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EFCC Arraigns TStv MD, Bright Echefu, For Allegedly Defrauding Ex-Minister N380 Million
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.
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.
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.
Echefu was alleged to have misappropriated and converted the said monies to his personal use, among other counts.
News
Rupture In PDP Governors’ Forum deepens
By Ojomah Austin.
The evolving fall-out, which comes barely days to the contentious National Executive Committee (NEC) of PDP, followed a back and forth between the Federal Capital Territory (FCT) Minister, Nyesom Wike and the Governors forum, who declared support for Rivers State governor, Siminalayi Fubara to be made leader of the party in the state.
After a meeting with some members of the party’s National Working Committee (NWC) in Bauchi on Wednesday, Governor Mohammed, said “According to our party’s constitution, any leadership vacancy should be filled by someone from the region where it originated,” stressing that Damagum would be replaced soon considering that he hails from North East and not the North Central.
Same day, Makinde, during the groundbreaking of the upgrading of Ladoke Akintola Airport, Ibadan, to an international airport, which was attended by another set of NWC members, led by Damagum, said he would support whatever decision the Damagum-led NWC would take to reposition the party.
Damagum, who is considered a close ally of Nyesom Wike, the Federal Capital Territory (FCT) Minister, was appointed acting national chairman after the removal of Iyorchia Ayu in June 2023.
Meanwhile, the Board of Trustees (BoT) of the PDP led by Senator Adolph Wabara, met with members of the National Assembly caucus in Abuja.
The close door meeting comes barely hours after the BoT met with Wike in Abuja.
While Wabara refused to comment on the essence of the meeting with the lawmakers, it was noticed that most of the lawmakers didn’t honour the invitation.
News
Tears As Man Takes Own Life Over Tinubu’s Govt Hardship
By Mario Deepromoter
Sad development in Marika village, Kiyawa Local Government, Jigawa, where a 40-year-old man, Jibrin Adamu, committed suicide by hanging himself.
According to eyewitnesses, Adamu’s lifeless body was discovered in a classroom at Miftahul Khairat Islamiyya and Primary School Gurdiba on Thursday.
Police spokesperson DSP Lawan Shiisu Adam confirmed the incident, stating that preliminary investigations revealed Adamu had struggled with mental health issues.
“Police received a report on Thursday that at about 1830hrs, a tragic incident was reported at the Command headquarters that one Jibrin Adamu ‘m’ age 40yrs of Jigawar Maroka village, Kiyawa LGA has committed suicide by hanging himself over the ceiling at Islamiyya school,” the Police spokesperson told Daily Post.
The Jigawa State Commissioner of Police, CP AT Abdullahi, has instructed officers to conduct a thorough investigation into the incident.
News
Just in: Dangote Petrol Now Available at N765.99 Per Litre
By Mario Deepromoter
11plc, Total Energies, AA Rano, and other marketers have begun lifting Dangote Petrol through Nigerian National Company (NNPC) Trading Limited for N765.99 to retail outlets nationwide.
Findings showed some petroleum marketers who were able to complete their payment process on the NNPC trading payment portal commenced the lifting of petrol earlier this week under the existing agreement between marketers and the refinery.
Tunji Oyebanji, managing director, 11Plc confirmed to BusinessDay on Thursday evening that some marketers have started lifting the products at N765.99 from Dangote Refinery through NNPC who remain the sole off-taker of product.
“We were among the first marketers to complete the payment on the NNPC portal. We have no direct arrangement with the refinery,” Oyebanji said.
It was gathered that NNPC Retail, 11plc, Total Energies, A.A Rano are among the marketers that have picked up products from the refinery.
He added, “We don’t know the contractual financial arrangement between NNPC and the refinery but what I can confirm is we are buying at N765.99 from NNPC to lift Dangote petrol”.
Efforts to get the Independent Petroleum Marketers Association of Nigeria (IPMAN) to confirm if its members have picked up products at the Dangote Refinery proved abortive at the time of writing this report.
See also Nigeria’s Petrol Landing Cost Revealed
Adedapo Segun, executive vice-president, downstream at NNPC said marketers cannot purchase petrol directly from the refinery because the product is still sold at a subsidised rate.
“That is the same thing happening with Dangote. I said earlier that Dangote is a company and it is going to sell at market price,” he told Journalists.
According to Segun, “The market value of PMS is still higher than what N766 or N765 or N799 that NNPC is selling.
“The situation has not changed there. So, NNPC’s off-taking is only because the others would not buy at the price Dangote will be willing to sell, which is reasonable.
“As soon as the price allows for it, you will see the marketers go to Dangote and buy.”
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