The Chairman of Ibeto Energy Development Company, Cletus Ibeto, facing charges of alleged N4.8 billion fraud, has approached the Economic and Financial Crimes Commission (EFCC) with a proposal 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 has yet to appear before the Lagos State High Court in Ikeja for his arraignment. Justice Ismail Ijelu issued an arrest warrant on November 3, 2023, after the defendant failed to appear on four different occasions, despite repeated hearing notices.
In response, Ibeto sought the nullification of the arrest warrant through an appeal to the Court of Appeal. At the last hearing, Ibeto’s legal team, led by Wole Olanipekun (SAN), expressed readiness to proceed with the appeal. However, EFCC’s counsel, Rotimi Jacobs (SAN), informed the court of ongoing discussions between the parties for an amicable out-of-court settlement.
“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 revealed.
In light of this development, the three-man panel of the Court of Appeal, headed by Justice Muhammed Mustapha, adjourned the case until May 7, 2024, for the hearing of interlocutory applications and the main appeal. The possibility of an out-of-court settlement introduces a new dimension to the legal proceedings, suggesting a potential resolution to the longstanding case involving Ibeto and the EFCC.
