The Economic and Financial Crimes Commission (EFCC) has revealed that Cletus Ibeto, the Chairman of Ibeto Energy Development Company, who is accused of a N4.8bn fraud, has approached the commission expressing a desire to resolve the case through an out-of-court settlement.
The EFCC had brought charges against Ibeto, his company Ibeto Energy Development Company, and Odoh Holdings Ltd, involving 10 counts related to conspiracy, fraud, forgery, and fraudulent use of documents. Despite this, Ibeto has not made an appearance at the Lagos State High Court in Ikeja for his arraignment.
Justice Ismail Ijelu issued an arrest warrant for Ibeto on November 3, 2023, after he failed to appear before the court on four separate occasions for his plea, despite receiving multiple hearing notices.
In response, Ibeto sought the nullification of the arrest warrant through an appeal to the Court of Appeal. During the latest appeal hearing, Ibeto’s legal team, led by Wole Olanipekun (SAN), along with Uche Obi (SAN) and Bode Olanipekun (SAN), expressed readiness to proceed with the appeal.
However, EFCC’s counsel, Rotimi Jacobs (SAN), informed the court about ongoing discussions indicating a possible amicable settlement outside of court. Jacobs revealed that Ibeto has approached the EFCC to negotiate a plea bargain arrangement and has committed to repaying the funds obtained from the nominal complainant, Daniel Chukwudozie.
In light of these developments, the three-man panel of the Court of Appeal, led by Justice Muhammed Mustapha, has adjourned the case until May 7, 2024, for the hearing of interlocutory applications and the main appeal. The other panel members include Justice Folashade Ojo and Justice Abdullahi Bayero.