In what seems like a twist to a fading legal tussle that had bedeviled digital TV firm, Telecom Satellites Limited (TStv), and its CEO, Bright Echefu, Nigeria’s anti-graft body, the Economic and Financial Crimes Commission (EFCC) on Tuesday dragged them to an Abuja High Court in a 12-count amended charge accusing them of money laundering, tax evasion, and alleged investment fraud totaling about ₦1 billion and $1.3 million, plus a ₦66 million tax default. Standing as co-defendants are TStv’s Executive Director, Felix Igboanuga, their company, and Briechberg Investment Ltd.
At the heart of the allegations is the claim that Echefu and company duped former Minister Tanimu Turaki, then MD of Kalsiyam Global, alongside BYI General Ltd, through a web of misleading investment promises.
According to a report by Techeconomy, the charges detailed suspicious financial maneuvers: unpaid VAT, corporate taxes, and PAYE from employee payroll, alongside a litany of purported false pretense loan advances, from ₦150 million for farming tech to a hefty $1.35 million in foreign currency loans.
Yet, amid the gravity of the charges, a new chapter began to unfold. Before the court could even hear their plea, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, surprised observers by announcing that partial payments had already been made to the complainants, an olive branch aimed at settling the dispute out of court.
But EFCC’s prosecutor A.S. Tomwell cautioned that regardless of payments, a formal plea was mandatory before any trial could be adjourned, a judicial formality that painted a vivid courtroom moment.
Ultimately, Justice Mohammed Umar entered a nuanced ruling: the charges would be formally read, all defendants would enter a not-guilty plea, and the case would be adjourned to October 15, 2025 for trial.
The partial settlement payments could influence how the trial proceeds—or even lead to an unexpected resolution. Until the court hears all evidence, the presumption of innocence stands firm.
This case is part of a larger narrative surrounding TStv’s rocky journey. Launched in October 2017 as Nigeria’s first indigenous Pay-TV alternative, the service struggled to maintain relevance. Despite re-launching in 2020, it again faltered in March 2023, leaving many investors and subscribers stranded.
In the interim, Echefu introduced a new Pay-TV brand, LUFT TV, even as legal shadows linger over the tumultuous TStv saga.
As the October trial approaches, legal observers and industry watchers will be closely tracking whether the settlement overture holds—or if the courtroom drama resumes in full force. For now, the story remains one of high finance, high stakes, and high drama.
