Business

TSTV CEO Arraigned on Tax Evasion and Fraud Charges in Nigeria 

Nigeria’s federal government on Thursday arraigned the Managing Director and Chief Executive Officer (CEO) of Telecom Satellites Limited (TSTV), Dr. Bright Ikechukwu Echefu, on charges bordering on tax evasion, money laundering and advanced fee fraud offences. 

Besides the MD, others arraigned before Justice Inyang Ekwo of the Federal High Court in Abuja, include TSTV’s Executive Director, Dr. Felix Nnamdi Ignoanuga, TSTV and another company, Briechberg Investment Limited.

They were arraigned on a 9-count criminal charge preferred against them by the Economic and Financial Crimes Commission (EFCC).

Part of the charges are that the two men on May 18, 2020, breached the money laundering law by evading tax, failed to remit VAT, Company Income Tax and Pay As You Earn (PAYE) deducted from the salaries of 165 workers; an offence punishable under Section 15 of the Money Laundering Prohibition Act 2011 as amended in 2012.

Similarly, the defendants were alleged to have on May 18, 2020, diverted to their personal use the sum of N33. 9 million, N13. 5 million and N19. 4 million tax money payable to the federal government in breach of Section 15 of the Money Laundering Prohibition Act. 

Besides, the MD, who is the first defendant was alleged to have defrauded a Senior Advocate of Nigeria, Mr. Turaki Kabir Tanimu, of the sum of N960 million under false pretences. 

The charge indicated that Echefu while acting as the Managing Director of Briechberg Investment Limited on May 18, 2020 with intent to defraud obtained the sum of N150 million from Tanimu who is the Managing Director of Kalsiyam Farm as loan to acquire modern equipment for his telecom company. 

The money was said to have been paid into Briechberg Investment Limited account number 1015561485 domicile at Zenith Bank. 

On the same day, the 1st defendant was said to have obtained another N380 million paid into the same account for the same purpose while another N400 million was also allegedly secured by Echefu the same day and for the same purpose from Tanimu who is also the MD of BYI General and paid into the same account. 

Still on the same May 18, 2020, Turaki SAN, while acting as Managing Director of K. T. Turake made two payments of N15 million each into the Briechberg Investment Limited bank account belonging to Dr. Bright Ikechukwu Echefu for the same purpose. 

The defendants however pleaded not guilty to all the 9-count charge, after which their team of lawyers led by Eyitayo Fatigun, SAN, drew the court’s attention to their bail application.

Responding, the EFCC through its lead counsel, Sylvanus Tahir, SAN, vehemently opposed the bail application, claiming that the defendants are flight risk, having allegedly been evading arrest.

But, Fatigun disagreed and insisted that EFCC itself granted them administrative bail. 

In a short ruling, Justice Ekwo adopted the EFCC bail conditions to allow the two men go home. 

The Judge however ordered them not to travel out of the country without the permission of the court while the immigration must be notified of seizure of their international passports. 

He warned that any breach of the bail conditions or absence in court would automatically lead to revocation of their bail.

Justice Ekwo directed the EFCC to transmit the record of administrative bail granted to the defendants to the court within seven days. 

Meanwhile, July 15, 16 and 17 have been fixed for commencement of trial.

Alex Enumah

Follow us on:

AriseNews

Recent Posts

Trial Underway for Eight People Accused of Inciting Murder of Teacher Samuel Paty

Eight individuals are on trial in Paris, accused of inciting the murder of teacher Samuel…

18 mins ago

Indonesian Government To Evacuate 16,000 Residents After Mount Lewotobi Eruption

Indonesia is evacuating 16,000 residents after Mount Lewotobi erupted, resulting in nine deaths and significant…

31 mins ago

Philippines Stockpiles Food, Evacuates Towns As Typhoon Yinxing Threatens Northeast

The Philippines is stockpiling food, evacuating towns, and deploying soldiers in preparation for Typhoon Yinxing,…

45 mins ago

Harris Wraps Up Campaign in Philadelphia, Trump Rallies in Michigan as Tight Election Nears

Harris has concluded her campaign in Philadelphia while Trump gathers support in Michigan as election…

59 mins ago

Pennsylvania Judge Approves Elon Musk’s $1Million Voter Giveaway

A Pennsylvania judge has approved Elon Musk's plan to give away $1 million in support…

1 hour ago

Israel Hostages Forum Calls for Investigation into Leak of Confidential Documents by Netanyahu Aide

The Israel Hostages Group has urged for an investigation after a Netanyahu aide allegedly leaked…

1 hour ago