TStv boss, 3 others fingered by EFCC over alleged money laundering

On Thursday, the Economic and Financial Crimes Commission (EFCC) charged Bright Echefu, Managing Director and Chief Executive Officer of Telecom Satellites Limited (TStv), and three others with nine counts of money laundering.

The other defendants were Felix Igboanuga, TStv’s Executive Director; the corporation itself; and Briechberg Investment Ltd.

The case was presented before Justice Inyang Ekwo at the Federal High Court in Abuja. All defendants pleaded not guilty to the charges.

Following their pleas, EFCC’s counsel, Tahir Sylvanus, SAN, requested the court to remand Echefu and Igboanuga in custody, citing concerns about their potential flight risk. Sylvanus noted that it took nearly a year to bring the defendants to court after the charges were filed on June 9, 2023, alleging that Echefu and Igboanuga failed to appear voluntarily despite being granted administrative bail.

The defense lawyer, Eyitayo Fatogun, SAN, argued for bail, asserting that the defendants were committed to standing trial. Fatogun informed the court that a bail application had been submitted in October 2023.

Sylvanus countered, emphasizing that a counter affidavit opposing bail had been filed on October 16, 2023, and reiterated the flight risk posed by the defendants. Justice Ekwo confirmed that Echefu and Igboanuga had previously been granted administrative bail by the EFCC and ruled that this bail would continue. He ordered the defendants to surrender their international passports and restricted their travel outside the court’s jurisdiction without permission.

The judge warned that bail would be revoked if the defendants failed to appear for their trial. He scheduled the trial to commence on June 15, 16, and 17, stating that failure to comply with court appearances could result in the defendants being held in custody for the duration of the trial.

According to the News Agency of Nigeria (NAN), the charges against the defendants include money laundering, tax evasion, and the non-remittance of Value Added Tax (VAT) and Company Income Tax. The charges also allege the improper handling of Pay As You Earn (PAYE) deductions from the salaries of 165 employees.

One specific charge involves Echefu allegedly defrauding Mr. Turaki Kabiru Tanimu, SAN, the Managing Director of Kalsiyam Farm, of N150 million on May 18, 2020. Another charge accuses Echefu of obtaining N380 million from Mr. Tanimu, who is also the former Minister of Special Duties and Inter-Governmental Affairs, under the false pretense of securing a loan to advance Telcom Satellite’s technology. The funds were allegedly misappropriated and converted for personal use.

These offenses are said to violate the Money Laundering (Prohibition) Act, 2011, as amended in 2012, and are punishable under its Section 15(3) and (4). Additionally, the charges fall under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, specifically Section 1(1)(a)(b) and Section 1(3).