A high court in the federal capital territory (FCT) has ordered Bright Echefu, managing director of Telcom Satellites Limited (TStv), to pay $1.42 million and N938 million debt to Kabiru Tanimu Turaki, a former minister of special duties.
In a judgment dated July 7 and seen by TheCable, Justice Bello Kawu ruled that Echefu’s borrowings are “contractually enforceable.”
Echefu, a medical doctor, launched TStv in 2017 with a low-cost “pay-per-view” model, but the company struggled with funding, leading him to secure loans from the former minister.
TStv ceased operations in 2023, but Bright Echefu went on to launch LUFT TV, another satellite television venture.
According to Turaki’s sworn statement, the TStv MD obtained the loans under false pretences.
The former minister said that, under pressure from Echefu, he was introduced to Tudu Ventures Nigeria, where the defendant secured additional sums of N1.2 billion, N800 million, $1.6 million, and $500,000.
The defendants allegedly failed to repay the loans, prompting Tudu Ventures to file a separate suit (FCT/HC/CV/1588/21) to recover the funds.
Partial judgment in favour of Tudu Ventures was delivered against TStv and its MD on November 22, 2022.