The Economic and Financial Crimes Commission (EFCC) has brought charges against two Chief Executives of Telecom Satellites Limited (TSTV) before the Federal High Court in Abuja. The allegations include tax evasion, money laundering, and advanced fee fraud.
The suspects, Bright Ikechukwu Echefu, Managing Director and Chief Executive Officer of TSTV, and Dr. Felix Nnamdi Igboanuga, Executive Director of TSTV, were arraigned on Thursday morning. Alongside TSTV, another company, Briechberg Investment Limited, faced 9-count criminal charges.
The charges allege that on May 18, 2020, the two men committed money laundering related to tax evasion, unremitted VAT, company income tax, and Pay As You Earn (PAYE) deductions from the salaries of 165 workers, punishable under Section 15 of the Money Laundering Prohibition Act 2011, as amended in 2012.
They are also accused of diverting N33.9 million, N13.5 million, and N19.4 million of tax money payable to the federal government for personal use on May 18, 2020, in violation of Section 15 of the Money Laundering Prohibition Act.
Dr. Bright Ikechukwu Echefu is further alleged to have defrauded a Senior Advocate of Nigeria (SAN), Turaki Tanimu, of N960 million under false pretenses. The charge states that Echefu, acting as Managing Director of Briechberg Investment Limited, obtained N150 million from Tanimu, Managing Director of Kalsiyam Farm, as a loan to acquire modern equipment for his telecom company. The money was paid into Briechberg Investment Limited’s account at Zenith Bank.
On the same day, Echefu allegedly secured another N380 million and N400 million from Tanimu, who is also the Managing Director of BYI General, for the same purpose, with both amounts paid into the same account. Additionally, Tanimu, as Managing Director of K. T Turake, made two payments of N15 million each into the Briechberg Investment Limited account for the same purpose.
Turaki Kabir Tanimu (SAN), a former Minister of the Federal Republic of Nigeria, was present in court during the defendants’ arraignment, where they pleaded not guilty to all charges.
Prosecutor Sylvanus Tahir (SAN) objected to the bail application made by Eyitayo Fatigun (SAN) on behalf of the defendants, citing them as flight risks due to alleged evasion of arrest. However, Fatigun argued that the EFCC had already granted them administrative bail.
Justice Inyang Ekwo upheld the EFCC bail restrictions, allowing the defendants to go home but ordering that they not leave the country without the court’s consent and that Immigration be notified to seize their international passports. He warned that any breach of bail conditions or court absence would result in bail revocation and detention during the trial.
Justice Ekwo directed the EFCC to submit the record of the administrative bail granted to the defendants to the court within seven days and adjourned the trial to July 15, 16, and 17, 2024.