Details have emerged on how Bright Echefu, CEO of Telecom Satellites Limited, TStv, allegedly defrauded Mr. Tanimu Turaki, a former Minister of Special Duties and Inter-Governmental Affairs, of N1 billion and $1.3 million under the guise of an investment scheme.
Bright Echefu, alongside TStv Executive Director Felix Igboanuga, Telecom Satellites Limited, and Briechberg Investment Ltd, has been re-arraigned by the Economic and Financial Crimes Commission (EFCC) on a 12-count amended charge before the Federal High Court in Abuja.
The charges include allegations of money laundering, tax evasion, and obtaining funds under false pretences.
According to an amended charge sheet, the defendants allegedly duped Mr. Turaki—who is also the Managing Director of Kalsiyam Global—and BYI General Limited into investing the funds through fraudulent representations.
The EFCC also accused the defendants of failing to remit over N66.9 million in taxes to the Federal Government, broken down as follows:
Count 2: N33,909,542.47 in unremitted company income tax; Count 3: N13,519,382.00 in unremitted VAT and Count 4: N19,488,860.00 in unremitted PAYE.
Counts 5 to 12 detail several fraudulent transactions, including N380 million obtained from Kalsiyam Farm, N400 million from BYI General Ltd, and $1.35 million in dollar-denominated loans—allegedly secured through deception.
The offences reportedly occurred around May 18, 2020.
The EFCC had initially filed a nine-count charge against the defendants in June 2024, accusing Echefu of defrauding Mr. Turaki of N380 million. The new charges significantly expand the scope of the alleged fraud.
During the latest court session on June 30, 2025, before Justice Mohammed Umar, all defendants pleaded not guilty.
However, defence counsel Eyitayo Fatogun, SAN, informed the court that efforts were underway to reach an out-of-court settlement.
“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 that some payments had been made but insisted on a formal plea before adjournment. The court agreed and proceeded with the arraignment.
The case has been adjourned to October 15, 2025, for trial.
