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Court Orders Arrest of Businessman, Bright Echefu for Allegedly Defrauding BCGNEEDS Company of $651,280.00 USD

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A Chief Magistrate Court sitting in Bwari Area Council of the Federal Capital Territory has ordered the arrest of a businessman and Chief Executive Officer of a security company, Briech Intelligence Fusion Limited, Dr Bright Echefu.

The court ordered his arrest over allegation of $651,280.00 USD fraud.

Echefu, also the Managing Director and Chief Executive Officer of Telecom Satellite Television, Bright Echefu, is said to have allegedly defrauded BCGNEEDS Company, a United States defense contractor, munition vendor and diversified portfolio, of the said amount under the pretence of supply of drones and accessories.

Echefu had earlier been arraigned before the Federal High Court in Abuja, by the Economic and Financial Crimes Commission, EFCC, over allegation of tax evasion, money laundering and advanced fee fraud.

The court granted the request for a warrant of his arrest after the motion was moved by John Paul Eze Esq. of O. J Law Consult

The presiding judge, Okechukwu John Akweke, held, “Upon hearing and listening to the Complainant counsel John Paul C. Eze Esq. praying before this Honourable court for the following: AN ORDER: of this Honourable court applying that bench warrant be issued against the defendants (Echefu and his company) to compel their appearances before the court in line with Section 113 of the Administration of Criminal Justice Act 2015.

“IT IS HEREBY ORDERED THAT: A Bench warrant is hereby issued against the defendants. The Commissioner of Police FCT Abuja is accordingly ordered to arrest defendants “and bring them before this court on or before next adjourn date to enable them stand their trial.”

The case has been adjourned to 9th of December 2024.

The complainant, BCGNEEDS, told the court that Echefu, under false pretence used Briech Intelligence Fusion Limited, his company, to request for supply of Drones and Accessories from the complainant worth $651,280.00 USD.

According to the complainant, the request was done via a Local Purchase Order with Ref: BIFC/LPO/TS/ABJ/088106 dated the 21st day of October, 2022 to the complainant.

The complainant told the court, “That after the supply of the drone and accessories by the complainant, the defendant became incommunicado and refused to pay the complainant since 21st of October, 2022 till today, in spite of several demand letter and verbal demand.

“The defendants criminally converted the drones, accessories and the sum of $651,280.00 USD under false pretence of doing business with the complainant.”

This is not the first time Echefu has been implicated in allegations of fraud.

In another charge before the Federal High Court marked FHC/ABJ/CR/254/2023, Echefu, Igboanuga, TSTV and another company, Briechberg Investment Limited, were listed as the first to fourth defendants, respectively.

In the charge, Echefu and Igboanuga were said to have on May 18, 2020, committed money laundering bordering on tax evasion, 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 on May 18, 2020, diverted to their personal use N33. 9m, N13. 5m and N19. 4m tax money payable to the federal government in breach of section 15 of the Money Laundering Prohibition Act.

Bright Echefu, on his part, was said to have defrauded Turaki Tanimu of N969m under false pretence.

Tanimu is a former minister of the Federal Republic of Nigeria and was present in court to witness the arraignment of the defendants.

The charges further stated 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 a loan to acquire modern equipment for his telecom company.

The money was said to have been paid into Briechberg Investment Limited with account number 1015561485 domiciled at Zenith Bank.

On the same day, Echefu was said to have obtained another N380m, paid into the same account for the same purpose, while another N400m was also allegedly received by him on the same day and for the same purpose from Tanimu who is also the MD of BYI General, and paid into the same account.

On May 18, 2020, Turaki, 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 Echefu for the same purpose.

After the charges were read to them, the duo who were docked pled not guilty to all charges.

The prosecution counsel, Sylvanus Tahir, had told the court that the matter was for arraignment when it was called upon.

The defence counsel, Eyitayo Fatigun on behalf of the two defendants, asked the court to grant his client bail.

“In October 2023, we filed for a bail application for the defendants. It is a nine-paragraph affidavit deposed to. The further affidavit was filed on June 5. We plead that your lordship admits the defendants to bail,” he pleaded.

