Alleged $1m case: Peter Okoye confirms co-signatory status
Popular musician Peter Okoye has told a Lagos High Court in Ikeja that he is a co-signatory to the Ecobank account of Northside Entertainment Limited. The clarification came during the
Popular musician Peter Okoye has told a Lagos High Court in Ikeja that he is a co-signatory to the Ecobank account of Northside Entertainment Limited.
The clarification came during the resumed hearing in the trial of his elder brother, Jude Okoye, who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) over allegations relating to the management of company funds.
Under cross-examination by defence counsel Clement Onwuewunor (SAN), bank mandate documents were presented showing that Peter and his twin brother were listed as signatories to the account.
Peter explained that although Jude initially operated the account alone, the arrangement later changed.
“My Lord, Northside Entertainment Limited account in Ecobank, I am a co-signatory,” he told the court.
He said that at the outset Jude was the sole signatory, but after some years he added Paul and him to the mandate. Peter, however, stated that he had not personally signed cheques or carried out transactions on the account.
When asked about his earlier testimony that a bank had informed him he was only a shareholder and not a signatory, Peter said the information was based on a phone conversation with officials of what he described as a “new bank.”
During the proceedings, Peter also told the court that the PSquare music catalogue belongs to him and his twin brother, explaining that it comprises songs released by the group over the years. He estimated that the duo released about six albums, with between 10 and 15 tracks each.
He said Jude was not an original member of PSquare but later became involved as manager around 2004 or 2005. Peter acknowledged that there was no written contract formalising the appointment.
Disagreeing with a suggestion by the defence that Jude played a more substantive role behind the scenes while the singers were merely the public faces of the group, Peter maintained that he and his twin brother drove the group’s success from the outset.
The witness confirmed that the brothers registered companies to manage their business, including Northside Entertainment Limited as a management outfit and Square Records Limited as a record label. He said the structure made him and his twin brother both artistes and part-owners.
Peter told the court that Jude held about 40 per cent shares in Northside Entertainment, while he held about 30 per cent, though he said he was not certain of the exact figures.
He also identified Mad Solutions as one of the companies responsible for collecting and distributing royalties from PSquare songs in Nigeria. According to him, royalties are paid directly into beneficiaries’ individual accounts.
“They pay me my own share in my personal account as Peter Okoye,” he said, adding that he could not speak on how payments to others were handled.
The defence also presented a document on royalty distribution and asked him to confirm the signature on it. Peter said the signature appeared to be his but that he would need to examine the document more closely.
