EFCC informs Court: Ibeto returns N1.5bn in alleged N4.8bn fraud case

The Economic and Financial Crimes Commission (EFCC) informed Justice Oyindamola Ogala of the Lagos High Court, sitting in Ikeja, that the Chairman of Ibeto Energy Development Company, Cletus Ibeto, has reimbursed N1.5bn in two installments concerning the N4.8bn fraud accusations leveled against him before the court.

According to the counsel to the EFCC, Senior Advocate of Nigeria Rotimi Jacobs, the payment was made as part of the ongoing plea bargain negotiations between the anti-graft agency and the defendants. Jacobs further disclosed that the defendants have committed to settle the remaining balance within the next three months.

Counsel representing the defendants, Adebayo Oshodi, neither confirmed nor denied these assertions.

Ibeto, along with his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, faces a 10-count charge involving allegations of conspiracy, fraud, forgery, and fraudulent document use brought forth by the EFCC.

However, the proceedings could not proceed on Monday due to disputes between the prosecution and defense regarding which application should be heard first.

While Oshodi advocated for the court to consider the defendants’ application challenging the territorial jurisdiction, Jacobs argued against it, citing that the issues raised were already pending before the Court of Appeal.

Jacobs also highlighted an order issued by the former Judge, Justice Ismail Ijelu, prior to the case transfer to Justice Ogala, directing Ibeto’s arrest. This order was based on alleged non-appearance of the defendants in court. Jacobs emphasized that until the order is vacated or Ibeto appears in court to enter his plea, the judge cannot entertain any applications.

The Lagos State Director of Public Prosecution (DPP), Dr. Babajide Martins, who appeared as an interested party, mentioned filing an Amicus Curiae brief to aid the judge in determining the appropriate course of action for the case.

After considering all submissions, Justice Ogala adjourned the case to allow for thorough review of the case file and decision-making regarding trial proceedings. Further hearings are scheduled for April 15.

The EFCC had initiated charges against Ibeto and his companies last year. However, the defendant’s arraignment was delayed on multiple occasions due to his failure to appear in court, despite legal representation. This led to a bench warrant issued by former trial judge, Justice Ismail Ijelu, in response to the prosecution’s request on November 3, 2023.

Subsequently, Ibeto challenged the decision at the Court of Appeal and filed petitions to the Chief Judge and the Attorney General of Lagos seeking review and intervention in the case. As a result, the Chief Judge reassigned the case to Justice Ogala.