Court Renews Order of Arrest Against Mr. Bright Echefu for Allegedly Defrauding BCGNEEDS Company of $651,280.00 USD

A Chief Magistrate Court sitting in Bwari, Federal Capital Territory has renewed and extended its order of arrest against Mr. Bright Echefu, Owner of Briech Intelligence Fusion Limited to January 14, 2025.

On November 19, 2024, the court had ordered the arrest of Mr. Bright Echefu, following his failure to appear before the court on the allegation of defrauding BCGNEEDS Company of the sum of $651,280.00 USD.

In a prior appearance, Mr. Bright Echefu’s lawyer, had communicated that his client was not within jurisdiction. On December 9, 2024, Mr. Bright Echefu’s lawyer told the court again that Mr. Echefu had traveled out of jurisdiction and requested that the court allow him time to produce Mr. Echefu in court when he returns. BCGNEEDS’ lawyer argued that Mr. Echefu has no justifiable reason not to be in court but has only been evading arrest. He further requested the court to extend the order to enable the Police effect his arrest.

After hearing from the Police on the efforts they are making to arrest Mr. Echefu, the court patiently listened to the parties and renewed the order of arrest against Mr. Bright Echefu. The court adjourned the case to January 14, 2025.

Mr. Bright Echefu, who is also the Owner of Telecom Satellite Television, is said to have allegedly defrauded BCGNEEDS Company of the said amount under the pretence of supply of drones and accessories. BCGNEEDS told the court that Mr. Echefu, under false pretence used Briech Intelligence Fusion Limited, to request for supply of Drones and Accessories worth $651,280.00 USD from BCGNEEDS via a Local Purchase Order with Ref: BIFC/LPO/TS/ABJ/088106 dated the 21st day of October, 2022.

BCGNEEDS also told the court that after the delivery of the drones and accessories, Mr. Echefu became incommunicado and refused to pay, since 21st of October 2022 till date. Despite several demands, Mr. Echefu criminally converted the drones, accessories, and the sum of $651,280.00 USD under false pretence of doing business with BCGNEEDS Company.

This is not the first time Mr. Echefu has been implicated on allegations of fraud. It will be recalled that Mr. Echefu had earlier been arraigned before the Federal High Court in Abuja, by the Economic and Financial Crimes Commission, EFCC, on allegation of tax evasion, money laundering and advanced fee fraud.

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

Mr. Bright Echefu was also said to have defrauded Turaki Tanimu, a former minister of the Federal Republic of Nigeria, of N969m under false pretence. The money was said to have been paid into Briechberg Investment Limited with account number 1015561485 domiciled at Zenith Bank.

It would appear that the issue of evading arrest raised by the prosecution in the criminal charge by EFCC against Mr. Echefu at the Federal High Court is also playing out in this case where BCGNEEDS’ lawyer has also complained that Mr. Echefu has been evading arrest. Whether Mr. Echefu will turn himself in voluntarily or be brought to court on the next adjourned date by his lawyer; or whether he will be arrested by the Police in line with the order of bench warrant granted by the Court in this case remains to be determined.

President Bola Ahmed Tinubu and Vice President Kashim Shettima will spend N9.36 billion on local and foreign travels as well as refreshments in the coming year.

This is contained in the details of the 2025 Appropriation Bill released by the Ministry of Budget and Economic Planning.

The president had, on Wednesday, present the N49.7 trillion 2025 budget proposals to a joint session of the National Assembly.

The fiscal document is christened: ‘Restoration Budget, Securing peace and building prosperity.’

According to the budget proposal, Tinubu will spend N7.44 billion on travels and refreshments; while Shettima will spend N1.9 billion for same.

The president’s international travels in 2025 will gulp N6.14 billion; and his local trips, N873.9 million.

Also, the sum of N431.6 million was earmarked for Tinubu’s refreshments and meals as well as foodstuffs and catering supplies.

The vice president’s international travels in 2025 will gulp N1.31 billion; and local trips, N417.5 million.

Refreshments and meals as well as foodstuff and catering supplies for the vice president will gulp N186.02 million.

In 2024, President Tinubu, Vice President Shettima, and First Lady Remi Tinubu spent not less than N5.24 billion on local and foreign travel between January and March 2024, according to an analysis of the travel expenses using GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending.

Presidency to spend N10.6bn on cars, honorarium, fuel, SAs office

The Office of the President also proposed N4,760,035,960 for vehicles, with N3,661,566,123 for the purchase of State House operational vehicles and N1 billion for the replacement of Sport Utility Vehicle (SUVs).

Another N255,728,214 was budgeted for purchase of cars, with N127,864,107 set aside for the procurement of SUVS for the president and vice president as well as N127,864,107 for the purchase of operational vehicles at the Presidential Conference Car Unit (CCU) fleet.

The sum of N5,938,883,548 was proposed for honorarium, construction for Special Advisers and Senior Special Assistants’ Office Complex and fuel for generators.

The budget proposals showed that N2,118,521,128 was earmarked for sitting allowance/honorarium, N1,989,579,359 for fuel and N1,830,783,061 (billion) is for construction of office complex for SAs and SSAs.

2025 Appropriation Bill scales second reading

The National Assembly yesterday passed the N49.7tn ‘Restoration’ Budget for a second reading.

The budget was passed by both the Senate and the House of Representatives after various deliberations on the bill’s general principles by senators and members of the House of Representatives at their separate sittings.

In the Senate, the budget was passed and referred to the Committee on Appropriations after being put to a voice vote by the Senate President, Godswill Akpabio, who presided over the session.

Similarly, in the House of Representatives, the appropriation bill was passed for second reading and referred to the House Committee on Appropriation for further legislative actions.

Also, the House also passed through Second Reading, a Bill to extend the capital component of the 2024 Budget to June 30th, 2025.

The bill was presented on the floor of the House by the House Leader, Rep. Julius Ihonvere.

It was titled, ‘A Bill for an Act to Amend the Appropriation Act, 2024 to extend the Implementation of the Capital Component of the Appropriation Act, 2024 from 31 December, 2024 to 30 June 2025 and for Related Matters (HB.2023).’

Meanwhile, both chambers of the National Assembly have adjourned sittings to January 14, 2025, to observe recess for the yuletide celebrations.

Trust

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.