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, Naijaonpoint can report.
Naijaonpoint’ 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.
Naijaonpoint 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.
In the EFCC amended charge sheet dated April 5, 2025, and seen by Naijaonpoint, 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:
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.
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.
“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.
Naijaonpoint gathered that the case was adjourned by the court to 15th October 2025 for trial.
This case remains an allegation, and the defendants are presumed innocent until proven guilty.
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.
TStv, a satellite TV company launched by Echefu, was expected to crush the monopolistic tendencies of Multichoice, owners of DStv and GOtv in Nigeria.
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.