Alleged N4.8bn Fraud: EFCC To Arraign Billionaire Businessman Cletus Ibeto Thursday


 

The Economic and Financial Crimes Commission (EFCC) will arraign businessman Chief Cletus Ibeto alongside his company, Ibeto Energy Development Company, on Thursday, October 5, on a 10-count charge bordering on allegations of obtaining by false pretences, fraudulent conversion of property, criminal breach of trust, forgery and deception.

The duo are to be arraigned before Justice Ismail Ijelu of the Lagos High Court, Ikeja, alongside another company linked to ibeto, Odoh Holdings Ltd.

The copy of the charge which was signed in April 2023 by the Head, Legal of the EFCC, Gbolahan Latona was seen on Wednesday 

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 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 leasehold interest in respect of 22.6536

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.


CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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