Justice Oyindamola Ogala of the Lagos High Court in Ikeja has adjourned the trial of Cletus Ibeto, Chairman of Ibeto Energy Development Company, till October 24, 2024. Ibeto, along with Ibeto Energy Development Company and Odoh Holdings Ltd, faces 10-count charges from the Economic and Financial Crimes Commission (EFCC) involving alleged fraud of N4.8bn.
The charges include obtaining by false pretenses, fraudulent conversion of property, criminal breach of trust, forgery, and deception. The first count accuses Ibeto and the companies of obtaining N4.8bn from Dozzy Oil & Gas Ltd and Sir Daniel Chukwudozie under the false pretense of providing 22.6536 hectares of land, when only 7.9 hectares were available.
Another charge alleges that on January 30, 2018, Ibeto and the companies forged a deed of sublease, falsely claiming it was registered in the Lands Registry, Rivers State. The defendants are also accused of obtaining N2.5bn for a non-existent 14.1 hectares of land. These offenses violate Section 1 of the Advance Fee Fraud Act 2006 and Sections 365(3d) and 366 of the Criminal Law of Lagos State, 2015.
During Thursday’s proceedings, prosecution counsel Rotimi Jacobs, SAN, expressed concerns over the defense’s intentions, highlighting Ibeto’s preference for negotiating debt repayment over court appearances. Jacobs stated, “We need to know their plans. Are they continuing litigation or negotiating an out-of-court settlement?”
Defense counsel Adebayo Oshodi sought to re-list an application challenging the court’s territorial jurisdiction, which Jacobs opposed, noting it was previously withdrawn. Justice Ogala sided with the prosecution but refrained from commenting on the settlement negotiations.
The case will resume on October 24, 2024.
