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N4.8bn Fraud: EFCC set to arraign businessman Cletus Ibeto

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N4.8bn Fraud: Court orders arrest of Cletus Ibeto

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

The duo are scheduled to appear before Justice Ismail Ijelu of the Lagos High Court, Ikeja, along with Odoh Holdings Ltd, another business tied to ibeto.

Chronicle NG got a copy of the allegation, which was signed by the EFCC‘s Head of Legal, Gbolahan Latona, in April 2023.

According to Count 1 of the charge, between June 2016 and May 2017 within the jurisdiction of the court, Chief Cletus Ibeto, Ibeto Energy Development Ltd, and Odoh Holdings Ltd obtained the sum of N4.8bn from Dozzy Oil & Gas Ltd and Sir Daniel Chukwudozie, purporting it 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

Count 2 alleges that the defendants received N2.5 billion from their victim in exchange for a non-existent 14.1 hectares of land, while Count 3 alleges that they falsified various documents.

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In Count 3, the defendants allegedly forged a Deed Of Sublease between Odoh Holdings Ltd and Ibeto Development Ltd on or about January 30, 2018, purportedly registered as No 47, Page 47, Vol. 280 of the Lands Registry, Rivers State, claiming that Odoh Holdings Ltd acquired leasehold interest in respect of 22.6536 acres.

The offences are in violation of Section 1 of the Advance Fee Fraud Act of 2006, Sections 365(3d) and (e), and Section 366 of the Lagos State Criminal Law of 2015.

The offence carries a sentence of no less than seven years and no more than twenty years in jail, with no option for a fine.

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