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EFCC Reports N1.5bn Repayment by Ibeto in Alleged N4.8bn Fraud Case

IMG 20240311 175524 jpg REPORT AFRIQUE International EFCC Reports N1.5bn Repayment by Ibeto in Alleged N4.8bn Fraud Case

The Economic and Financial Crimes Commission (EFCC) informed Justice Oyindamola Ogala of the Lagos High Court that Cletus Ibeto, Chairman of Ibeto Energy Development Company, has reimbursed N1.5bn in two instalments regarding the N4.8bn fraud allegations against him.

Rotimi Jacobs, EFCC’s Senior Advocate of Nigeria, revealed this during ongoing plea bargain discussions, mentioning Ibeto’s commitment to settling the remaining balance within three months.

Ibeto, along with his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, faces a 10-count charge related to conspiracy, fraud, forgery, and fraudulent document use.

While the defence counsel, Adebayo Oshodi, neither confirmed nor denied the repayment, discussions between the prosecution and defence delayed proceedings as they debated the hearing of jurisdictional challenges.

The EFCC cited an order by former Judge Justice Ismail Ijelu, who previously presided over the case, directing Ibeto’s arrest due to alleged court non-appearance. However, the case was transferred to Justice Ogala after Ibeto challenged the decision at the Court of Appeal.

The court adjourned further proceedings to April 15 for review, with the EFCC having charged Ibeto and his companies last year, but the arraignment was delayed multiple times due to Ibeto’s absence despite legal representation.


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