Metro

Court Orders TSTV CEO To Pay ₦938m, $1.42m In Debt Case

Published

3 weeks ago

August 7, 2025

Editor

A High Court of the Federal Capital Territory in Abuja has ordered Telcom Satellites Limited, and its Chief Executive Officer, Bright Echefu, to pay a former Minister of Special Duties, Kabiru Tanimu Turaki (SAN), a total of ₦938 million and US$1.42 million, along with post-judgment interest at the rate of 10 per cent per annum until the debt is fully cleared.

Justice Bello Kawu made the order on July 7, 2025, while delivering judgment in the suit filed by Turaki against the TSTV and its CEO.

A certified true copy of the judgment was sighted on Wednesday by The PUNCH.

Turaki, the claimant in the suit marked FCT/HC/CV/332/23, sued TSTV and Echefu, as the 1st and 2nd defendants respectively, over unpaid debts.

In a writ of summons supported by a 27-paragraph affidavit deposed to by Turaki, he stated that TSTV, a company duly incorporated under the Companies and Allied Matters Act, 2020, presented itself as an indigenous cable satellite television provider rendering media and telecommunication services to him.

He said the 1st defendant (TSTV) operated from its head office located at Plot 859, Idu Industrial Area, Idu in Abuja.

According to Turaki, the 2nd defendant, Echefu, who is the Managing Director/Chief Executive Officer of TSTV and its alter ego, personally obtained loans from him under false pretences.

Turaki said he became aware of the defendants in 2018 through a close friend and associate who had been approached by Echefu to convince him to invest in TSTV.

He noted that after about two months of due diligence and negotiations with Echefu, he declined the invitation to invest in TSTV as the terms presented were not acceptable to the 1st defendant.

He said that following the failed investment proposal, Echefu continued to mount pressure on him to invest in TSTV.

“Unrelenting in his efforts, the 2nd defendant wrote a letter conveying several propositions to me to come on board, including acquiring 35% of the shares of the 1st defendant and assuming its chairmanship,” he said.

According to Turaki, this proposal was made in a letter dated November 13, 2019.
He added that after persistent persuasion from Echefu and his collaborators, he agreed to serve as Chairman of TSTV and acquire 50% of its shares for the sum of ₦800 million.

He added that this decision was based on representations by Echefu that TSTV was a viable and profitable cable satellite company.

“The 1st defendant, as a result, deceived me into acquiring 50% of its shares for ₦800 million, even though the company was moribund,” Turaki stated.

He further said that after assuming the position of Chairman and investing in the company, Echefu again exerted pressure on him to assist in raising additional funds for TSTV’s operations.

Turaki said that under pressure from Echefu, he introduced him to Tudu Ventures Nigeria Limited, which lent the defendants the following sums: ₦1.2 billion, ₦800 million, US$1.6 million and US$500,000.

The defendants allegedly failed to repay the loans, prompting Tudu Ventures to file a separate suit (FCT/HC/CV/1588/21) to recover the funds. Partial judgment was entered against the defendants on November 22, 2022.

Turaki said he also personally granted loans to Echefu at his request, amounting to ₦138 million, US$1.35 million, and an additional US$70,000.

“The defendants, via a letter dated January 5, 2021, acknowledged receipt of $1.28 million and ₦138 million as part of the loans advanced to them,” the claimant said.

He added that the defendants later approached him again, stating that the $1.28 million was insufficient for its intended purpose and requested an additional $70,000, which he also provided, bringing the total loan to $1.35 million.

Turaki said Echefu once more approached him for a further loan of $70,000 to meet financial obligations, which was also granted.

“That the 2nd Defendant again approached me to advance a further loan of the sum of USS70,000, to enable them settle some financial exigencies, which was also advanced to the defendants”.

According to him, the defendants, through a payment proposal signed by Echefu for settling Tudu Ventures’ loans, his own loans, and the equity investment, agreed to repay $1.35 million, $70,000, and ₦138 million.

He added that Echefu’s Counsel, Adegboyega Awomolo, (SAN), via a letter dated November 22, 2022 agreed to pay the sum of N200,000,000 on or before July 15, 2022, through the said counsel as a demonstration of the 2nd Defendant’s good faith and commitment to liquidating his Indebtedness to him which the 2nd Defendant failed to keep.

Turaki said he later instructed his lawyers, N.A. Saidu Legal Consult issued a demand letter to Echefu seeking repayment, but no response was received.

He emphasised that, given the efforts made and the lack of response from the defendants, it became clear to him that the defendants had no intention of repaying the loans which Echefu personally obtained and which are now overdue.

He, therefore, urged the court to compel the defendants to repay the outstanding loans with post-judgment interest of 10 per cent annually until the debt is fully liquidated.

In his judgment, Justice Kawu granted all the reliefs sought by Turaki.

He held, “An order of this Honourable Court directing the 1st and 2nd defendants, jointly and severally, to pay the claimant the sum of ₦138,000,000 (One Hundred and Thirty-Eight Million Naira) being the total loan advanced, now due and unpaid.

“An order directing the 1st and 2nd defendants, jointly and severally, to pay the claimant the sum of US$1,350,000 (One Million, Three Hundred and Fifty Thousand US Dollars) being the total loan advanced, now due and unpaid.

“An order directing the 1st and 2nd defendants, jointly and severally, to pay the claimant the sum of US$70,000 (Seventy Thousand US Dollars) being the total loan advanced, now due and unpaid.

