Bright Echefu, the chief executive officer of Telecom Satellites Limited, TStv, along with three others, have been re-arraigned by the Economic and Financial Crimes Commission (EFCC) on an amended twelve-count charge of alleged money laundering, tax evasion, and investment fraud amounting to approximately N1 billion and $1.3 million.
The defendants— Bright Echefu, TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited, and Briechberg Investment Ltd—were arraigned before the Federal High Court in Abuja.
However, Echefu, through his legal team, is pushing for an out-of-court settlement with the prosecution.
According to an amended charge sheet seen and reported by Naijaonpoint, the accused are alleged to have defrauded Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and a former Minister of Special Duties and Inter-Governmental 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 initially arraigned in June 2024 on a nine-count charge, including allegations that Echefu defrauded Mr. Turaki of N380 million.
They are accused of committing 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.
All defendants pleaded not guilty to the charges.
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.
The breakdown of the charges includes: Count 2: N33,909,542.47 in unremitted company income tax
Count 3: N13,519,382.00 in unremitted VAT
Count 4: N19,488,860.00 in unremitted PAYE
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.
At the June 30, 2025 court session before Justice Mohammed Umar, the defendants maintained their not-guilty pleas.
However, defence counsel, Eyitayo Fatogun, SAN, informed the court of efforts to resolve the matter amicably, 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,” Fatogun said. “The Defendants have paid some money and I was thinking that the matter be adjourned for report of settlement.”
EFCC counsel A.S. Tomwell confirmed the payment but insisted the plea must be entered before any adjournment could be granted. The court agreed and directed that the charges be formally read.
The case has been adjourned to October 15, 2025, for trial.