Peter Okoye EFCC Trial sees musician testify in Lagos High Court over Northside Entertainment finances amid Jude Okoye prosecution

Popular musician Peter Okoye appeared before the Lagos High Court in Ikeja on Monday to clarify his involvement in the finances of Northside Entertainment Limited, amid the ongoing prosecution of his elder brother, Jude Okoye, by the Economic and Financial Crimes Commission over allegations concerning company fund management.

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During the resumed hearing, Peter Okoye confirmed under cross examination by defence counsel Clement Onwuewunor SAN that he is a co signatory to the company’s Ecobank account.

Bank mandate documents presented in court showed that Peter Okoye and his twin brother, Paul Okoye, were officially listed as signatories.

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

The musician explained that while Jude Okoye initially operated the account alone, the mandate was later updated to include both brothers.

However, Peter Okoye stated that he had not personally signed cheques or conducted transactions on the account.

When questioned about previous testimony in which he said a bank informed him that he was only a shareholder, Peter Okoye clarified that the statement was based on a telephone conversation with officials from what he described as a “new bank”.

The Peter Okoye EFCC Trial has drawn public attention due to the prominence of the brothers in Nigeria’s music industry and the financial questions surrounding their management structure.

The musician also addressed issues relating to the PSquare music catalogue, which Peter Okoye said belongs to him and Paul Okoye.

The catalogue comprises songs released across approximately six albums, each containing between 10 and 15 tracks.

Peter Okoye emphasised that Jude Okoye was not an original member of the group but joined around 2004 or 2005 as manager without a formal written contract.

The musician rejected suggestions that Jude Okoye played a dominant creative role behind the scenes while the twin brothers served merely as the public faces of the group.

“My brother and I drove the group’s success from the outset,” Peter Okoye said in firm testimony.

Explaining the business structure underpinning the group’s operations, Peter Okoye stated that the brothers registered companies to manage their affairs.

Northside Entertainment Limited serves as their management outfit, while Square Records Limited operates as their record label.

Peter Okoye told the court that he and Paul Okoye are artistes and part owners, while Jude Okoye holds approximately 40 per cent shares in Northside Entertainment and Peter Okoye about 30 per cent, though exact figures were not confirmed.

On royalties, Peter Okoye identified Mad Solutions as one of the companies responsible for collecting and distributing royalties from PSquare songs in Nigeria.

The musician explained that royalty payments are made directly into individual accounts and confirmed that he receives his personal share into his own account.

When presented with a document on royalty distribution, Peter Okoye acknowledged that the signature resembled his but requested further examination before formally confirming it.