The Economic and Financial Crimes Commission (EFCC) has re-arraigned Bright Echefu, Managing Director and Chief Executive Officer (MD/CEO) of Telecom Satellites Limited (TStv), and three others on an amended twelve-count money laundering charge totaling about N1 billion and $1.3 million, alleged investment fraud, including N66 million tax default allegations.
They were re-arraigned before the Federal High Court in Abuja, though Echefu, through his legal team, is seeking an out-of-court settlement with the prosecution, Nairametrics can report.
Nairametrics’ exclusive review of the amended charge sheet showed that the defendants namely Echefu, Executive Director of TStv Felix Igboanuga, TStv, and Briechberg Investment Ltd (1st to 4th defendants)—are accused of defrauding Mr. Tanimu Turaki, MD of Kalsiyam Global and former Minister of Special Duties and Inter-Governmental Affairs, BYI General Limited, of their loan investments worth N1 billion and $1.3 million.