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EFCC Arraigns TStv MD, Bright Echefu, For Allegedly Defrauding Ex-Minister N380 Million

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Bright Echefu, Managing Director and Chief Executive Officer (MD/CEO) of Telecom Satellites Limited (TStv) has been arraigned in court.

The Economic and Financial Crimes Commission (EFCC) arraigned him and three others on a nine-count money laundering charges. 

Count six of the charges alleged that Echefu defrauded Mr Tanimu, MD of Kalsiyam Global and also former Minister of Special Duties and Inter-Governmental Affairs, the sum of N380 million. 

Others arraigned alongside Echefu before Justice Inyang Ekwo of a Federal High Court, Abua include the Executive Director of TStv, Felix Igboanuga; TStv and Briechberg Investment Ltd as 2nd to 4th defendants respectively. They, however, pleaded not guilty to all the counts. 

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Upon their non-guilty plea, EFCC’s counsel, Tahir Sylvanus, SAN, prayed for an order remanding Echefu and Igboanuga in a correctional centre pending the hearing and determination of the case.

Sylvanus hinged his application on the grounds that it took almost a year after filing the charge before the defendants could be arraigned. 

The lawyer, who said Echefu and Igboanuga were a flight risk, alleged that the duo refused to turn up for arraignment after being admitted to administrative bail and the charge filed on June 9, 2023. He, therefore, asked for a speedy trial of the matter. 

But Eyitayo Fatogun, SAN, who appeared for the defendants, informed the court that a bail application had been filed on his client’s behalf in October 2023. He urged the court to admit them to bail, pledging that the defendants were ready to stand their trial. 

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The defendants were alleged to have, on or about May 18, 2020, committed the money laundering offence, including tax evasion, unremitted Value Added Tax (VAT) and Company Income Tax and Pay As You Earn (PAYE) deducted from the salaries of 165 staff. 

The offence is said to be contrary to the Money Laundering (Prohibition) Act, 2011 (as amended in 2012) and punishable under Section 15(3) and (4) of the same Act. 

In count five, Echefu, being the MD of Briechberg Investment Ltd on or about May 18, 2020, in Abuja, with intent to defraud, was alleged to have obtained the sum of N150 million from Mr Turaki Kabiru Tanimu, SAN, MD of Kalsiyam Farm. 

The monies were said to have been paid into Briechberg Investment Lid account number: 1015561485 domiciled with Zenith Bank Pic under the false pretence of representing loan advance to Telcom Satellite for the purpose of enhancing the acquisition of modern technology. 

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Echefu was alleged to have misappropriated and converted the said monies to his personal use, among other counts.  

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Galatasaray technical director opens up on nature of Osimhen’s contract

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Galatasaray technical director Okan Buruk has confirmed the presence of a clause in Napoli’s Victor Osimhen loan deal.
Buruk explains that the January clause in Victor Osimhen’s contract allows the player to explore opportunities with various interested clubs during the January transfer window.

This statement came during an interview on the official website of the Turkish champions, where Buruk discussed various topics related to the team.

During the interview, Buruk explained that Osimhen would like to stay at Galatasaray until the end of the season.

He noted that although there is a transfer clause in force, the player has expressed his intention to stay at the club, which he reiterated from the beginning of his arrival.

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He stated, “Osimhen wants to stay here until the season is over and he has said this consistently. Although there is a clause regarding January transfers, ultimately it is the player’s decision and he feels committed to staying.”

Reflecting on how the club secured Osimhen’s services, Buruk shared: “I traveled to Milan when I had the chance. Because I lived there for three years, I feel comfortable there. We didn’t talk about football during my visit; instead, we enjoyed dinner together for two days, which helped foster a good relationship. After a match against Adana Demirspor, we had a video call at the airport to discuss the options, and after careful consultation with our transfer committee and the president, we completed the transfer.”

Osimhen joined Galatasaray on the final day of the summer transfer window after negotiations with Chelsea and Al Ahly failed to materialize. He quickly adapted to his new surroundings and made significant contributions with eight goals and four assists in just nine appearances in all competitions.

Eaglespath

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Ondo: Gov Aiyedatiwa says he’s not aware of vote buying on his behalf

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Ondo State Governor Lucky Aiyedatiwa has stated that he was not aware that his political associates bought votes on his behalf.

This is coming a few hours after he emerged victorious in all the 18 local government areas of the state.

According to report, the incumbent governor and candidate of the All Progressives Congress, APC, was accused of vote-buying after his victory in the November 16 election.

However, speaking in an interview with Channel TV on Sunday night, the governor noted that the oppositions are using the vote-buying allegation as an excuse for their loss.

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“I’m not aware of such. The opposition will want to say that to make excuses for their failure, but for us, it is what we worked for; the people have spoken through their votes.

” There won’t be any reason to buy votes because Ondo people know what they want. I’m not aware of people buying votes on my behalf.”

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Uncovered! World Bank exposes $32m missing funds in Nigeria’s water project

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In Nigeria’s water project, the World Bank has discovered $32 million in undeclared payments.

The banks recently released their FY2024 Sanctions System Annual Report, which included this information.

According to the study, the lost monies were meant to improve Nigeria’s water infrastructure but were not properly accounted for, which led to an intervention to protect the project’s integrity.

“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds.”

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The World Bank worked with the project team, which included the operations manager, financial management expert, and task team leader for Nigeria, in an effort to retrieve the money.

While $6 million is still in the project account to cover expected operating costs, the Central Bank of Nigeria has requested reimbursement of $22 million.

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