P-Square fraud case: EFCC admits no evidence for $800,000 withdrawal allegation

The Lagos State Special Offences Court, Ikeja, presided over by Justice Rahman Oshodi, has been informed by the Economic and Financial Crimes Commission (EFCC) that it has no evidence to support the allegation that Jude and Paul Okoye, members of the defunct P-Square group, fraudulently withdrew $800,000 from the group’s finances.

It would be recalled that Peter Okoye, in his petition before the Commission in 2024, accused Jude—then the group’s manager, of operating 47 undeclared bank accounts, manipulating the share structure of Northside Entertainment Ltd, the company jointly owned by the brothers, and siphoning P-Square’s revenue.

This subsequently led the anti-graft agency to file charges against Jude based on elements of the petition.

However, during cross-examination at the resumed hearing of the case on Friday, EFCC counsel M.K. Bashir stunned the courtroom when Justice Oshodi asked him to present evidence of the alleged fraudulent withdrawal.

Bashir replied that the Commission had no such material. “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have,” the EFCC counsel stated, distancing the Commission from Peter’s claim.

Peter had earlier testified on May 23, 2025, alleging that new evidence showed Jude and Paul withdrew and shared more than $800,000 between March 2023 and October 2024.

But under pressure from defence counsel Clement Onwuenwunor (SAN), he adjusted his testimony, stating that the transactions actually took place between 2013 and 2014.

The defence also queried Peter’s assertion that Jude operated 47 bank accounts linked to the group. While Peter insisted the EFCC possessed proof, Bashir denied it, saying the Commission had no record of such accounts.

Onwuenwunor urged the court to compel Peter and the EFCC to produce the documents, but Justice Oshodi ruled that a formal application must be filed since the documents were neither before the court nor admitted into evidence.

Peter’s claim that Jude owned 80 per cent of Northside Entertainment also came under scrutiny after the defence tendered Corporate Affairs Commission records contradicting his position.

The court further examined Peter’s testimony that he was unaware of the existence of Northside Music and that Jude signed artist Cynthia Morgan without his knowledge. Peter said he only became aware in 2024 when the singer forwarded her contract.

Justice Oshodi adjourned the matter to December 12, 2025, for the continuation of the trial.

culled from Tribune