The Economic and Financial Crimes Commission (EFCC) has disclosed that Cletus Ibeto, the Chairman of Ibeto Energy Development Company facing allegations of N4.8 billion fraud, has initiated contact with the commission to explore the possibility of resolving the case through an out-of-court settlement.
The EFCC brought charges against Ibeto, his companies Ibeto Energy Development Company, and Odoh Holdings Ltd, encompassing 10 counts related to conspiracy, fraud, forgery, and fraudulent use of documents.
However, Ibeto did not show up for his arraignment at the Lagos State High Court in Ikeja. On November 3, 2023, Justice Ismail Ijelu issued an arrest warrant for him after he failed to appear in court on four separate occasions, despite receiving multiple hearing notices.
Subsequently, the defendant appealed to the Court of Appeal, seeking to invalidate the arrest warrant issued by the court.
During the recent appeal hearing, Ibeto’s legal representative, Wole Olanipekun (SAN), along with two other Senior Advocates of Nigeria, Uche Obi (SAN), and Bode Olanipekun (SAN), conveyed their readiness to proceed with the appeal.
However, the EFCC’s counsel, Rotimi Jacobs (SAN), took a different stance and apprised the court of substantial indications that both parties were considering an amicable out-of-court settlement. Jacobs suggested that the court should allow room for such an initiative rather than proceeding with the hearing of the case.
“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 said.
In light of this development, the Court of Appeal’s three-man panel, headed by Justice Muhammed Mustapha, has postponed the case to May 7, 2024.
The adjournment is intended for addressing interlocutory applications and the main appeal. Additional members of the panel include Justice Folashade Ojo and Justice Abdullahi Bayero.