N4.8bn Fraud: Court Adjourns Ibeto’s Appeal To September 19

The Lagos Division of the Court of Appeal has adjourned till September 19, the hearing of the appeal filed by the Chairman of Ibeto Energy Development Company, Cletus Ibeto, challenging the jurisdiction of the Lagos State High Court in Ikeja to try him over an alleged N4.8 billion fraud.

The appellate court presided over by Justice Muhammed Mustapha adjourned the appeal to await the report of ongoing negotiations between the Economic and Financial Crimes Commission (EFCC) and the defendant.

Justice Ismail Ijelu had ordered the businessman’s arrest after he failed to appear before the court on many occasions to take his plea over the alleged fraud case despite repeated hearing notices served on him.

The anti-graft agency had charged the defendant alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, on a 10-count charge of conspiracy, fraud, forgery and fraudulent use of documents.

However, dissatisfied with the order and the refusal of the court to hear his preliminary objection, the defendant filed an appeal before the Appeal Court, formulating seven grounds for appeal.

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Also, during yesterday’s proceeding, Justice Mustapha and other panel members, Abdullahi Mahmud Bayero and Paul Bassi suspended the enforcement of the bench warrant issued on November 3, 2023, against the Appellant by Justice Ismail Ijelu.

The justices suspended the warrant after Ibeto’s lawyer, Chief Wole Olanipekun and the EFCC’s counsel, Adebisi Adeniyi, informed the court that the parties are in the process of settling the matter and that the appellant has refunded about N1.7 billion to the Commission.

When the case was called, Adeniyi informed the court that the appellant had been making payments in line with the settlement proposal, so the EFCC felt that going ahead with the appeal might not be appropriate.