Plea bargain: Billionaire businessman pays EFCC N1.5bn to escape jail

The Economic and Financial Crimes Commission (EFCC) says the Chairman of Ibeto Energy Development Company, Cletus Ibeto, has paid back N1.5 billion over the N4.8 billion fraud allegation for which he was charged before the court.

The EFCC counsel, Rotimi Jacobs (SAN), disclosed this to Justice Oyindamola Ogala of the Lagos State High Court sitting in Ikeja, the state capital, on Monday, March 11, 2024.

Rotimi also told the judge that the billionaire businessman paid the money as part of the ongoing plea bargain discussions between the EFCC and the defendants.

N4.8bn fraud: Again, Cletus Ibeto’s absence stalls arraignment

The lawyer added that the defendants have agreed to pay the balance within the next three months.

However, the defence counsel, Adebayo Oshodi, did not deny or confirm the claims.

The defendants, Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited, are facing a 10-count charge bordering on allegations of conspiracy, fraud, forgery and fraudulent use of documents preferred against them by the EFCC.

The Star