N4.8bn Fraud Case Takes Unexpected Turn As Ibeto Seeks Out-Of-Court Settlement

N4.8bn Fraud Case Takes Unexpected Turn As Ibeto Seeks Out-Of-Court Settlement

In a surprising twist to the N4.8 billion alleged fraud case involving the Chairman of Ibeto Energy Development Company, Cletus Ibeto, the Economic and Financial Crimes Commission (EFCC) revealed that Ibeto is now seeking an out-of-court settlement…..CONTINUE READING

The EFCC had charged Ibeto, along with his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, with 10 counts, including conspiracy, fraud, forgery, and fraudulent use of documents.

Despite repeated hearing notices, Ibeto had failed to appear before the Lagos State High Court in Ikeja for his arraignment. This led to Justice Ismail Ijelu issuing an arrest warrant on November 3, 2023.

However, in a recent turn of events, Ibeto approached the Appeal Court to nullify the arrest warrant. At the last hearing, Ibeto’s legal team, led by Wole Olanipekun (SAN), expressed readiness to proceed with the appeal.

In response, EFCC’s counsel, Rotimi Jacobs (SAN), revealed that there were indications of a plea bargain arrangement between Ibeto and the EFCC.

“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 stated.

Acknowledging this development, the three-man panel of the Court of Appeal, led by Justice Muhammed Mustapha, adjourned the case until May 7, 2024, for the hearing of interlocutory applications and the main appeal.

The unexpected move towards an out-of-court settlement adds a layer of intrigue to a case that has been marked by legal maneuvering and the elusive appearance of the accused before the court.

The forthcoming hearing promises to unveil the details of this potential resolution and its implications for the ongoing legal proceedings.