Federal government has arraigned two Telecom Satellites Limited (TSTV) chief executives at the Federal High Court in Abuja for alleged tax evasion, money laundering, and advanced fee fraud offences.
The accused persons are Dr Bright Ikechukwu Echefu, managing director and chief executive officer of TSTV and Dr Felix Nnamdi Ignoanuga, executive director of the company.
The Economic and Financial Crimes Commission (EFCC) arraigned them alongside TSTV and another company, Briechberg Investment Limited, on nine-count criminal charges.
The two men are charged with money laundering bordering on tax evasion, unremitted VAT, Company income tax, and Pay As You Earn (PAYE) deducted from the salaries of 165 workers on May 18, 2020, punishable under section 15 of the Money Laundering Prohibition Act 2011, as amended in 2012.
They were alleged to have diverted to their personal use N33. 9 million, N13.5 million, and N19.4 million of tax money payable to the federal government on May 18, 2020, in breach of section 15 of the Money Laundering Prohibition Act.
On his part alone, Echefu, the first accused person, was alleged to have defrauded Turaki Kabir Tanimu (SAN) of N960 million under false pretences.
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 N150M from Tanimu, 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, domiciled at a commercial bank.
On the same day, the accused person 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 accused the same day and for the same purpose from Tanimu who is also the MD of BYI General and paid into the same account.
Still, on May 18, 2020, Turaki, while acting as Managing Director of K. T. Turaki, made two payments of N15 million each into the Briechberg Investment Limited bank account belonging to Dr Echefu for the same purpose.
It will be recalled that Tanimu was once a minister of the Federal Republic of Nigeria and was physically present in court during Thursday’s arraignment of the defendants.
When the charges were read to them, they denied the alleged fraud charges.
Sylvanus Tahir (SAN), who led the prosecution team, objected to Eyitayo Fatigun (SAN) ‘s bail application on behalf of the two defendants.
While Tahir insisted that the accused persons are flight risks, having allegedly been evading arrest, Fatigun disagreed and demanded that the EFCC grant them administrative bail.
In a short ruling, Justice Inyang Edem Ekwo adopted the EFCC bail conditions to allow the two men to go home.
Meanwhile, July 15, 16 and 17 have been fixed for the commencement of the trial.