N4.8bn Fraud Case: Ibeto Seeks Out-of-Court Settlement, Says EFCC

Cletus Ibeto, Chairman of Ibeto Energy Development Company, facing allegations of N4.8bn fraud, has reportedly approached the Economic and Financial Crimes Commission (EFCC) with a request for an out-of-court settlement. The EFCC had charged Ibeto, along with his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, with 10 counts, including conspiracy, fraud, forgery, and fraudulent use of documents. Despite an arrest warrant issued against him for failing to appear in court for arraignment, Ibeto has sought to nullify the warrant through an appeal. At the last hearing, Ibeto expressed interest in a plea bargain, indicating a willingness to repay the allegedly obtained funds. The Court of Appeal has adjourned the case to May 7, 2024, to consider interlocutory applications and the main appeal amid indications of a possible settlement.