According to Channels Television, the Economic and Financial Crimes Commission (EFCC) disclosed on Thursday that Cletus Ibeto, Chairman of Ibeto Energy Development Company, has repaid N2.25 billion to the agency. This revelation came during the ongoing trial at the Lagos High Court in Ikeja, where Ibeto faces charges related to an alleged N4.8 billion fraud.
Senior Advocate of Nigeria Rotimi Jacobs, representing the EFCC, informed Justice Oyindamola Ogala of this substantial repayment. Ibeto, along with his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, is accused of a 10-count charge involving conspiracy, fraud, forgery, and fraudulent use of documents.
Jacobs highlighted a significant procedural issue, noting that Ibeto has repeatedly failed to appear in court, despite being represented by his legal team. This absenteeism has stalled the arraignment on at least seven occasions.
In his address to the court, Jacobs stated, “We need to know what their plans are. Are they planning to continue with the litigation, or do they want to sit with the prosecution and complainant to negotiate an out-of-court settlement? He has paid back a large part of the money, and we need to know whether we should use it as an exhibit or consider it his commitment to an out-of-court settlement because they have continued to file different applications challenging the court’s competence to hear the matter.”
The EFCC’s dilemma reflects the complex interplay between legal proceedings and efforts to recover funds. The agency faces uncertainty on whether the repayment indicates a move towards an out-of-court settlement or is a part of litigation strategy.
Defense counsel Adebayo Oshodi, while not addressing the EFCC’s claims, sought permission to relist an application challenging the court’s territorial jurisdiction. This application had been voluntarily withdrawn in a previous court session. Jacobs opposed this move, arguing, “Since the application was withdrawn at the instance of the defence team and then struck out by the court, it could not be relisted before the same court.”
Justice Ogala supported Jacobs’ position, noting that the defense had voluntarily withdrawn the application and it could not be relisted. The judge also expressed frustration at Ibeto’s absence from court proceedings, criticizing his decision to engage with the EFCC instead.