June 6, (THEWILL)- The Economic and Financial Crimes Commission (EFCC), on Thursday, arraigned two chief executives of Telecom Satellites Limited (TSTV) before the Federal High Court sitting in Abuja over alleged tax evasion, money laundering and advanced fee fraud.
The two executives, who are owners of Telecom Satellites TV, Bright Ikechukwu Echefu (Managing Director and Chief Executive Officer of TSTV) and Dr. Felix Nnamdi Ignoanuga (Executive Director), were arraigned alongside TSTV and another company, Briechberg Investment Limited on 9-count criminal charges.
According to the EFCC, Echefu and Ignoanuga, on May 18, 2020, “committed money laundering bordering on tax evasion, unremitted VAT, Company income tax and Pay As You Earn (PAYE) deducted from the salaries of 165 workers, punishable under Section 15 of the Money Laundering Prohibition Act 2011, as amended in 2012”.
They were also alleged to have on May 18, 2020, “diverted to their personal use 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”.
According to the charges, “Bright Ikechukwu Echefu”, who is the first defendant, was alleged to have defrauded a Senior Advocate of Nigeria (SAN), Turaki Kabir Tanimu, of the sum of N960 million under false pretence.
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 a 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 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 the defendant the same day and for the same purpose from Tanimu who is also the MD of BYI General and paid into the same account.
Also, on May 18, 2020, the EFCC alleged that Turaki, 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 Bright Ikechukwu Echefu for the same purpose.
Taking their plea on Thursday, the defendants, who maintained their innocence, pleaded not guilty to the charges.
Moving for a bail application, Eyitayo Fatigun (SAN) urged the court to allow the defendants to enjoy the administrative bail earlier granted the defendants by the EFCC.
Although the EFCC objected to the application, describing the defendants as a flight risk, Justice Inyang Ekwo, however, adopted the EFCC bail conditions to allow the two defendants to go home.
The Judge ordered them not to travel out of the country without the permission of the court while the Immigration must be notified of the 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 and to remain in custody throughout the trial period.
Justice Ekwo directed the EFCC to transmit the record of administrative bail granted to the defendants to the court within seven days and adjourned till July 15, 16 and 17, 2024, for the commencement of trial.
About the Author
