Bright Echefu, the Managing Director and Chief Executive Officer of Telecom Satellites Limited (TStv), has been arraigned in court by the Economic and Financial Crimes Commission (EFCC) on charges of money laundering. He, along with three others, faces a nine-count charge. The charges include defrauding Mr. Tanimu, MD of Kalsiyam Global and former Minister of Special Duties and Inter-Governmental Affairs, of N380 million.
The co-defendants in the case include Felix Igboanuga, the Executive Director of TStv, TStv itself, and Briechberg Investment Ltd. All defendants pleaded not guilty before Justice Inyang Ekwo at a Federal High Court in Abuja.
The EFCC, represented by counsel Tahir Sylvanus, SAN, requested the remand of Echefu and Igboanuga in a correctional center, citing their risk of flight and their failure to appear for arraignment despite being granted administrative bail. The charges, filed in June 2023, took almost a year before the defendants could be arraigned.
Defendants' counsel, Eyitayo Fatogun, SAN, argued for bail, noting that an application had been filed in October 2023 and asserting the defendants' willingness to stand trial.
The allegations against Echefu and his co-defendants include tax evasion, unremitted VAT and Company Income Tax, and PAYE deductions from the salaries of 165 staff. Specific to count five, Echefu is accused of fraudulently obtaining N150 million from Mr. Turaki Kabiru Tanimu, MD of Kalsiyam Farm, under the pretense of securing a loan advance for technological acquisitions, which he allegedly misappropriated for personal use.
These offenses are said to contravene the Money Laundering (Prohibition) Act of 2011 (amended in 2012) and are punishable under Section 15(3) and (4) of the same Act. The EFCC is pushing for a swift trial in this matter.
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