Trial of Chief Cletus Ibeto over Alleged N4.8bn Fraud Suffers Another Setback

The arraignment of a billionaire businessman, Chief Cletus Ibeto alongside his company, Ibeto Energy Development Company before a Lagos State High Court in Ikeja has suffered another setback for the third time

The Economic and Financial Crimes Commission, EFCC, filed 10-count charges against him bordering on allegations of obtaining by pretenses, fraudulent conversion of property, criminal breach of trust, forgery, and deception.

Justice Ismail Ijelu expressed dismay and threatened to issue a bench warrant against him if he failed to show face at the next adjourned date

Count 1 of the charge says 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 N4.8bn purporting same to be a consideration for 22.6536 hectares of land which he claimed to have at the end of Reclamation Road Layout, Port Harcourt, Rivers State by a deed of sublease executed by Odoh Holdings and Ibeto Energy Development Ltd when he only had 7.9 hectares of the said land.

Count 2 states that the defendants obtained N2.5bn from their victim as consideration for a non-existent 14.1 hectares of land while count 3 claims that they forged certain documents.

In Count 3, the defendants on or about January 30, 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 Lands Registry, Rivers State wherein they claimed that Odoh Holdings Ltd acquired the leasehold interest in respect of 22.6536

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The offences are contrary to 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.

The offence carries a punishment of no less than seven years and no more than 20 years imprisonment without the option of a fine.