsible for collecting and distributing P-Square’s royalties in Nigeria. When presented with a royalty distribution contract by the defence, he said the signature on the document resembled his but required closer verification.

“The signature looks like mine, but I need to examine the document more closely,” he said.

Justice Oshodi adjourned the matter until May 15 for continuation of the trial.

Peter had earlier alleged that Jude’s wife owns 800,000 shares in Northside Music Limited.

The Okoye brothers initially split in 2017 following disagreements over Jude’s managerial role. They reconciled in November 2021 after a five-year feud and held their first headline concert together the following month.

Peter Okoye Retracts Claim Over Access to Northside Entertainment Account in $1m Fraud Trial