Court postpones N4.8 billion fraud case against businessman Cletus Ibeto

Justice Oyindamola Ogala of the Lagos High Court sitting in Ikeja, on Thursday, July 4, 2024, adjourned the further hearing to October 24, 2024 in the alleged N4.8 billion fraud case involving Cletus Ibeto, Chairman, Ibeto Energy Development Company.

Ibeto together with Ibeto Energy Development Company and Odoh Holdings Ltd will be arraigned by the Economic and Financial Crimes Eradication Commission (ECRC) on 10 charges bordering on allegations of obtaining by false pretence, fraudulent transfer of property, breach of trust, forgery and fraud amounting to N4.8 billion.

English: The first count reads: “That Chief Cletus Ibeto, Ibeto Energy Development Ltd and Odoh Holdings Ltd, between June 2016 and May 2017, within the jurisdiction of the court, by false pretence and with intent to defraud, obtained from Dozzy Oil & Gas Ltd and Sir Daniel Chukwudozie, the sum of N4.8 billion purportedly in consideration for 22.6536 hectares of land, which he claimed to own at the end of Reclamation Road Layout, Port Harcourt, Rivers State through a sublease deed executed by Odoh Holdings and Ibeto Energy Development Ltd when he owned only 7.9 hectares of the said land.”

The third count reads: “That Chief Cletus Ibeto, Ibeto Energy Development Ltd and Odoh Holdings Ltd, on or about the 30th day of January, 2018, allegedly with intent to defraud, forged a Deed of Sublease between Odoh Holdings Ltd and Ibeto Development Ltd purportedly registered as No. 47, Page 47, Vol. 280 of the Land Registry, Rivers State purporting that Odoh Holdings Ltd acquired a leasehold interest in respect of 22.6536.”

The defendants were also accused of receiving N2.5 billion from their victims in exchange for 14.1 hectares of non-existent land.

The offences committed are in violation of Section 1 of the Advance Fee Fraud Act 2006, Section 365(3d) and (e), and Section 366 of the Criminal Law of Lagos State 2015.

At the last hearing, counsel for the prosecution, Rotimi Jacobs, SAN, expressed his concerns over the defence plan in relation to the matter, given the fact that the accused, instead of appearing in court for his arraignment, had chosen to negotiate with the Commission on how to repay his debt.

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According to Jacobs, “We need to know what their plans are. Do they plan to continue litigation? Or do they want to sit down with the prosecutors and plaintiffs to negotiate an out-of-court settlement?

“He has paid back most of the money, and we need to know whether we should use it as evidence or consider it as his commitment to an out-of-court settlement because they continue to file various applications challenging the court’s competence to hear the matter.”

Counsel for the accused, Adebayo Oshodi, did not respond to Jacobs’ statement. However, he asked the court for permission to refile the application challenging the territorial jurisdiction of the court.

In response, Jacobs rejected the defense’s motion, saying it had been voluntarily withdrawn at the defense team’s request before being rejected by the court.

“It cannot be registered again in the same court,” he added.

The judge confirmed the arguments of the defendant’s legal advisor.

Although Justice Ogala also disagreed with the action of the defendant, who had met EFCC investigators to seek a way to repay the money he allegedly owed the plaintiff instead of appearing in court.

However, the judge said he would not comment on moves by prosecutors and defense attorneys to settle the matter out of court.

The case was postponed until October 24, 2024 for further hearing.

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