- – Psquare and their elder brother Jude are embroiled in a serious conflict over alleged financial impropriety and fund diversion within their music business.
- – The dispute escalated when an entertainment company expressed interest in purchasing Psquare’s music catalogue, leading to revelations of diverted funds and irregularities in royalty payments amounting to millions of dollars.
- – The involvement of the Economic and Financial Crimes Commission (EFCC) and the dramatic confrontation at the EFCC’s office have sent shockwaves through the Nigerian music industry, exposing the challenges faced by artists in the country.
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The Nigerian music industry is facing turbulence as veteran twin singers Peter and Paul Okoye, known as Mr P and Rudeboy, along with their elder brother Jude, are embroiled in a serious conflict once again. Reports from insider sources, as revealed by blogger Stella Dimoko Korkus, shed light on a brewing dispute that has escalated considerably.
The rift reportedly began when an entertainment company expressed interest in purchasing Psquare’s music catalogue, encompassing their extensive body of work over the years. However, the potential buyer imposed a critical condition, demanding access to the back-end statement of account detailing the royalties received over the years. This information was essential for determining the valuation of the music catalogue.
Peter, one of the twins, discussed the proposal with his twin brother Paul and their elder brother Jude. However, it became evident that the process was marred by irregularities and delays in providing the statement of account. Peter’s subsequent investigation revealed that the Northside Entertainment account, registered by Peter and Paul, had been diverting funds to a new company called Northside Music. This new company had Jude’s wife Ifeoma as a director, and her family’s address was used for registration. The diverted funds constituted royalties owed to the music duo from 2007 to the present, amounting to millions of dollars.
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Psquare’s widely known record label, Northside Entertainment had their elder brother Jude as the only signatory to the company’s account.
Peter involves EFCC
Allegations of financial impropriety have drawn the attention of the Economic and Financial Crimes Commission (EFCC), which has now become involved in the case. Notably, Jude has reportedly acknowledged his involvement in the fund diversion, leading to the freezing of his accounts, both in Nigeria and overseas.
In a troubling development, Paul has also been implicated in the mismanagement of royalties, standing in support of Jude and involving himself in the diversion of funds, effectively excluding Peter from the rightful financial entitlements.
Tensions reached a peak as the brothers found themselves at the EFCC’s office on Thursday, June 6, 2024. Witnesses described a charged atmosphere as the siblings exchanged heated words and curses, challenging each other. Jude was reportedly detained by the EFCC until a significant development occurred on his last birthday, when the former Nigeria Football Federation (NFF) President Pinnick signed his bail, allowing him to celebrate with his family. This ongoing saga has sent shockwaves through the Nigerian music scene, highlighting the complexities and challenges faced by artists in the industry.
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