The Federal Government has commenced the trial of two executives from Telecom Satellites Limited TSTV over allegations of tax evasion, money laundering, and advanced fee fraud.
Dr. Bright Ikechukwu Echefu, Managing Director and CEO of TSTV, and Dr. Felix Nnamdi Ignoanuga, Executive Director of the company, are being tried alongside TSTV and Briechberg Investment Limited. The trial, held at the Federal High Court in Abuja, involves nine criminal charges brought by the Economic and Financial Crimes Commission EFCC.
Echefu and Ignoanuga are accused of diverting N33.9 million, N13.5 million, and N19.4 million intended for the federal government to their personal use.
Both accused individuals pleaded not guilty to the charges. The prosecution, led by Sylvanus Tahir, SAN, opposed the bail application presented by Eyitayo Fatigun, SAN, citing the defendants as flight risks
However, Justice Inyang Edem Ekwo adopted the EFCC’s administrative bail conditions, allowing the defendants to remain free with restrictions, including a travel ban without court permission and the seizure of their passports. The trial is set to commence on July 15, 16, and 17.