Bright Echefu, CEO of TStv, has been re-arraigned in Abuja on new fraud and tax charges worth over N1 billion and $1.3 million, but is now pushing for an out-of-court settlement.
On June 30, 2025, the Economic and Financial Crimes Commission (EFCC) brought Bright Echefu, head of Telecom Satellites Limited (TStv), and three others before the Federal High Court in Abuja. They face a twelve-count charge, including money laundering, investment fraud, and tax evasion.
The EFCC accused Echefu and his team of defrauding investors, including former Minister Tanimu Turaki and BYI General Limited, of N1 billion and $1.3 million. The charges also claim TStv failed to remit over N66 million in taxes, covering VAT, company income tax, and PAYE deductions from staff salaries.
According to the charge sheet, the alleged offences happened around May 2020. The breakdown includes: N33.9 million in unremitted company tax, N13.5 million in unremitted VAT, N19.4 million in unpaid PAYE and multiple counts of collecting large sums from investors under false pretence
Echefu and the other defendants pleaded not guilty to all charges. However, before the charges were read, Echefu’s lawyer told the court that some payments had been made to investors in hopes of settling the matter. He asked for an adjournment to allow for a possible agreement.
EFCC’s lawyer confirmed that some payments had been made, but insisted the trial must proceed. The court agreed and set the next hearing for October 15, 2025.
“There are moves to settle this matter and there was a meeting on Saturday between myself with the Nominal Complainant as it is about investment. The Defendants have paid some money and I was thinking that the matter would be adjourned for a report of settlement.”- Echefu’s lawyer, Eyitayo Fatogun, SAN, said.
“They are correct, they have made some payment but they have not taken their Plea and the matter cannot be adjourned for trial.”- EFCC counsel, A. S. Tomwell, responded.
TStv launched in 2017, promising to shake up Nigeria’s pay-TV market, but struggled to deliver consistent service. The company went off the radar in 2023, leaving many customers disappointed. In 2024, Echefu launched a new pay-TV project, LUFT TV, and said TStv subscribers would be moved to the new platform.
The case remains an allegation, Echefu and his team are presumed innocent until proven guilty. The court will decide if the matter can be settled out of court, or if the trial will go ahead.
