Justice Inyang Edem Ekwo of the Federal High Court, Abuja, has fixed November 26 for the trial of Dr. Bright Ikechukwu Echefu and Dr. Felix Nnamdi Ignoanuga, said to be executives of the Telecom Satellites Television (TSTV), over fraudulent charges brought against them by the Federal Government.

Echefu who is the managing director and chief executive officer and Dr Felix Nnamdi Ignoanuga, the executive eirector of the telecoms company, were arraigned by the Economic and Financial Crimes Commission (EFCC), on June 6, 2024, on nine count of alleged advanced fee fraud, tax evasion and money laundering.

The suit marked: FHC/ABJ/CR/254/23, had Telecom Satellites Limited and another company, Briechberg Investment Limited, also cited as 3rd and 4th defendants, respectively.

Justice Ekwo was supposed to have commenced trial of the defendants on July 15, 2024 but for an official engagement which took him out of Abuja.

The Registrar of the court had informed the lawyers, accused persons and other litigants that dates for their matters would be communicated to them by the Judge upon his return to Abuja.

In a notice of trial date communicated to the parties, Justice Ekwo said that November 26 has been scheduled for the EFCC to open their case against the defendants.

The November date was said to have been picked by the Judge following the yearly vacation of the Federal High that will end in October this year.

The EFCC, among other things, alleged that the defendants the two men had on May 18, 2020 committed money laundering bordering on tax invasion, unremitted VAT, Company income tax and Pay As You Earn (PAYE) deducted from the salaries of 165 workers punishable under section 15 of the Money Laundering Prohibition Act 2011 as amended in 2012.

They were alleged to have diverted to their personal use, tax funds, to the tune of N33. 9M, N13. 5M and N19. 4M, payable to the federal government in breach of section 15 of the Money Laundering Prohibition Act.

Alao, the EFCC alleged that they 1st defendant, Dr. Echefu, defrauded a Senior Advocate of Nigeria, SAN, Turaki Kabir Tanimu, of the sum of N960m under false pretences.

The charge indicated that Echefu while acting as the Managing Director of Briechberg Investment Limited on May 18, 2020 with intent to defraud obtained the sum of N150M from Tanimu who is the Managing Director of Kalsiyam Farm as loan to acquire modern equipment for his telecom company.

EFCC added that the said loan was paid into Briechberg Investment Limited’s account number: 1015561485, domiciled at Zenith Bank.

On the same day, the accused person was said to have obtained another N380M paid into the same account for the same purpose while another N400M was also allegedly secured by the accused the same day and for the same purpose from Tanimu who is also the MD of BYI General and paid into the same account.

Still on the same May 18, 2020, Turaki SAN, while acting as Managing Director of K. T Turake made two payments of N15M each into the Briechberg Investment Limited bank account belonging to Dr Bright Ikechukwu Echefu for the same purpose.

As at the time the transactions took place, Turaki, SAN, who was present in court during the arraignment of the defendants, was a serving Minister of the Federal Republic of Nigeria.

It would be recalled however that the two accused persons pleaded not guilty when the charges were read to them.

Mr. Sylvanus Tahir, SAN, counsel to EFCC, applied for the defendants to be remanded in custody, however, following an application by their lawyer, Mr. Eyitayo Fatigun, SAN, the court okayed their release on administrative bail, earlier handed to them by the EFCC.

He, however, warned the defendant not to travel out of the country without the permission of the court, adding that the Nigerian Immigration Service, NIS, should be notified of the seizure of their international passports.

VertoFX, the global financial technology firm delivering enterprise grade cross-border payments, FX and banking solutions across emerging markets, has announced the appointment of Dr. Austin Okpagu as its first Country Manager for Nigeria.

The move reinforces the company’s long-term commitment to the country and the broader West African region.

Most recently serving as Managing Director at JumiaPay, Okpagu brings a wealth of extensive experience from a number of Nigeria’s most prominent fintech platforms including OPay and Pagatech, where he drove partnership and business development efforts in both respective companies.

In his new role at VertoFX, Okpagu will spearhead VertoFX’s newly opened offices in Victoria Island, Lagos, to achieve on-ground business growth targets, foster strong relationships with local stakeholders and implement tailored solutions to Nigerian customers’ needs and requirements.

Speaking on Okpagu’s appointment and VertoFX’s new physical presence in Nigeria, Ola Oyetayo, Co-Founder and CEO of VertoFX shared, “We are delighted to welcome Austin as our first Country Manager for Nigeria. Austin’s proven expertise in the payments sector and deep understanding of the local economic market make him the ideal candidate to take charge of our operations in West Africa.”

He continues, “With our on the ground presence in Nigeria, we are strongly positioned to better serve our customers, support local businesses, and contribute to the economic development of the region; moving in line with our vision to become the leading provider of B2B cross-border payment solutions in Africa.”

VertoFX’s cutting-edge technology enables businesses of all sizes to make secure and seamless cross-border payments, convert between 50 currencies at competitive exchange rates and instantly send and receive money in over 200 countries.

“Since launching operations in Nigeria in 2017, the company has built an impressive portfolio of clients, including some of the largest enterprises doing business in Africa, who rely on the company’s innovative and reliable financial services for their local and international business needs.

Commenting on his new role Dr. Austin Okpagu, Country Manager at VertoFX Nigeria, stated, “It’s an honour to be joining the VertoFX team in their mission to become the go-to financial services partner for businesses operating in Nigeria and on the global scale.”

He added, “During recent and especially complex macroeconomic conditions, VertoFX has stood out with its ability to provide urgently needed financial solutions to Nigerian enterprises, helping them stay resilient in the face of adversity.

“I look forward to working closely with key public and private stakeholders in the Nigerian financial sector to further enhance our offerings, targeting a deep and lasting positive impact for local founders and business owners.”

Over the past year, VertoFX has facilitated over $2.7 billion in cross-border transactions for Nigerian corporations. During the same time period, the company experienced a staggering 75% increase in the number of Nigerian enterprises using its platform for their international payment needs.

At a time where the Nigerian market is affected by currency restrictions and local exchange controls necessitated by tough global economic conditions, currency devaluations and inflation, these figures reinforce VertoFX’s focus on providing reliable solutions for its customers.

Authorities from the Nigerian Immigration Services (NIS) have added sponsors of the nationwide #EndBadGovernance protest to their watchlist.

At a press briefing at Defence Headquarters in Abuja on Tuesday, Comptroller-General of NIS, Kemi Nandap, announced that individuals in the diaspora would be arrested as soon as they set foot on Nigerian soil. This statement followed a strategic meeting convened by Chief of Defence Staff, Gen. Christopher Musa.

The Defence Chief, along with heads of intelligence agencies and para-military organizations, held a closed-door session aimed at implementing the crackdown order issued by President Bola Tinubu.

After the meeting, Nandap told journalists, “We have identified diaspora sponsors who are now on our watchlist. Any attempt they make to return to the country will trigger our notification system, and they will be apprehended and handed over to the appropriate authorities.”

The Immigration boss explained that in response to the protests, the Service has deployed additional officers to land and airport borders to enhance monitoring at entry and exit points. She also emphasized that surveillance has been intensified to prevent foreign interference in the country.

Meanwhile, the Director-General of the Department of State Services (DSS), Yusuf Bichi, revealed that some sponsors had been uncovered, although he refrained from providing further details.

Represented by DSS spokesman Peter Afunanya, Bichi noted that several bank accounts linked to these individuals have already been blocked, and that many are residing abroad while being closely monitored.