Tahir, however, vehemently objected to this. He asked the court not to grant the defendants bail after they pleaded not guilty to the charges preferred against them.

He said the defendants pose a flight risk and have been evading arrest since June 2023, which was when the charges were first brought against them.

“Following they’re not guilty plea, the defendants should be remanded in prison. They have been evading arraignment since last year.

“This charge was brought against them on June 9, 2023. It will be one year in three days my Lord and we have not been able to arraign them.’

“We ask for an accelerated hearing,” the prosecution said.

Justice Ekwo, however, asked Tahir if the EFCC had previously granted the defendant administrative bail which he responded in the affirmative.

In a short ruling, Justice Ekwo granted the duo bail adopting EFCC’s administrative bail conditions as granted to them previously.

“What I will do is to allow the terms of the administrative bail you granted them to continue.”

Festus Keyamo: Bishop Oyedepo’s jet requires my approval to fly

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Private planes, especially those owned by well-known individuals like Bishop David Oyedepo, are subject to stringent clearance procedures before entering or departing Nigeria, the government has reaffirmed.

In an interview with Channels TV on Sunday, Festus Keyamo, Minister of Aviation and Aerospace Development, revealed this.

Keyamo claimed that no drone or private aircraft could take off or land without adhering to the correct protocols.

He clarified that all private aircraft must first touch down at an international airport so that Customs, Immigration, and the NDLEA may process them thoroughly.

This process ensures adherence to established security measures and is required even for departures.

Keyamo’s comments came after recent discussions over Nigerian private airports. Amid claims of security lapses connected to illicit arms imports, the House of Representatives had previously demanded the cancellation of licenses given to certain people and institutions, including Bishop Oyedepo.

Read Also: Access Bank refutes claims of missing N500m funds

“Authorities closely monitor airstrip operations to ensure that all aircraft are properly cleared,” Keyamo emphasized in response to these worries. The administration places a high priority on aviation safety and accountability, he informed the public.

The government has taken this position in an attempt to stop illegal usage of private airports.

The minister’s remarks, which emphasize the harmony between security and operational ease for private aircraft owners, have reignited interest in Nigeria’s private aviation laws.

Access Bank refutes claims of missing N500m funds

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Access Bank Plc has refuted claims of unethical bank practices and lost funds totaling up to N500 million.

Access Bank stated in a statement released on Sunday that it had been aware of a social media video that contained accusations of unethical behavior and missing money.

First and foremost, we would like to stress how seriously we treat the safety and security of our customers’ money as a top priority. Second, no unethical behavior is involved with or tolerated by Access Bank Plc. The claims of missing money in the Bank in this particular case are completely false and unfounded.

“Neither the subject customer’s account nor any other customer’s account with us is missing N500 million or any other funds or amounts. These claims have been thoroughly examined by us and other impartial banking sector stakeholders, who have independently reached the same conclusions.

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“Access Bank PLC upholds the highest moral standards in our business practices, safeguarding the interests of our clients while adhering to privacy regulations. Therefore, we must caution the public not to depend on or believe sensational and unconfirmed allegations that are intended to titillate and mislead the public, even though we have engaged and will continue to interact with our customers,” the bank said.

AMCON urges judiciary to facilitate N5trn debt recovery

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Gbenga Alade, the managing director and chief executive officer of Asset Management Company of Nigeria (AMCON), has called on the judiciary to accelerate the resolution of matters pertaining to AMCON within the 60–90 day period allotted under the AMCON Act.

He maintained that this is essential to the company’s ability to collect billions of naira in unpaid debts.
Even after 14 years of operation, AMCON still has a sizable loan portfolio of about N5 trillion, with the CBN responsible for a substantial amount of the company’s debt, according to Alade.

“Judicial support is crucial in addressing AMCON’s extensive backlog of over 3,000 cases,” Alade said during a “Stakeholders Retreat with the Senate Committee on Banking, Insurance, and other Financial Institutions” over the weekend.

From the court of first instance to the Supreme Court, we have over 3,000 cases pending in different courts around the nation. Our relationship with the leadership of these courts has been deeper over time,” he stated.

