The Economic and Financial Crimes Commission (EFCC) has re-arraigned Bright Echefu, Managing Director and Chief Executive Officer (MD/CEO) of Telecom Satellites Limited (TStv), and three others on an amended twelve-count money laundering charge totaling about N1 billion and $1.3 million, alleged investment fraud, including N66 million tax default allegations.
They were re-arraigned before the Federal High Court in Abuja, though Echefu, through his legal team, is seeking an out-of-court settlement with the prosecution, Nairametrics can report.
Nairametrics’ exclusive review of the amended charge sheet showed that the defendants namely Echefu, Executive Director of TStv Felix Igboanuga, TStv, and Briechberg Investment Ltd (1st to 4th defendants)—are accused of defrauding Mr. Tanimu Turaki, MD of Kalsiyam Global and former Minister of Special Duties and Inter-Governmental Affairs, BYI General Limited, of their loan investments worth N1 billion and $1.3 million.
Backstory
Nairametrics previously reported that the defendants were arraigned by the EFCC in June 2024 on nine-count money laundering charges.
Count six of the charges alleged that Echefu defrauded Mr. Turaki of the sum of N380 million.
The defendants were alleged to have, on or about May 18, 2020, committed money laundering offences, including tax evasion, unremitted Value Added Tax (VAT), Company Income Tax, and Pay As You Earn (PAYE) deducted from the salaries of 165 staff.
However, they pleaded not guilty to all the counts.
EFCC Amended Charges and Pay TV MD’s Settlement Moves
In the EFCC amended charge sheet dated April 5, 2025, and seen by Nairametrics, Echefu, Igboanuga (Executive Director of Telecom Satellites Limited), and Telecom Satellites Limited were accused of agreeing to unlawfully retain unremitted VAT, Company Income Tax, and PAYE accrued to the Federal Government of Nigeria, deducted from the salaries of staff, on or about May 18, 2020.
Details of the remaining 11 counts are as follows:
- Count 2: N33,909,542.47 unremitted company tax as of May 2020
- Count 3: N13,519,382.00 unremitted VAT as of May 2020
- Count 4: N19,488,860.00 unremitted PAYE (Pay As You Earn) as of May 2020
- Count 5: Allegedly conspiring to defraud Mr. Turaki by obtaining money under false pretence
- Count 6: N150 million alleged fraud against Kalsiyam Farm (as of May 2020) as loan advance for the acquisition of modern technology
- Count 7: Briechberg Investment Ltd allegedly fraudulently received N380 million from Kalsiyam Farm as of May 2020, for enhancing the acquisition of modern technology for the Pay TV
- Count 8: N400 million received from BYI General Limited under alleged false pretence of loan advance
- Count 9: N15 million received from Turaki (May 2020) as loan advance
- Count 10: N15 million received from Turaki (May 2020) as loan advance to the Pay TV
- Count 11: N138 million from Turaki as loan (November 2020) under alleged false pretence to meet “operational and commercial emergencies”
- Count 12: $1,350,000 (as of September 2020) as loan advance by Turaki
The aforementioned count charges put the money in dispute at N66,917,784.47 in tax default and N1,098,000,000 and $1,350,000 in loan investment fraud.
On June 30, 2025, the defendants were arraigned before Justice Mohammed Umar on these charges and pleaded not guilty to all of them.
- However, before the charges were read to the defendants, their lawyer, Eyitayo Fatogun, SAN, informed the court that his client had made “some payments” to the investors in a bid to settle amicably.
He seized the moment to ask for an adjournment for a report of settlement, stating: “There are moves to settle this matter and there was a meeting on Saturday between myself with the Nominal Complainant as it is about investment.”
“The Defendants (Echefu and others) have paid some money and I was thinking that the matter be adjourned for report of settlement,” the senior lawyer said.
- EFCC counsel, A. S. Tomwell, Esq., confirmed the development but, however, insisted on proceeding with the arraignment.
“They are correct, they have made some payment but they have not taken their Plea and the matter cannot be adjourned for trial. I do not know if we can adjourn for trial without them taking their Plea,” he responded, to which the court agreed and directed the charges be read to the defendants.
Nairametrics gathered that the case was adjourned by the court to 15th October 2025 for trial.
What This Means
This case remains an allegation, and the defendants are presumed innocent until proven guilty.
The admission and confirmation of settlement moves by the defendants imply that the defendants are apparently exploring ways to resolve the dispute without a money laundering criminal trial, which recommends not less than 4 years imprisonment for defaulters.
Settlement is allowed in law but is largely at the discretion of the courts.
What You Should Know
TStv, a satellite TV company launched by Echefu, was expected to crush the monopolistic tendencies of Multichoice, owners of DStv and GOtv in Nigeria.
- Touted as the first and only fully indigenous Pay-TV operator in the country, TStv came into the industry on October 1, 2017, with mouth-watering offerings that raised the hope of many Nigerians.
- Indeed, its decision to launch on the country’s Independence Day was said to be symbolic of a declaration of ‘freedom’ in the Pay-TV industry. But the company disappeared after the launch.
- It, however, made a comeback on October 1, 2020, with a promise to offer Nigerians the best experience in Pay-TV service in Nigeria.
- Still, its service remained off and on, leaving its subscribers, who had invested in the company’s decoders, with constant complaints.
TStv completely went off the radar again in March 2023 and has remained so to date.
In November 2024, Bright Echefu unveiled another Pay TV called LUFT TV, years after abandoning thousands of customers on a similar project, TStv.
Echefu, however, spoke about TStv, which remained off the radar severally, saying it is “not dead.” He hinted that TStv subscribers would be onboarded onto LUFT TV.
