N4.8bn Fraud: Ibeto’s Plea Bargain and Refund of N1.5bn – Latest Update from the Lagos High Court

Chairman of Ibeto Energy Development Company, and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, the Economic and Financial Crimes Commission (EFCC) has informed the Lagos High Court sitting in Ikeja that Ibeto has paid back N1.5 billion in two tranches as part of a plea bargain agreement.

The case was heard by Justice Oyindamola Ogala on Monday, following a petition against the previous trial judge, Justice Ismail Ijelu.

The defendants face a 10-count charge bordering on allegations of conspiracy, fraud, forgery, and fraudulent use of documents brought against them by the EFCC.

Rotimi Jacobs, SAN, representing the EFCC, disclosed that Ibeto had agreed to pay the balance within the next three months.

However, the defendants’ counsel, Adebayo Oshodi, neither confirmed nor denied the claims.

The proceedings were stalled due to arguments between the prosecution and the defense on which application is ripe for hearing.

The defendants’ application challenging the court’s territorial jurisdiction was contested by the EFCC, who argued that the issues raised have already been presented to the Court of Appeal for determination.

The EFCC also brought to the court’s attention an order issued by Justice Ijelu, which ordered the arrest of Ibeto for his alleged refusal to appear in court.

The judge cannot hear any application until the order is vacated or Ibeto shows up in court to take his plea.

Babajide Martins, the Lagos State Director of Public Prosecution, appeared in the matter as an interested party and informed the court that he had filed an Amicus Curiae brief to assist the judge in deciding on what action to take on the case.

Justice Ogala adjourned the case to enable her to study the case file and determine how to proceed with the trial.

The next hearing is scheduled for April 15.

The planned arraignment of the defendants was previously postponed on four occasions due to Ibeto’s failure to appear in court despite his lawyers representing him.

This led to the issuance of a bench warrant for his arrest by Justice Ijelu in November 2023.

Ibeto subsequently challenged the decision at the Court of Appeal and also petitioned the Chief Judge seeking a review of the case file.

Following these petitions, the Chief Judge reassigned the case to Justice Ogala.