“We hope that AMCON cases would be adjudicated within the time limit enshrined in the AMCON Act,” Alade said, describing how AMCON’s recovery operations are becoming more and more dependent on court efficiency.
He pleaded with the senators to keep helping increase government agencies’ knowledge of the dangers of doing business with debtors (contractors) who owe AMCON money.

Alade stated that despite early difficulties, recoveries had advanced significantly, with AMCON having so far collected almost N2.011 trillion. Among other things, this number includes 44% in cash recoveries and 56% from the sale of proprietary assets, clawbacks, and repurchases.

Since its founding, the company has successfully sold assets worth about N651 billion, helping to save jobs and save businesses all over Nigeria.
Alade went on to say that between 2013 and 2023, AMCON paid N2,929 trillion to the Central Bank of Nigeria (CBN), which included AMCON recoveries and other Deposit Bank contributions to the Sinking Fund.

There are differing views on AMCON’s future, though, and the organization is at a pivotal point. Given the ongoing difficulties in the financial sector, some call for its winding down, while others support its continued existence.
Alade voiced worries that an early AMCON shutdown may result in a rise in non-performing loans and possible bank failures.

“I wonder if there were any lessons learned from past activities,” he remarked. According to him, AMCON decided to keep pursuing the recovery of debts due by a small number of people who would rather stay in court than pay off their bills.

They think that as the Corporation’s sunset date approaches, they will get away with it and the debt will be added to the country’s already high level of domestic debt. Since tax payers’ money might be used to pay off these obligations, we won’t let this happen.

In actuality, only over 350 obligors account for more than 70% of the Corporation’s total debt profile. He noted that some of these obligors still have government contracts, fly private jets, and lead opulent lives.

The retreat’s theme, according to Senator Adetokunbo Abiru, chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, gave senators a priceless chance to consider the crucial role AMCON has played in stabilizing the financial sector and to map out the future in light of its sunset clause.

He pointed out that the Corporation was created as an intervention organization to stop the banking sector’s drift toward non-performing loans (NPLs), which have a negative effect on depositors and the economy as a whole.

“It is true that the establishment of AMCON has been largely successful in stabilizing the banking sector, as the acquisition of Eligible Banks Assets (EBA) restored much-needed liquidity to the banking system and contributed to the restoration of confidence in the financial sector,” he emphasized.

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“Without a doubt, AMCON was established at a time of considerable turmoil, in the wake of the global financial crisis of 2008, to clean up the books of many ailing banks,” he said, adding that “numbers of banks were rescued from the brink of collapse as a result of AMCON’s interventions, saving thousands of jobs.”

He pointed out that they have to acknowledge the fact that AMCON was not intended to be a long-term presence in the nation’s financial system.

Although the AMCON Amendment Act of 2021 stipulates that a resolution of the National Assembly may prolong the present tenor, I am aware that it extended AMCON’s existence for an additional five years. Since it is almost difficult for the Corporation to recoup significant loans by 2026, when it is anticipated to wind down, we are at a critical juncture when we must move past AMCON.

“Unfortunately, even after 14 years of operation, AMCON still has a sizable loan portfolio worth about N5 trillion, with the CBN responsible for a sizable amount of AMCON’s debt,” he emphasized.

Governor Diri delegates authority to deputy during leave

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Duoye Diri, the governor of Bayelsa State, has continued his yearly leave.

The governor has delegated authority to Senator Lawrence Ewhrudjakpo, his deputy.

Governor Diri said that his leave will begin today, November 25, 2024, via a post on his X account.

In February of this year, Diri, who was sworn in for a second term, said that he had had an extremely busy year. He did, however, reassure the people of Bayelsa State that the state’s government would not be impacted by his absence.

“I am proceeding on my annual leave with effect from today, November 25, 2024,” he said.

Since our inauguration for the second term in February of this year, I have had a very busy year.

“My absence won’t have any impact on the state’s government because His Excellency Senator Lawrence Ewhrudjakpo, @iamElaw, is the deputy governor and has the authority to oversee all state operations.

