An Abuja High Court has ordered Telcom Satellites Limited (TSTV) and its CEO, Bright Echefu, to pay former Minister of Special Duties, Kabiru Tanimu Turaki (SAN), a total of ₦938 million and $1.42 million.

The judgment, delivered by Justice Bello Kawu on July 7, 2025, includes a post-judgment interest rate of 10% per annum until the debt is fully settled.

The court’s decision is based on Turaki’s lawsuit against TSTV and Echefu over unpaid debts. Turaki alleged that Echefu personally obtained loans under false pretenses, convincing him to invest ₦800 million in TSTV in exchange for a 50% equity stake despite the company’s poor financial state.

Turaki also granted loans amounting to ₦138 million, $1.35 million, and $70,000 to Echefu, which were not repaid.

The breakdown of the debt includes ₦138 million and $1.35 million in loans advanced, an additional $70,000 loan, and ₦800 million paid for 50% equity in TSTV.

Turaki claimed that Echefu deceived him into acquiring the shares, knowing the company’s financial state was poor.

In a related development, Echefu and three others have been re-arraigned by the Economic and Financial Crimes Commission (EFCC) on a 12-count charge involving alleged money laundering, tax evasion, and investment fraud totaling approximately ₦1 billion and $1.3 million. The defendants, including TSTV Executive Director Felix Igboanuga, Telecom Satellites Limited, and Briechberg Investment Ltd, pleaded not guilty to the charges.

Their trial has been adjourned to October 15, 2025.