TSTV Owners Arraigned for Tax Evasion and Money Laundering by EFCC

TSTV Owners Arraigned for Tax Evasion and Money Laundering by EFCC:   The Economic and Financial Crimes Commission (EFCC) has arraigned the owners of Telcom Satellites TV (TSTV),

Dr. Bright Ikechukwu Echefu and Dr. Felix Nnamdi Ignoanuga, before the Federal High Court in Abuja on a nine-count

charge of alleged tax evasion and money laundering. The defendants, who pleaded not guilty, were accused of failing to remit VAT,

company income tax, and PAYE deducted from staff salaries, totaling N33.9 million, N13.5 million, and N19.4 million.

The EFCC alleged that the defendants diverted the tax money for personal use and that Dr. Echefu defrauded a Senior Advocate of Nigeria,

Turaki Kabir Tanimu, of N960 million under false pretenses. The defendants were granted bail on the conditions earlier

set by the EFCC, and the court warned them not to travel outside the country without permission. The case was adjourned until July 15-17 for trial.

the investigation

The EFCC’s investigation revealed that the defendants engaged in tax evasion and money laundering, violating the Money

Laundering Prohibition Act 2011. The defendants allegedly failed to remit taxes deducted from staff salaries and diverted

the funds for personal use. Dr. Echefu was also accused of defrauding Turaki Kabir Tanimu, a former Minister, of N960 million under false pretenses.

The defendants’ actions are believed to have caused significant financial loss to the Federal Government.

The arraignment and subsequent bail of the defendants highlight the EFCC’s efforts to combat financial crimes and hold individuals

accountable for their actions. The case serves as a reminder of the importance of tax compliance and the consequences of engaging in fraudulent activities.

As the trial progresses, it is expected to shed more light on the allegations and the defendants’ involvement in the alleged tax evasion and money laundering scheme.