Connect with us

Hi, what are you looking for?

Oil and Gas

₦4.8bn Fraud: Ibeto Has Returned ₦‎1.5bn, To Pay Balance in 3 Months – EFCC


Economic and Financial Crimes Commission, EFCC, has told Justice Oyindamola Ogala of the Lagos High Court sitting in Ikeja that the,Chairman of Ibeto Energy Development Company, Cletus Ibeto, has paid back N1.5 billion in two tranches in respect of the N4.8 billion fraud allegations for which he was charged before the court.

Counsel to the EFCC, Rotimi Jacobs, SAN, disclosed this to Justice Ogala on Monday.

He also told the judge that the defendant paid the money as part of the ongoing plea bargain discussions between the anti-graft agency and the defendants.

Rotimi explained that the defendants have agreed to pay the balance within the next three months.

Counsel to the defendants, Adebayo Oshodi, did not deny or confirm the claims.

The defendants, Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, face a 10-count charge bordering onallegations of conspiracy, fraud, forgery and fraudulent use of documents brought against them by the EFCC.

Credit: Daily Post

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


You May Also Like


World Bank has stated that Nigeria’s inflation rate will remain high at 24.8 percent year-on-year, YoY, in 2024. The World Bank also reaffirmed its...


CANAL+ has made a mandatory offer to acquire all the issued shares of the MultiChoice Group it doesn’t already own for $1.9 billion. CANAL+...


A corruption investigation into a suspended Nigerian minister whose job is to help poverty-stricken people has recovered £19 million from more than 50 bank...


WEMA Bank found itself on the wrong side of 7 Nigerian laws in 2023, paying penalties totalling N61.350 million in one year. This was...