The Economic and Financial Crimes Commission (EFCC) has disclosed that Cletus Ibeto, the Chairman of Ibeto Energy Development Company, who is facing a N4.8 billion alleged fraud charge, has approached the commission expressing his intention to settle the case out of court.
The EFCC had charged Ibeto, along with his companies Ibeto Energy Development Company and Odoh Holdings Ltd, with 10 counts related to conspiracy, fraud, forgery, and fraudulent use of documents. Despite the charges, Ibeto had failed to appear for his arraignment at the Lagos State High Court in Ikeja.
Justice Ismail Ijelu, on November 3, 2023, issued an arrest warrant for Ibeto after he missed court appearances on four different occasions. However, Ibeto took the matter to the Appeal Court, seeking to nullify the arrest warrant.
During the recent hearing of the appeal, Ibeto’s legal team, led by Wole Olanipekun (SAN), expressed readiness to proceed with the hearing. In response, EFCC’s counsel, Rotimi Jacobs (SAN), informed the court about ongoing discussions between the parties to settle the matter out of court. Jacobs revealed that Ibeto had approached the EFCC for a plea bargain and committed to reimbursing the alleged defrauded amount to Daniel Chukwudozie, the nominal complainant.
Given these developments, the three-member panel of the Court of Appeal, headed by Justice Muhammed Mustapha, adjourned the case until May 7, 2024. The adjournment is scheduled for the hearing of interlocutory applications and the main appeal. Other members of the panel include Justice Folashade Ojo and Justice Abdullahi Bayero.
