TStv Boss in Court Again Over Billion Naira Fraud

DDM News

The Chief Executive Officer of Telecom Satellites Television (TStv), Mr. Bright Echefu, was re-arraigned on Monday before the Federal High Court in Abuja by the Economic and Financial Crimes Commission (EFCC) on fresh charges of financial misconduct.

Diaspora Digital Media (DDM) reports that Echefu and three co-defendants face a 12-count amended charge bordering on fraud, money laundering, and tax evasion.

Other defendants include TStv Executive Director, Felix Igboanuga; Telecom Satellites Limited; and Briechberg Investment Ltd.

The EFCC alleges that the accused persons conspired to defraud Mr. Tanimu Turaki, a former Minister of Special Duties and current Managing Director of Kalsiyam Global, along with BYI General Ltd.

The alleged fraudulent transaction amounts to ₦1 billion and $1.3 million, funds purportedly invested in the TStv venture under false pretences.

The amended charge sheet, dated April 5, 2025, also includes an alleged ₦66 million in tax defaults.

Specific counts outline the financial infractions, including:

Count 2: Failure to remit ₦33,909,542.47 in Company Income Tax.

Count 3: Non-remittance of ₦13,519,382.00 in Value Added Tax (VAT).

Count 4: Withholding ₦19,488,860.00 in Pay-As-You-Earn (PAYE) tax.

Counts 5–12: Fraud-related transactions, including ₦380 million from Kalsiyam Farm, ₦400 million from BYI General Ltd, and $1.35 million in loans allegedly secured under false pretences.

All defendants pleaded not guilty to the charges during the hearing presided over by Justice Mohammed Umar.

Lead counsel to Echefu, Senior Advocate of Nigeria (SAN) Eyitayo Fatogun, informed the court that both parties were exploring a possible out-of-court settlement.

“There are moves to settle this matter,” Fatogun stated.

“We had a meeting on Saturday with the nominal complainant. This is an investment issue. The defendants have already made partial payments. I request that the matter be adjourned for a report of settlement.”

EFCC counsel, A.S. Tomwell, confirmed that the commission received some payments but insisted that the defendants must enter a formal plea before any adjournment or settlement could be considered.

Following this, Justice Umar ordered that the charges be formally read and adjourned the matter to October 15, 2025, for continuation of the trial.

The re-arraignment marks a significant twist in a case that has drawn public attention due to the involvement of a high-profile investor and a national satellite TV provider.

TStv, which launched in 2017 as a Nigerian-owned satellite TV platform, had once been celebrated as a promising alternative to foreign-owned pay-TV services.

However, it has since struggled with operational and financial issues, with increasing scrutiny over the management of its investor funds.

Legal analysts suggest that the case may set a precedent for investor protection and financial accountability within Nigeria’s technology and media sectors.

All eyes now turn to whether the proposed settlement will be accepted or whether the court will proceed with full criminal prosecution.

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