The Chief Executive Officer of Telecom Satellite Limited, TStv, Bright Echefu and three others were, Tuesday, re-arraigned by the Economic and Financial Crime Commission (EFCC) before the federal high court, Abuja.
The anti-graft agency is prosecuting the defendants on an amended twelve-count charge of alleged money laundering, tax evasion and investment fraud to the tune of approximately N1 billion and $1.3 million.
Aside Echefu, other defendants in the matter are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited, and Briechberg Investment Ltd.
The prosecution, had in the amended charge sheet, claimed the defendants have defrauded Tanimu Turaki, Managing Director of Kalsiyam Global and a former Minister of Special Duties and Intergovernmental Affairs, along with BYI General Limited, of a combined investment of N1 billion and $1.3 million.
The EFCC also included in the charges an alleged N66 million tax default.
The defendants were originally arraigned in June 2024 on a nine-count charge, including allegations that Echefu defrauded Turaki of N380 million.
According to the EFCC, they committed the multiple financial offences on or around May 18, 2020, including laundering funds, evading taxes, and failing to remit VAT, Company Income Tax, and PAYE deducted from the salaries of 165 employees.
In the amended charge sheet dated April 5, 2025, the EFCC accused Echefu and his co-defendants of unlawfully retaining tax liabilities due to the Federal Government.
However, Echefu, through his counsel, Eyitayi Fatogun, SAN, notified the court on their moves for an out-of-court amicably settlement, revealing that “some payments” had already been made to the complainants.
“There are moves to settle this matter and there was a meeting on Saturday between myself and the nominal complainant as it is about investment.
“The Defendants have paid some money and I was thinking that the matter be adjourned for a report of settlement,” he said.
In his response, the prosecution counsel A.S. Tomwell confirmed the payment but insisted the plea must be entered before any adjournment could be granted.
Justice Mohammed Umar agreed with the prosecution and directed that the charges be formally read.
The EFCC had in Count 2, alleged that N33,909,542.47 in unremitted company income tax, while in Count 3, N13,519,382.00 in unremitted VAT,as well as Count 4, alleged N19,488,860.00 in unremitted PAYE
In Count 5–12: Various alleged fraud-related transactions, including N380 million from Kalsiyam Farm, N400 million from BYI General Ltd, and $1.35 million in dollar-denominated loans, all under alleged false pretences.
The charges total over N66.9 million in unpaid taxes, N1.098 billion, and $1.35 million in alleged fraudulent investments.
They all pleaded not guilty to the twelve-count charge.
Meanwhile, the matter has been adjourned to October 15, 2025, for trial.