Ibeto Repays N1.5bn in Alleged N4.8bn Fraud Case, EFCC Reports to Court

In a recent update on the ongoing trial of Cletus Ibeto, Chairman of Ibeto Energy Development Company, the Economic and Financial Crimes Commission (EFCC) informed Justice Oyindamola Ogala that Ibeto has reimbursed N1.5bn in two installments as part of the N4.8bn fraud allegations against him.

Senior Advocate of Nigeria, Rotimi Jacobs, representing EFCC, disclosed that this payment is part of the ongoing plea bargain negotiations between the anti-graft agency and the defendants. Jacobs also stated that the remaining balance is expected to be settled within the next three months.

The defendants, including Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, face a 10-count charge involving conspiracy, fraud, forgery, and fraudulent use of documents. However, during the latest court session, the defense counsel, Adebayo Oshodi, neither confirmed nor denied the payment details.

The trial faced delays on Monday due to disputes over the hearing of applications. Oshodi insisted on challenging the court’s territorial jurisdiction, while Jacobs argued that the issues raised were already before the Court of Appeal. The EFCC also pointed out an existing order for Ibeto’s arrest, emphasizing the need for the defendant to appear in court.

In response to the complex situation, Justice Ogala decided to adjourn the case until April 15 to thoroughly review the case file and determine the appropriate course of action. The EFCC initially charged Ibeto and his companies last year, with the trial facing multiple interruptions due to the defendant’s absence despite legal representation.