The Economic and Financial Crimes Commission (EFCC) has re-arraigned the Managing Director and Chief Executive Officer of Telecom Satellites Limited (TStv), Bright Echefu, alongside three others, on amended charges bordering on money laundering, alleged fraud amounting to over ₦1 billion and $1.3 million, as well as ₦66.9 million in alleged tax defaults.

The case, which was heard at the Federal High Court in Abuja, marks a continuation of EFCC’s criminal proceedings against Echefu and his associates. The amended twelve-count charge expands upon earlier allegations filed by the anti-graft agency in June 2024.

Who Are the Accused?

The re-arraigned defendants include:

• Bright Echefu, MD/CEO of TStv

• Felix Igboanuga, Executive Director of TStv

• Telecom Satellites Limited (TStv)

• Briechberg Investment Ltd

These four defendants stand accused of orchestrating a complex investment scam that targeted Mr. Tanimu Turaki, a former Minister of Special Duties and current MD of Kalsiyam Global, as well as BYI General Limited. According to EFCC filings, the two companies were misled into investing massive sums under allegedly false pretenses.

Background: How It Started

The original charges filed in June 2024 accused the defendants of a nine-count financial crime scheme. One of the most significant claims involved the alleged fraudulent acquisition of ₦380 million from Mr. Turaki. The amended charge sheet now increases the number of counts to twelve and further implicates the defendants in more layers of financial misconduct, including tax evasion and money laundering.

Specifically, the EFCC alleged that the defendants failed to remit Value Added Tax (VAT), Company Income Tax (CIT), and Pay As You Earn (PAYE) taxes deducted from 165 staff salaries as of May 2020.

Breakdown of the Amended Charges

The new twelve-count charge, dated April 5, 2025, outlines the following:

• Count 2: ₦33.9 million in unremitted company tax

• Count 3: ₦13.5 million in unremitted VAT

• Count 4: ₦19.4 million in unremitted PAYE

• Count 5–12: Multiple allegations of fraud, including:

  • ₦150 million fraud tied to Kalsiyam Farm

  • ₦380 million allegedly diverted to Briechberg Investment Ltd

  • ₦400 million fraud against BYI General Limited

  • ₦138 million and $1.35 million in additional fraudulent loan advances from Mr. Turaki

Collectively, these charges amount to ₦66.9 million in alleged tax evasion, ₦1.098 billion, and $1.35 million in fraudulent investment funds.

Defendants Seek Out-of-Court Settlement

At the June 30, 2025, hearing before Justice Mohammed Umar, lead defense counsel Eyitayo Fatogun, SAN, disclosed to the court that efforts were underway to resolve the case amicably. He stated that his client, Echefu, had already made part-payments to the investors and was engaged in discussions to settle the matter outside the courtroom.

“There are moves to settle this matter and there was a meeting on Saturday between myself and the nominal complainant. The Defendants have paid some money and I was thinking the matter be adjourned for report of settlement,” Fatogun said.

However, the EFCC’s prosecuting counsel, A.S. Tomwell, acknowledged the part-payment but emphasized that the law required the accused to take their plea before any adjournment for settlement could be entertained. The judge agreed, and the charges were subsequently read in court. All defendants pleaded not guilty.

The matter has been adjourned to October 15, 2025, for trial.

What Settlement Could Mean

While the defendants maintain their innocence, their attempt to negotiate a financial settlement could indicate a desire to avoid a full criminal trial. Under Nigerian law, criminal charges related to money laundering can attract a minimum of four years imprisonment upon conviction.

Though out-of-court settlements are legal, especially in matters involving financial restitution, the final decision lies with the court. The EFCC, meanwhile, continues to pursue full prosecution unless otherwise directed by the judiciary.

What You Should Know About TStv

TStv Nigeria, once touted as the country’s first fully indigenous satellite television provider, launched on October 1, 2017, with promises to disrupt the Pay-TV industry dominated by Multichoice’s DStv and GOtv. The symbolic launch date coincided with Nigeria’s Independence Day, creating a wave of optimism.

However, after a high-profile debut, the service quickly fell into disrepair. Technical inconsistencies, poor customer service, and long periods of inactivity plagued TStv’s operations. By March 2023, the company had virtually vanished, with thousands of decoder-purchasing subscribers left stranded.

Then, in November 2024, Bright Echefu resurfaced with a new Pay TV venture named LUFT TV. He publicly insisted that TStv was not dead and even proposed migrating TStv subscribers to the new platform. Critics, however, viewed this as a pattern of unfulfilled promises, with many accusing Echefu of repackaging failed business models to extract fresh investments.

Why This Matters

This high-profile case underscores the risks facing investors in Nigeria’s media and tech sectors, especially when regulatory oversight is weak. It also raises serious concerns about corporate accountability, tax compliance, and the misuse of public trust in business ventures branded as “indigenous” solutions to monopolistic foreign competitors.

While the presumption of innocence remains for the defendants, the seriousness of the allegations and the ongoing attempts at private resolution indicate that the outcome of this case could set an important precedent for how financial crimes involving tech entrepreneurs are handled in Nigeria.

If convicted, the implications for Echefu and his partners could include jail time, asset forfeiture, and a permanent stain on their reputations. Conversely, a successful out-of-court settlement could lead to case dismissal, but only under court scrutiny and strict compliance with legal restitution processes.

Final Word

As the October 15 trial date approaches, all eyes will remain on how the Federal High Court balances the interests of justice, restitution, and investor protection in a case that could reshape how fraudulent tech investments are prosecuted in Nigeria.