The ongoing legal battle involving former P-Square members has taken a fresh turn as singer Peter Okoye revised his earlier claims before a Lagos High Court.
Peter Okoye Admits He Is Co-Signatory to Northside Account
During proceedings on Friday, Peter informed the court that he is indeed a co-signatory to the Ecobank account belonging to Northside Entertainment Limited — the company at the centre of an alleged $1 million fraud case involving his elder brother, Jude Okoye.
Testifying before Justice Rahman Oshodi, Peter clarified that contrary to his earlier petition, Jude was not the only authorised signatory to the company’s bank account. He explained that he and his twin brother, Paul, were later added as signatories.
“My Lord, I am a co-signatory to the Northside Entertainment Limited account in Ecobank,” Peter told the court.
However, he maintained that although his name was added to the account, he never personally signed cheques or carried out transactions.
Background of the $1 Million Fraud Allegation
The legal dispute began in 2024 when Peter filed a petition accusing Jude — who previously managed the Psquare brand — of financial misconduct. In his complaint, Peter alleged that funds were mismanaged, 47 undisclosed accounts were operated, and the ownership structure of Northside Entertainment Limited was altered without proper transparency.
Following the petition, the Economic and Financial Crimes Commission (EFCC) charged Jude Okoye alongside Northside Music Limited with four counts of theft exceeding $1 million. Jude has pleaded not guilty to the charges.
Bank Records Reveal Multiple Signatories
During cross-examination, defence counsel Clement Onwuewunor presented bank documents showing that both Peter and Paul were authorised signatories to the company’s account.
Responding to the evidence, Peter explained that his initial claim was based on information he had received during a phone conversation with officials from what he described as a “new” bank. He reiterated that although he was later added as a signatory, he did not actively manage the account.
“At the beginning, Jude was the sole signatory. Years later, Paul and I were added. Even then, I did not personally sign cheques or carry out transactions,” he stated.
Ownership Structure and Share Distribution
Peter also shed light on the ownership breakdown of Northside Entertainment Limited. According to his testimony:
Jude Okoye owns approximately 40 percent of the company’s shares.
Peter holds about 30 percent.
He further revealed that his music royalties are paid directly into his personal account through Mad Solutions, a company responsible for collecting and distributing Psquare’s royalties within Nigeria.
When presented with a royalty distribution agreement in court, Peter said the signature on the document appeared to be his but requested time to properly examine it before confirming its authenticity.
Dispute Over Psquare’s Catalogue
Peter maintained that the Psquare music catalogue belongs solely to him and his twin brother, Paul Okoye. He stressed that Jude was not part of the group’s original formation.
According to him, the duo started making music as students and worked with other managers before Jude joined them around 2004 or 2005.
“The success of Psquare was built by me and my twin brother from the start,” he said.
He added that Northside Entertainment Limited and Square Records Limited were established to manage their business operations, making them both performers and co-owners of the brand.
Peter also alleged earlier that Jude’s wife owns 800,000 shares in Northside Music Limited.
A History of Family Rift
The Okoye brothers first split in 2017 amid disagreements over Jude’s management role. After five years apart, they reconciled in November 2021 and even staged a reunion concert the following month. However, in August 2024, Paul confirmed that Psquare had once again disbanded.
Court Adjourns Case
Justice Rahman Oshodi has adjourned the case until May 15 for continuation of proceedings, as the court continues to examine evidence surrounding the alleged financial mismanagement.
As the trial unfolds, the case not only raises questions about corporate governance and royalty management but also highlights the complex intersection of family ties and business within one of Nigeria’s most celebrated music brands.
