Alleged N48.8bn Fraud: EFCC To Arraign Cletus Ibeto, Companies Tomorrow

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The Chairman/CEO of Ibeto Energy Development Company, Cletus Ibeto, will be arraigned on Friday before the Lagos State High Court sitting in Ikeja by the Economic and Financial Crimes Commission over an alleged N4.8 billion fraud.Trial judge, Justice Ismail Ijelu, fixed the date following the failure of the businessman to appear before the court for his arraignment, on October 5, 2023.

The EFCC prosecutor, Rotimi Jacobs, reminded the judge that the case was adjourned at the last proceeding owing to the absence of the defendants. He, however, agreed that the parties could explore out-of-court settlements if the defendants were serious and committed to the process. The judge also noted that the court had adjourned the case twice at the instance of the defendants, adding that if they wanted to explore an out-of-court settlement, they must first submit themselves for trial.The prosecution says so far, plea bargain talks have not succeeded, a situation which will see the proceedings continue in court starting with the arraignment of the defendants.

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