EFCC To Arraign Ibeto Today Over Alleged N4.8bn Fraud

Economic and Financial Crimes Commission (EFCC) is expected to arraign the Chairman of Ibeto Energy Development Company, Cletus Ibeto, before the Lagos State High Court in Ikeja over an alleged N4.8 billion fraud.

The trial judge, Justice Ismail Ijelu, had on November 3, 2023, ordered the Arrest of the businessman for allegedly refusing to appear in court for his fraud trial.

The EFCC had charged the defendant alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, before the court on a 10-count charge bordering on allegations of conspiracy, fraud, forgery and fraudulent use of documents.

RELATED: Court Orders Arrest Of Bizman Ibeto Over Alleged N48.8bn Fraud

 The defendant had failed to appear before the court three times; he was, however, represented by his lawyers, who told the judge that their client was absent due to ill health.

 At the court’s last sitting, Justice Ijelu had held that the lawyer, Dada Awosika, who represented the defendant during the proceeding, did not adduce any compelling reason for him to grant his request for an adjournment.

 The judge further stated that the court did not exist for frivolities as it only existed for dispensing justice.

“The defence counsel decided to waste the court’s time. The court is the symbol of the state and not an object of ridicule.

“In the absence of any cogent excuse to produce the defendant for arraignment, a bench warrant is now issued against the defendant,” the court ruled.

Justice Ijelu then adjourned the matter to November 15 for the defendant’s arraignment.