EFCC Denies $800k Fraud Claim Linked to Psquare Brothers
The Economic and Financial Crimes Commission (EFCC) has clarified that it possesses no evidence to support Peter ‘Mr P’ Okoye’s claim that his brothers, Jude and Paul ‘Rudeboy’ Okoye, illegally withdrew $800,000 from Psquare’s bank account.
During Friday’s resumed cross-examination, EFCC counsel Mohammed Bashir told Justice Rahman Oshodi that the allegation was solely Peter’s, adding that the prosecution could not present evidence it did not have.
The dispute traces back to a 2024 petition filed by Peter, accusing Jude—then Psquare’s manager—of diverting group funds, running 47 undisclosed bank accounts, and manipulating the ownership structure of their joint company, Northside Entertainment Ltd. These claims prompted the EFCC to file charges against Jude.
Jude and his company, Northside Music Ltd, are on trial for allegedly laundering N1.38 billion, $1 million, and £34,537.59. The EFCC also alleges that Jude diverted payments from Lex Records Limited intended for digital distribution, thereby denying Peter his share.
Peter has testified as a witness and previously claimed that new evidence showed Jude and Paul withdrew and shared over $800,000 between March 2023 and October 2024. Under cross-examination by Jude’s counsel, Clement Onwuenwunor, he later adjusted the timeline to between 2013 and 2014.
Justice Oshodi adjourned the proceedings until December 12, 2025.
The Okoye brothers first split in 2017 over disagreements involving Jude, reunited in 2021, but their partnership ended again in 2024 when Paul confirmed that Psquare was no longer active—accusing Peter of orchestrating his EFCC arrest.
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