EFCC Admits It Has No Evidence Against Jude and Paul Okoye in $800,000 Fraud Allegations

 

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The Lagos State Special Offences Court in Ikeja heard a startling revelation on Friday as the Economic and Financial Crimes Commission (EFCC) admitted it has no evidence linking Jude and Paul Okoye to the alleged unlawful withdrawal of $800,000 from P-Square’s accounts.

The case stems from a 2024 petition filed by Peter Okoye, who accused his former bandmate Jude—then serving as the group’s manager—of secretly operating 47 undisclosed bank accounts, altering the ownership structure of Northside Entertainment Ltd, and diverting revenue from the iconic music duo. These allegations formed the basis of the EFCC’s charges against Jude.

However, during cross-examination, EFCC counsel M.K. Bashir stunned the courtroom when Justice Rahman Oshodi requested proof of the purported withdrawal. Bashir responded candidly: “We do not have it. It is his evidence. Let him prove it. I can’t give what I don’t have.”

Peter Okoye had earlier testified on May 23, 2025, insisting that recently discovered documents indicated Jude and Paul had withdrawn and shared over $800,000 between March 2023 and October 2024. But under rigorous questioning by defence counsel Clement Onwuenwunor (SAN), Peter admitted that the alleged transactions actually occurred much earlier, in 2013 and 2014.

The defence also scrutinised Peter’s claim that Jude maintained 47 secret bank accounts. While Peter argued that the EFCC possessed records to support his assertion, Bashir contradicted him, confirming that the Commission had no such documentation. Onwuenwunor requested that both Peter and the EFCC produce the materials in court. Justice Oshodi, however, ruled that the defence would need to file a formal application since the documents had not been presented as evidence.

Another major point of contention involved Peter’s allegation that Jude owned 80 per cent of Northside Entertainment. The defence presented Corporate Affairs Commission records that contradicted this claim, casting further doubt on Peter’s assertions.

The court also revisited Peter’s testimony regarding his knowledge of Northside Music and Jude’s signing of Nigerian singer Cynthia Morgan. Peter maintained that he was unaware of the existence of Northside Music or the contract with Morgan until 2024, when she forwarded her contract to him. This admission raised additional questions about the credibility of the evidence cited in the petition.

The unfolding proceedings have highlighted significant gaps in the EFCC’s case, putting the Commission’s allegations under scrutiny. Legal analysts note that the absence of documentary proof or verifiable evidence could seriously undermine the prosecution’s position, potentially affecting the outcome of the trial.

Justice Oshodi adjourned the matter to December 12, 2025, for the continuation of the trial, giving both the defence and prosecution further time to present relevant evidence and arguments. The case continues to attract attention due to the high-profile nature of the individuals involved and the large sums of money in question.

This trial marks another chapter in the ongoing legal disputes within P-Square, a group that once dominated the Nigerian music scene. The proceedings have underscored the importance of documentary evidence in high-stakes financial cases, as well as the challenges prosecutors face when key claims cannot be substantiated.

For now, Jude and Paul Okoye remain on the defence, asserting that the allegations are unproven, while the EFCC works to substantiate the claims made by Peter Okoye. The next hearing on December 12 will likely provide more clarity on the contested financial transactions and the credibility of the claims made by both sides.

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