A excessive courtroom within 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 particular duties.
In a judgment dated July 7 and seen by TheCable, Justice Bello Kawu dominated that Echefu’s borrowings are “contractually enforceable.”
Echefu, a medical physician, launched TStv in 2017 with a low-cost “pay-per-view” mannequin, however the firm struggled with funding, main him to safe loans from the previous minister.
TStv ceased operations in 2023, however Bright Echefu went on to launch LUFT TV, one other satellite tv for pc tv enterprise.
According to Turaki’s sworn assertion, the TStv MD obtained the loans below false pretences.
The former minister stated that, below stress from Echefu, he was launched to Tudu Ventures Nigeria, the place the defendant secured further sums of N1.2 billion, N800 million, $1.6 million, and $500,000.
The defendants allegedly didn’t repay the loans, prompting Tudu Ventures to file a separate swimsuit (FCT/HC/CV/1588/21) to recuperate the funds.
Partial judgment in favour of Tudu Ventures was delivered towards TStv and its MD on November 22, 2022.
