Bright Echefu, Chief Executive Officer of Telecom Satellites Limited (TStv), and three co‑defendants have appeared before a Federal High Court in Abuja on an amended 12‑count indictment brought by the Economic and Financial Crimes Commission (EFCC).
The defendants were said to be involved in money laundering, tax evasion, and investment fraud involving approximately N1 billion and $1.3 million.
In addition to Echefu, the defendants are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited itself, and Briechberg Investment Ltd.
According to the April 5, 2025, amended charge sheet, the EFCC accuses the quartet of defrauding Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and former Minister of Special Duties, alongside BYI General Limited, out of a combined investment of N1 billion and $1.3 million. The commission has also included a N66 million alleged tax default.
The revised indictment lists:
Count 2: ₦33,909,542.47 in unremitted Company Income Tax
Count 3: ₦13,519,382.00 in unremitted VAT
Count 4: ₦19,488,860.00 in unremitted PAYE
Counts 5–12: Various fraud‑related transactions, including N380 million from Kalsiyam Farm, N400 million from BYI General Ltd and $1.35 million in loans secured under false pretences.
All defendants pleaded not guilty to the charge.
At the hearing before Justice Mohammed Umar, Echefu’s lead counsel, SAN, Eyitayo Fatogun, informed the court of ongoing settlement discussions with 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 stated.
“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 receipt of those payments but emphasised the necessity of entering a plea before considering any adjournment.
The court thus adjourned the trial to October 15, 2025.
