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A High Court in the federal capital territory (FCT) has ordered Bright Echefu, managing director of Telcom Satellites Limited (TStv), to pay $1.42 million and N938 million debt to Kabiru Tanimu Turaki, a former minister of special duties.
In a judgement dated July 7, Bello Kawu, the judge, held that Echefu’s borrowings are “contractually enforceable”.
Echefu, a medical doctor, launched TStv in 2017 with a low-cost “pay-per-view,” but has since struggled with funding, hence the loans obtained from the former minister.
TStv stopped providing services in 2023, however, Echefu launched LUFT TV, another satellite television business.
According to Turaki’s statement under oath, the TStv MD obtained the loans from him under false pretences.
The former minister said that under pressure from Echefu, the defendant was introduced to Tudu Ventures Nigeria, where he obtained the sums of N1.2 billion, N800 million, $1.6 million and $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 in favour of Tudu Ventures was entered against TStv and its MD on November 22, 2022.
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