TStv MD, Shiny Echefu ordered to pay ex-minister Turaki $1.42m, N938m debt

A excessive court docket within the federal capital territory (FCT) has ordered Shiny Echefu, managing director of Telcom Satellites Restricted (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 Shiny Echefu went on to launch LUFT TV, one other satellite tv for pc tv enterprise.

Based on Turaki’s sworn assertion, the TStv MD obtained the loans below false pretences.

The previous minister mentioned that, below strain from Echefu, he was launched to Tudu Ventures Nigeria, the place the defendant secured extra 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 get better the funds.

Partial judgment in favour of Tudu Ventures was delivered in opposition to TStv and its MD on November 22, 2022.