EFCC Arraigns TSTV Executives for Tax Evasion and Money Laundering

By Abass Ganiyu



ABUJA – The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director and CEO of Telcom Satellites TV (TSTV), Dr. Bright Ikechukwu Echefu, along with the Executive Director, Dr. Felix Nnamdi Ignoanuga, at the Federal High Court in Abuja. They face nine charges, including tax evasion and money laundering.

The EFCC accuses the defendants of failing to remit VAT, company income tax, and PAYE from their employees' salaries, diverting substantial funds for personal use. Additionally, they allegedly defrauded Senior Advocate of Nigeria (SAN) Turaki Kabir Tanimu of N960 million under false pretenses.

The prosecution's charges highlight several instances where the defendants purportedly redirected significant amounts meant for government taxes to personal accounts. The EFCC claims that the defendants defrauded Turaki of large sums under the guise of securing loans for telecom equipment acquisition. These transactions were detailed with specific amounts transferred to various accounts.

Both defendants pleaded not guilty. The prosecution sought their remand, citing them as flight risks, but the court granted them bail under conditions, including the surrender of their passports and restrictions on international travel.

Justice Inyang Ekwo, presiding over the case, emphasized the seriousness of the allegations while permitting bail based on previous EFCC administrative conditions. He warned the defendants against breaching any bail conditions and scheduled the trial for July 15, 16, and 17, promising strict adherence to legal processes.

### Tanzania Advocates for African Investment at Enugu Forum

**ENUGU** – The United Republic of Tanzania has urged African nations to focus on intra-continental investment rather than seeking external investors. At a strategic investment forum in Enugu, organized by the Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA), Tanzania's representatives emphasized the benefits of African investors supporting African economies.

Dr. Binilith Mahenge, Chairman of the Board of Directors at Tanzania Investment Centre, highlighted Tanzania's economic stability, rich natural resources, and political peace as key attractions for investment. He noted that Tanzania offers a five-year tax waiver for foreign investments and allows repatriation of net profits, aiming to attract Nigerian investors in sectors like hospitality, tourism, real estate, agriculture, and mining.

ECCIMA President, Mr. Odeiga Jideonwu, echoed the sentiment, underscoring the forum's role in fostering bilateral trade and investment between African nations. He expressed hopes for Nigerian businesses to explore and invest in Tanzania, fostering a robust economic partnership within the continent.

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