Additionally, my absence won’t in any way hinder the completion of any ongoing projects or programs by other departments, ministries, or organizations.

“With the completion of the restringing of the damaged Ahoada-Yenagoa 132kV line, I am pleased that our intervention in the repairs of the vandalized towers is producing results regarding the extended blackout in the State.

Our action was solely for the benefit of the public, as the transmission line is not owned by the Bayelsa State Government.

“I am aware of the suffering and financial losses our people have experienced as a result of the blackout. The people that suffer the most are business owners!

“After the recently vandalized conductor at towers 29 to 31 is replaced, I am optimistic that electricity will be restored shortly thanks to the extensive repair work completed thus far.

Read Also: FG reveals key insights on petrol subsidy, currency floating, announces savings

Additionally, I have received trustworthy information that Ula Ikata and Ihuike communities in Ahoada-East LGA of Rivers State have both local and conventional security in place to guard the area until additional repairs are finished.

“Our government has started the process of developing our own Independent Power Plant through the purchase and installation of new gas turbines, even as we fight to restore public power.”

In keeping with our ASSURED Prosperity Agenda, we are dedicated to guaranteeing a consistent supply of power throughout the State.

“Happy New Week, everyone, as I formally begin my leave. “Nua!”

FG reveals key insights on petrol subsidy, currency floating, announces savings

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The Federal Government claims that by eliminating the gasoline subsidy and switching to market-based foreign exchange pricing, it has saved an astounding $20 billion.

At an event in Abuja commemorating the first 100 days of Esther Walso-Jack’s tenure as the Federation’s Head of the Civil Service, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, made the announcement.

The minister claims that the two subsidies take five percent of the nation’s GDP. Edun clarified that the subsidies were costing the nation $20 billion in total, given an average GDP of $400 billion.

Both PMS and foreign exchange subsidies together cost 5% of GDP when they were in place. Five percent of an average GDP of $400 billion is $20 billion, which could now be used for social services, education, health care, and infrastructure, he said.

The minister added that there have been major changes since the gasoline subsidy was eliminated and market-based foreign exchange pricing was implemented.

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“The true shift is that nobody can wake up and target the Central Bank’s cheap funding or forex to enrich themselves without contributing value.”

“In a similar vein, it is no longer feasible to profit from the ineffective gasoline subsidy system,” he continued.

It is important to remember that on May 29, 2023, President Bola Tinubu formally terminated the gasoline subsidy program. This action was viewed as a significant step toward economic reform, and the government has been providing palliatives to lessen its effects on the populace.

Kukah reveals how Tinubu, Buhari, Jonathan, Obasanjo, and Others Became Presidents by Coincidence

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Many of Nigeria’s former leaders, such as President Bola Tinubu, Muhammadu Buhari, Goodluck Jonathan, and Olusegun Obasanjo, came to power by accident, according to Bishop Matthew Kukah, the Catholic Archbishop of the Sokoto Diocese.

Kukah claims that these leaders lacked the necessary skills to meet the ever-changing needs of governance.
He said these things on Sunday while giving the keynote presentation at the 4th Amaka Ndoma-Egba Memorial Lecture in Abuja and the opening of the new Start-Rite School facility.

“You will discover that practically every leader who rose to power in Nigeria did so by accident if you look at their leadership journey,” he remarked.
Kukah claims that the change in leadership is a clear example of this phenomena.

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President Tinubu, for example, who stated that he was ready for the position, is still getting his bearings, he remarked.
“President Tinubu is obviously having difficulties, even though he claims to be ready for the position,” he said. We’re still getting our bearings. Buhari, who had already withdrawn from politics, was replaced by him.

Jonathan, who never saw himself as president but was forced into the position by circumstance, was followed by Buhari. Yar’Adua, who intended to return to teaching following his governorship, was replaced by Jonathan.

“Yar’Adua took over as president after Obasanjo was abruptly released from prison. Prior to that, Abacha, who was set to rule perpetually unless nature stepped in, was replaced by Obasanjo. Abacha came after Shonekan, a businessman who was suddenly called up to head the nation. The cycle is clear, and knowledge and preparedness are the missing pieces in all of this.

