The Economic and Financial Crimes Commission (EFCC) has brought forth new allegations against Jude Okoye, the erstwhile manager of the now-defunct musical duo P-Square, accusing him of the misappropriation of over $1 million and £34,000.
Okoye was present at the Lagos State Special Offenses Court in Ikeja on Tuesday, March 4. Prosecutors alleged that he and his company, Northside Music Limited, unlawfully diverted funds intended for singer Peter Okoye.
According to EFCC prosecutor Mohammed Bashiru, Okoye purportedly misappropriated $767,544.15 received from Lex Records Limited intended for digital distribution and publishing royalties.
Furthermore, he was accused of converting £34,537.59 from the same source, along with $133,566.49 from Kobalt Music and $118,652.23 from Mtech Limited between 2016 and 2023.
“These funds were allocated for music royalties, yet the defendant diverted them for personal use, thereby depriving Peter Okoye of his rightful earnings,” Bashiru asserted in court. The EFCC contends that these actions contravene Sections 278 and 285 of the Lagos State Criminal Laws, 2011.
This new development follows Okoye’s recent bail grant by the Federal High Court on a separate seven-count charge. The court had set bail at ₦100 million, with the stipulation of two sureties of equal value.
Okoye has entered a plea of not guilty to the latest charges, and his legal counsel, Clement Onwuenwunor (SAN), revealed that a bail application was submitted on February 27, 2025.
Onwuenwunor dismissed the allegations as baseless, vowing to contest them in court. “We will demonstrate during the trial that these charges lack merit and should not have been pursued,” he affirmed, expressing confidence in Okoye’s defense as the case unfolds.
