Court gives crucial order in TSTV CEO's debt trial

The High Court of the Federal Capital Territory has ordered Telcom Satellites Limited (TStv) and its managing director, Dr Bright Ikechukwu Echefu, to pay Senior Advocate of Nigeria, Dr Kabiru Tanimu Turaki, a staggering ₦938 million and US $1.42 million, with a 10 per cent annual post-judgement interest until the debt is cleared.

According to Punch, Justice Bello Kawu delivered the ruling on 7 July 2025, affirming that the defendants had not denied signing a proposed settlement that transformed Turaki’s interest-free loans into an enforceable debt.

Evidence presented in court showed that Turaki advanced ₦138 million, US $1.35 million, and US $70,000 to TStv, alongside a direct payment of ₦800 million to Echefu for a 50% equity stake that never materialised.

“The liabilities of the defendants are assessed jointly and severally,” the court ruled, adding that interest will continue to accrue until full payment is made.

This judgement comes just a day before Echefu and TStv were re-arraigned by the Economic and Financial Crimes Commission (EFCC) on 8 July on a 12-count charge involving alleged money laundering, fraud, and tax evasion totalling approximately ₦1 billion and US $1.3 million.

TStv, launched in 2017 with promises of affordable “pay-per-view” satellite TV, has faced severe operational challenges and has been off-air since March 2023. Notably, this is not the first ruling against Echefu.

In November 2022, Justice Chizoba Oji ordered him and TStv to refund Tudu Ventures Limited ₦1.2 billion and US $800,000 over similar failed financial obligations.

Meanwhile, Echefu allegedly launched a new pay-TV venture, LUFT TV, operating from a Kuje-based facility guarded by armed military personnel. The former TStv office in Idu has also been renamed Cindy Center.

Efforts to contact Echefu for comments proved unsuccessful. With two major court rulings against him and growing debts, analysts say TStv's financial survival is in critical jeopardy.