The Economic and Financial Crimes Commission (EFCC) has arraigned Jude Okoye, former manager of the defunct music group P-Square, over alleged theft of $1,019,763.87 and £34,537.59. Okoye and his company, Northside Music Limited, are facing a four-count charge before Justice Rahman Oshodi of the Lagos State Special Offences Court in Ikeja.
According to the EFCC, Okoye and Northside Music Limited allegedly converted $767,544.15 for their personal use. The sum was paid by Lex Records Limited for music digital distribution and publishing royalties, allegedly to deprive Peter Okoye of his special interest in the property.
The alleged offences occurred between 2016 and 2023, according to the EFCC. Okoye and Northside Music Limited are accused of dishonestly converting £34,537.59, $133,566.49, and $118,652.23, paid by Lex Records Limited, Kobalt Music, and Mtech Limited, respectively.
The EFCC alleges that Okoye and Northside Music Limited contravened sections 278 and 285 of the Lagos State criminal laws 2011. Okoye, however, pleaded not guilty to the charges.
The arraignment comes after the Federal High Court granted Okoye bail in the sum of N100m, with two sureties, in a similar case of seven counts.
The EFCC’s case against Okoye and Northside Music Limited centres on allegations of theft and conversion of music royalties. The prosecution will need to prove that Okoye and his company intentionally deprived Peter Okoye of his rightful share of the royalties.
Okoye’s defence team will likely argue that the allegations are unfounded and that their client did not engage in any wrongdoing. The trial is expected to be closely watched, given the high-profile nature of the case.
The EFCC’s efforts to tackle financial crimes and bring perpetrators to justice have been ongoing. The arraignment of Okoye and Northside Music Limited is a significant development in this regard.
