Ibeto Energy Development Company Chairman Repays N1.5 Billion in Fraud Case, Plea Bargain Continues

By: Efemena Peter / March 12th, 2024 / 54 views


The EFCC informed Justice Oyindamola Ogala of the Lagos High Court in Ikeja that Cletus Ibeto, the Chairman of Ibeto Energy Development Company, has reimbursed N1.5 billion in two installments regarding the N4.8 billion fraud accusations he faced in court. Rotimi Jacobs, SAN, representing the EFCC, disclosed this information on Monday. He mentioned that Ibeto made the payments as part of the ongoing plea bargain discussions with the EFCC. Rotimi clarified that the defendants agreed to settle the remaining amount within the next three months. Adebayo Oshodi, representing the defendants, neither confirmed nor denied the statements. Ibeto, along with his companies Ibeto Energy Development Company and Odoh Holdings Ltd, are facing a 10-count charge related to conspiracy, fraud, forgery, and fraudulent use of documents filed by the EFCC.

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