THE Chairman/CEO of Ibeto Energy Development Company, Cletus Ibeto, will be charged tomorrow, before the Lagos State High Court in Ikeja by the Economic and Financial Crimes Commission (EFCC) for an alleged N4.8 billion fraud.
Trial judge, Justice Ismail Ijelu set October 5, 2023 as the date for his arraignment following the businessman’s inability to appear in court for his arraignment.
The EFCC had filed a 10-count charge against the defendant and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, before the court, alleging conspiracy, fraud, forgery, and fraudulent use of documents.
At the court’s last sitting, the defence lawyer, Dr Onyechi Ikpeazu (SAN), had told the court that his client was absent due to ill health and not because he had no regard for the court.
The senior lawyer also informed the court that the defendants had already approached the prosecution for an out-of-court settlement and that negotiations were ongoing.
The EFCC prosecutor, Rotimi Jacobs, reminded the judge that the case was adjourned at the last proceeding owing to the absence of the defendants. He, however, agreed that the parties could explore out-of-court settlements if the defendants were serious and committed to the process.
Before adjourning the case to tomorrow, Justice Ijelu frowned at the defendants’ attitude, noting that the court can not assume jurisdiction over the matter until the defendants submitted themselves for trial by appearing to take their plea.
The judge also stated that the case had been deferred twice at the request of the defendants, and that if they wanted to pursue an out-of-court settlement, they needed to first submit themselves for trial.
According to the prosecution, plea bargain talks have so far failed, thus the proceedings will resume in court, beginning with the defendants’ arraignment.
According to Count 1 of the charge, Ibeto, Ibeto Energy Development Ltd, and Odoh Holdings Ltd obtained the sum of N4.8bn from Dozzy Oil & Gas Ltd and Sir Daniel Chukwudozie between June 2016 and May 2017 within the jurisdiction of the court by false pretence and with intent to defraud, purporting it to be a consideration for 22.6536 hectares of land which he claimed to have at the end of Reclamation Road Layout
Count 2 alleges that the defendants received N2.5 billion from their victim in exchange for a non-existent 14.1 hectares of land, while Count 3 alleges that they falsified various documents.
Section 1 of the Advance Fee Fraud Act of 2006, Sections 365(3d) & (e), and Section 366 of the Lagos State Criminal Law of 2015.
The offense is punishable by imprisonment for no less than 7 years and no more than 20 years, with no option for a fine.
