Jude Okoye, former manager of the defunct P-Square group, has publicly disclosed the revenue sharing arrangement of the group following recent fraud allegations made by Peter Okoye.
According to Okoye, the proceeds from P-Square were divided with him receiving 40 percent, while each of the duo, Peter and Paul Okoye, received 30 percent.
In an Instagram live session on Saturday, Okoye addressed the accusations that he diverted P-Square’s royalties into a private account. He stated, “I went to the EFCC office with just Paul. I didn’t go with my lawyer. I gave them all the documents, an officer looked at it and asked if Peter signed. I pointed at his signature for him. I showed him the CAC certificates used in opening both Square Records and Northside Entertainment.”
He continued, “They were like, you’re even more than P-Square. I said I don’t understand what you mean. They said, look, you’re entitled to 40 percent shares while the duo are entitled to 30 percent each. I said, well, I’m not supposed to say it with my mouth, you can see for yourself.”
Okoye also presented a memorandum of understanding (MOU) to the Economic and Financial Crimes Commission (EFCC) to prove that the revenue-sharing formula had been agreed upon. He added, “The EFCC officers started asking me some irritable questions like where I got the money to build my house in Ikoyi,” explaining that the construction was financed by selling his house in America and borrowing from colleagues.
Okoye disclosed that he has not been involved with P-Square since 2016, and the rift between the brothers began in 2013. Despite several attempts by prominent figures, including Emeka Offor, the late Ifeanyi Uba, and various governors, the efforts to reconcile the group have failed. “Emeka Offor, the late Ifeanyi Uba, Dantata, Atiku, Peter Obi, governors, ministers, our village king, etc., have all tried to reconcile P-Square to no avail,” he said.
