N4.8bn fraud: Ibeto begs for out-of-court settlement

The ongoing legal saga involving Cletus Ibeto, the Chairman of Ibeto Energy Development Company, has witnessed a new development, as the accused, facing charges of alleged N4.8 billion fraud, has expressed his intention to settle the case out of court, according to the Economic and Financial Crimes Commission (EFCC).

The EFCC had previously 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.

However, despite repeated hearing notices served on him, Ibeto failed to appear before the Lagos State High Court in Ikeja for arraignment. Consequently, on November 3, 2023, Justice Ismail Ijelu ordered his arrest after he had failed to appear before the court on four separate occasions.

In response, Ibeto sought the nullification of the arrest warrant through an appeal to the Court of Appeal. During the last hearing of the appeal, Ibeto’s legal team, led by Wole Olanipekun (SAN) and supported by Uche Obi (SAN) and Bode Olanipekun (SAN), expressed their readiness to proceed with the appeal.

However, Rotimi Jacobs (SAN), counsel for the EFCC, informed the court of significant indications suggesting that both parties were considering an amicable out-of-court settlement. Jacobs stated, “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.”