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

The 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 on
allegations of conspiracy, fraud, forgery and fraudulent use of documents brought against them by the EFCC.