Jude Okoye Reveals P-Square's Revenue Sharing Formula Amidst Fraud Allegations by Peter Okoye, Says He Took 40% of P-Square’s proceeds while the duo shared 30% each [Video]

Image: DP

Jude Okoye, the long-time manager of the now-defunct P-Square group, has added another revelation regarding the recent fraud allegations leveled against him by Peter Okoye, also known as Mr. P.

During an Instagram live session on Saturday, Jude addressed the claims and revealed the sharing formula that was used for the group's proceeds.

Jude explained that the revenue generated by P-Square was split between him and the twin brothers, Peter and Paul Okoye. According to him, he received 40% of the proceeds, while Peter and Paul each took 30%.

In response to the allegations that he had diverted millions of dollars in P-Square’s royalties into a private account, Jude stated that he voluntarily went to the Economic and Financial Crimes Commission (EFCC) office with Paul, without legal representation, to clear his name. He presented all necessary documents to the anti-graft agency, including the Corporate Affairs Commission (CAC) certificates used in establishing Square Records and Northside Entertainment.

Jude recounted that when the EFCC officers reviewed the documents, they confirmed the 40/30/30 sharing formula. “They were like, you’re even more than P-Square. I said I don’t understand what you mean. They said, look, you’re entitled to 40 per cent shares while the duo are entitled to 30 per cent each,” Jude recalled.

He also provided the EFCC with a memorandum of understanding (MOU) that outlined the agreed-upon sharing formula among the brothers.

During the live session, Jude revealed that the rift between the twins started as far back as 2013 and continued to worsen until their official split in 2016. He noted that despite multiple attempts to reconcile the group, including efforts by prominent Nigerians like Emeka Offor, the late Ifeanyi Ubah, Dantata, Atiku, Peter Obi, governors, ministers, and their village king, the disagreements remained unresolved.

Jude also mentioned that the situation deteriorated further in 2021 when an attempt to reunite the brothers failed, leading to the current public fallout.

“I have not been with P-Square for the past eight years, since 2016,” Jude stated, clarifying his distance from the group's affairs since their split. He emphasized that the financial issues and allegations were unfounded, pointing out that he had even sold his house in America and borrowed money to finance his home in Ikoyi.

See below:

"Psquare was Jude, Peter and Paul. The proceeds were shared between me, Peter and Paul. I took 40% while they took 30% each" - Jude Okoye
pic.twitter.com/swjZP5j47k

— 𝐄𝐫𝐢𝐦𝐮𝐬 (@HeDontMakeNoise) August 17, 2024

Source: DP

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