N4.8 BILLION FRAUD: IBETO REQUESTS SETTLEMENT OUTSIDE OF COURT — EFCC

Babatunji Wusu –

According to the Economic and Financial Crimes Commission (EFCC), Cletus Ibeto, the chairman of Ibeto Energy Development Company, has addressed the commission with a plea to resolve the N4.8 billion fraud case out of court. Ibeto is accused of committing fraud.

The EFCC filed ten counts of conspiracy, fraud, forgery, and fraudulent use of documents against Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd.

Ibeto hasn’t, however, shown up for his arraignment at the Lagos State High Court in Ikeja.

Despite getting several notices of his hearing, Ibeto missed four court dates to make his plea, and on November 3, 2023, Justice Ismail Ijelu issued an order for his arrest.

In response, the defendant filed an appeal with the Court of Appeal to overturn the court-issued arrest warrant.

Ibeto’s attorney, Wole Olanipekun (SAN), and two other Senior Advocates of Nigeria, Uche Obi (SAN) and Bode Olanipekun (SAN), expressed their willingness to move forward with the appeal hearing during the most recent hearing.

However, Rotimi Jacobs (SAN), the EFCC’s attorney, told the court that there were strong signs from both sides to resolve the dispute outside of court. He recommended against moving on with the case hearing right now and instead give such an endeavor a chance.

“Ibeto has approached the EFCC seeking to enter a plea bargain arrangement and has also stated that he would pay back the money he obtained from the nominal complainant, Daniel Chukwudozie,” Jacobs said.