Peter Okoye Makes Courtroom U-Turn Over Bank Account In Ongoing Fraud Case

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A Lagos High Court on Friday heard that singer Peter Okoye has withdrawn his previous claim that he was denied access to the bank account of Northside Entertainment Limited, the company at the centre of an alleged $1 million fraud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 brother, Jude Okoye.

While giving evidence before Justice Rahman Oshodi, Peter clarified that he is actually a co-signatory to the firm’s Ecobank account. His statement contradicted his earlier position that Jude was the only authorised signatory.

The legal dispute originated from a petition Peter filed in 2024, in which he accused Jude former manager of the music duo Psquare of mismanaging funds, operating 47 undisclosed accounts, and altering the ownership structure of Northside Entertainment Limited.

Jude is currently facing prosecution by the Economic and Financial Crimes Commission (EFCC) alongside Northside Music Limited. He has been charged with four counts of theft exceeding $1 million and has pleaded not guilty to the allegations.

During cross-examination, defence counsel Clement Onwuewunor presented bank records indicating that Peter and his twin brother, Paul, were authorised signatories to the account. Responding to this, Peter explained that his earlier statement was based on information he received during a phone conversation with officials from what he described as a “new” bank.

However, when specifically asked about the Ecobank account of Northside Entertainment Limited, he acknowledged being one of the authorised signatories.

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

Addressing the inconsistency between his previous claim and his latest testimony, Peter stated that although he was later added as a signatory, he never actively handled transactions or signed cheques.

“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 said.

Peter also maintained that the Psquare music catalogue belongs exclusively to him and his twin brother, insisting that Jude was not part of the group’s original formation. According to him, Jude came on board as their manager around 2004 or 2005, after they had already worked with other managers.

“We started out together as students and had managers before Jude. The success of Psquare was built by me and my twin brother from the start,” he stated.

He confirmed that Northside Entertainment Limited and Square Records Limited were created to oversee their business operations, noting that the structure made them not only performers but co-owners.

Peter disclosed that Jude holds about 40 percent of shares in Northside Entertainment Limited, while he owns approximately 30 percent.

He further explained that his royalties are paid directly into his personal account through Mad Solutions, the company responsible for collecting and distributing Psquare’s royalties within Nigeria.

When presented with a royalty distribution agreement by Jude’s lawyer, Peter said he would need to closely examine the document to confirm whether the signature on it was his.

“The signature appears to be mine, but I need to review it carefully,” he said.

Justice Oshodi adjourned the case until May 15 for continuation of the proceedings.

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 management role. They reconciled in November 2021 after a five-year rift and held a reunion concert the following month. However, in August 2024, Paul confirmed that Psquare has once again ceased to exist.