The Economic and Financial Crimes Commission (EFCC) today addressed developments in the high-profile fraud case involving members of the defunct music group P-Square. During proceedings at the Lagos State Special Offences Court in Ikeja, EFCC counsel M.K.
Bashir informed the court that the Commission lacks evidence to support Peter Okoye's allegation of a fraudulent $800,000 withdrawal by his brothers, Jude and Paul Okoye, from a jointly owned account.
Peter Okoye, in a 2024 petition, accused Jude Okoye of financial misconduct, including diverting funds, operating 47 undisclosed bank accounts, and altering the share structure of Northside Entertainment Ltd. He specifically claimed that Jude and Paul withdrew and shared over $800,000 between March 2023 and October 2024.
However during cross-examination, Peter revised the timeline to 2013-2014. Additionally he alleged Jude held an 80% stake in the company, a claim contradicted by Corporate Affairs Commission records presented by the defense.
The trial, presided over by Justice Rahman Oshodi, saw Peter Okoye testify on May 23, 2025. Under questioning by defense counsel Clement Onwuenwunor, SAN, Bashir stated unequivocally, “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have,” regarding the withdrawal evidence.
Furthermore, Bashir denied knowledge of the 47 bank accounts, noting, “I do not have 47 bank accounts. It is one of the witness’s claims, but I do not have such a copy.” The judge rejected a defense request to compel document production, requiring a formal application instead.
EFCC spokesperson Dele Oyewale emphasized the Commission's dedication to thorough investigations. “We pursue cases based on verifiable evidence and remain committed to upholding the law without bias,” he said. This development highlights inconsistencies in the prosecution's key claims, shifting the burden to Peter to substantiate his allegations.
The court adjourned the matter to December 12, 2025, for further hearings. In the interim, the EFCC continues its probe into related financial activities tied to P-Square's operations.