Alleged Fraud: Nigerian Billionaire Pays EFCC Billions To Escape Jail

The Economic and Financial Crimes Commission (EFCC) has disclosed that the Chairman of Ibeto Energy Development Company, Cletus Ibeto, has paid back N1.5 billion in regards to the N4.8 billion fraud allegations for which he was charged before the court.

The Counsel to EFCC Rotimi Jacobs, SAN, disclosed this to Justice Oyindamola Ogala of the Lagos High Court sitting in Ikeja, on Monday.

Rotimi 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.

He further affirmed that the defendants have agreed to pay the balance within the next three months.

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

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