“An order directing the 2nd defendant to pay the claimant the sum of ₦800,000,000 (Eight Hundred Million Naira) being the total sum paid for 50% equity in the 1st defendant, despite knowing the company was moribund.

“An order awarding post-judgment interest at 10 per cent per annum on the total judgment sum from the date of the judgment until full satisfaction of the debt, and such further orders as the court may deem fit.”
(PUNCH)

Metro

Truck Crushes Man Rushing For Jumu’ah Prayers In Rivers

Published

7 hours ago

August 29, 2025

Editor

A trailer loaded with goods has crushed a Muslim faithful rushing for Friday prayers to death in Port Harcourt.

According to Vanguard, the tragic incident happened on the ever-busy Nkpolu junction axis of the East-West road, Obio/Akpor Local Government Area of Rivers State, around 2:05 pm.

It was gathered that the victim was crossing the busy road when a black SUV on speed knocked him down and that the truck, which was on high speed, crushed him to death.

A source, who witnessed the incident, narrated that the young man was behind some of his Muslim brothers, who were also going for the Friday prayers, when the incident happened.

The source, who gave his name simply as Tunde, said the other worshipers had crossed, but that the victim, who did not observe the traffic very well before entering the road, was knocked down by the vehicle.

The source said that when the SUV brought him down, a trailer that was on the speed lane ran over him, dismembering the body beyond recognition.

However, the Muslim faithful who were with him took over the highway in protest until police operatives arrived at the scene.

Meanwhile, the police restored normalcy while the protesting Muslims took the remains for burial.

Metro

Three Killed As Suspected Bandits Ambush Motorists In Kwara

Published

16 hours ago

August 29, 2025

Editor

Gunmen suspected to be Fulani bandits have allegedly launched a deadly attack on motorists along the Rore and Aranorin communities in Irepodun Local Government Area of Kwara State, leaving at least three people dead.

The incident, which occurred on Thursday, threw residents and travellers into a state of panic as news of the killings spread across the area.

In a video obtained by SaharaReporters, the victims were seen lying lifeless on the roadside, their bodies partially covered with clothing and leaves by sympathisers who arrived at the scene after the attackers had fled.

Eyewitnesses told SaharaReporters that the armed men, believed to be operating from hideouts in nearby forests, opened fire on the unsuspecting motorists in what appeared to be a coordinated ambush.

It remains unclear whether the attackers also abducted any victims during the assault, as details were still emerging as of Friday morning.

The attack is the latest in a growing wave of violence that has gripped Kwara State’s Ifelodun and Irepodun local government areas in recent months.

Communities such as Babanla, Shegbe, Ologomo, Alabe, and Oreke in Ifelodun Local Government have faced repeated attacks, forcing hundreds of residents to flee their ancestral homes.

Many victims have been kidnapped for ransom, while others have been killed in similar raids.

Residents expressed fears that the violence could escalate further unless urgent security measures are taken.

Some community leaders have called on both the state and federal governments to deploy more security personnel to the affected areas, noting that many villages have been left vulnerable as attacks continue unabated.

As of the time of filing this report, the Kwara State Police Command had yet to release an official statement on the incident.

However, sources indicate that security operatives have been mobilised to the area to prevent further violence and reassure residents.

On August 24, 2025, SaharaReporters reported that hours after Governor AbdulRahman AbdulRazaq visited Babanla community in Ifelodun Local Government Area to reassure residents of improved security, suspected bandits abducted two people in the area.

The governor visited the area to reassure residents and restore a sense of security amid ongoing fears of banditry and kidnappings.

However, the criminals struck soon after his departure, highlighting the persistent threat and heightening tension in the community.

The incident reportedly threw residents into fresh panic despite earlier promises of tighter security measures.

Metro

Suspected Amasiri Warriors Invade Ebonyi Community, Behead Farmer Amid Land Dispute

Published

16 hours ago

August 29, 2025

Editor

Tragedy struck on Tuesday, August 26, at Okporojo Idima, Oso Edda in the Edda Local Government Area of Ebonyi State, as armed warriors from neighbouring Amasiri community reportedly invaded the farmland of one Mr. Dike Nnachi, beheaded him, and took his head away as a trophy.

The attack marks a continuation of violent hostilities in the area, coming barely four months after the April invasion in which at least four people, including a pregnant woman and her 12-year-old son, were brutally killed.

That incident also left property worth millions of naira destroyed.

Residents told reporters that the latest killing has deepened fears across Oso Edda, as locals now question the effectiveness of the state government’s ongoing peace efforts.

The Governor of Ebonyi State, Francis Nwifuru, had, through the Ministry of Border Peace and Conflict Resolution, initiated dialogue between warring communities to stem the tide of violence.

However, Tuesday’s bloodshed is seen as a direct challenge to those peace moves.

Community leaders have called for urgent intervention, warning that unless decisive action is taken, the violence could escalate further, leaving more lives and property in jeopardy.

In April, renewed violence broke out over a longstanding land dispute between Ndukwe community in Amasiri, Afikpo Local Government Area, and Okporojo in Edda Local Government Area of the state.

The hostilities left houses and properties worth millions of naira destroyed, as attackers, reportedly from Amasiri, launched assaults on Okporojo.

The worsening security situation forced many residents of Edda to abandon the Amasiri road, opting instead to travel through Afikpo town due to fear of further attacks.

Although previous administrations attempted to resolve the crisis, including the release of a white paper based on a government committee’s recommendations, implementation has reportedly stalled, allowing the conflict to fester and violence to recur.