Despite adopting democratic ideals such as “one man, one vote,” Kukah contended that Nigeria’s democratic process has consistently fallen short of producing capable leadership. He underlined that having a thorough awareness of the changing landscape and obstacles is essential for contemporary leadership.

Speaking at the ceremony, Brig. Gen. Buba Marwa, the Chairman of the National Drug Law Enforcement Agency (NDLEA), emphasized the need of developing leadership skills at a young age. He said that poor leadership and accountability were to blame for a lot of Nigeria’s problems.

Joe Igbokwe Criticizes Davido for Comment on Nigeria’s Economy is in shambles

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Singer Davido has come under fire from Joe Igbokwe, a leader of the All Progressives Congress (APC), for cautioning Americans against moving to Nigeria.

It was remembered that Davido had cautioned Americans against considering moving to Africa, particularly Nigeria, in an American podcast, claiming that the continent’s economy is in “shambles.”

Igbo responded by calling for Davido to withdraw his statements, claiming that his identity was shaped by his homeland.

Read Also:Gov Okpebholo constitutes 14-member panel to investigate Obaseki

“My in-law Davido has made me sad by telling the world in America that Nigeria’s economy is in shambles,” he posted on his Facebook page. This is really depressing. I’ll tell him to take the statement down right away. Davido was created in Nigeria. QED!

Gov Okpebholo constitutes 14-member panel to investigate Obaseki

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A 14-member state Assets Verification Committee has been established by Edo Governor Monday Okpebholo to look into the former governor Godwin Obaseki’s administration.

The committee members will be sworn in on Tuesday, November 26, according to a statement made by the top press secretary to Benin’s governor, Fred Itua, on Sunday.

In addition to Prince Kassim Afegbua, Patrick Ikhariale, and Taiwo Akerele, Mr. Itua nominated the following members: Dr. Ernest Umakhihe, Chairman; Anslem Ojezua, Deputy Chairman; and Frank Edebor, Secretary.
Abdallah Eugenia, Patrick Obahiagbon, Kenny Okojie, Mrs. Lyndsey Tes-Sorae, Abass Braimoh, Rasaq Bello-Osagie, Fredrick Unopah, and Patrick Idiake are the other members.
Abdallah Eugenia, Patrick Obahiagbon, Kenny Okojie, Mrs. Lyndsey Tes-Sorae, Abass Braimoh, Rasaq Bello-Osagie, Fredrick Unopah, and Patrick Idiake are the other members.

The committee became necessary to put the state on the path of development and responsible leadership, according to the statement.

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“The Godwin Obaseki-led government produced extremely limited and scarce assets and liabilities of the state, despite repeated pleas for a more comprehensive database of the previous administration’s assets and liabilities.

“A committee composed of esteemed sons and daughters from Edo State must be established in accordance with the governor’s campaign pledge to guarantee probity, accountability, and transparency in government and to strengthen the governance process,” the statement stated.

Dangote Refinery reduces petrol price to N970/litre

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Dangote Petroleum Refinery has announced that the price of Premium Motor Spirit (PMS), or gasoline, has dropped. The former pricing of N990 per liter has been reduced to N970 each. Anthony Chiejina, the refinery’s Group Chief Branding and Communications Officer, released the news in a statement on Sunday.

He described the price cut as a thank you to Nigerians for their unwavering support during the refinery’s transition to operational status. “This price reduction as the year comes to an end is a testament to our appreciation for the amazing Nigerian people, who have played a crucial role in making the refinery’s vision a reality,” Chiejina said.

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Additionally, he thanked the Nigerian government for its support, highlighting that the price cut is in line with government initiatives to support local businesses for the benefit of all.
Chiejina informed customers that the refinery is equally focused on environmental sustainability as it is on providing premium petroleum products.
In order to allay any worries about supply shortages, we are committed to raising production levels to not only meet but surpass domestic fuel needs,” he continued. This price change demonstrates Dangote Petroleum Refinery’s continued dedication to bolstering the Nigerian economy and improving public access to fuel.