The popular Nigerian music duo, Psquare, is embroiled in another serious dispute, which appears more severe than their previous breakups. Insiders claim the conflict began when Peter Okoye was approached by a company interested in purchasing Psquare’s music catalog, encompassing all their works over the years.
The potential buyers stipulated that the brothers must provide a detailed statement of account for royalties received over the years to determine a fair price for the catalog. Peter reportedly discussed this proposal with his twin brother, Paul, and their older brother, Jude, who has managed their affairs. However, after weeks of waiting for the statement of account with no progress, Peter began to suspect foul play and launched an investigation.
Northside Entertainment, the company registered by Peter and Paul, had Jude as the sole signatory to the account. During his investigation, Peter allegedly uncovered that funds from Northside Entertainment’s account were being diverted to a newly registered company called Northside Music, where Jude’s wife, Ifeoma, is a director, using her family address for registration.
The diverted funds, consisting of royalties due to the singers from 2007 to the present, allegedly amount to millions of dollars. Insiders report that the Economic and Financial Crimes Commission (EFCC) has become involved, with Jude admitting to the fund diversion. As a result, all of his accounts, both in Nigeria and internationally, have been frozen until further notice.
In a bid to defend Jude, Paul has implicated himself as an accomplice in the alleged misappropriation, sharing in the diverted funds. Sources claim that Jude and Paul have been sharing the royalties, excluding Peter from the distribution.
The brothers were seen at the EFCC office on Thursday, June 6, 2024, with tensions running high as they exchanged heated words. Jude was reportedly detained by the EFCC until his recent birthday when former Nigeria Football Federation (NFF) President, Amaju Pinnick, signed his bail bond, allowing him to celebrate with his family.
Speculation arises about whether the ongoing chaos is partly due to the death of their mother, as the family’s internal strife seems to worsen each day. The situation has drawn widespread attention and concern from fans and industry insiders alike, wondering about the future of Psquare amid these troubling developments.
Photo credit: Bella Naija
...Never miss an update again! Join our WhatsApp group for the latest news, straight to your phone! (Click Here)
