JUST-IN: Billionaire Cletus Ibeto Returns N3.2 Billion in EFCC Fraud Case

In a recent court case in Lagos, Nigeria, Chief Cletus Ibeto, the head of Ibeto Energy Development Company, has given back over N3.2 billion.

This move came after he was accused of taking this money unfairly. Because he returned the money, the Lagos State High Court decided to drop the fraud charges against him.

The decision was made when the Economic and Financial Crimes Commission (EFCC), who brought the case, told the court that they had reached an agreement outside of court.

Although they agreed to drop the fraud charges, there are still some unresolved issues about forgery and a disputed $3 million that Ibeto is accused of taking but denies.

Ibeto’s lawyer, Adebayo Oshodi, supported the decision to settle the case out of court and stated that all important issues had been resolved.

Previously, Ibeto faced serious charges, including lying to obtain money, illegally converting property, breaking trust, forging documents, and deceiving people.

He had not shown up in court when required in 2023, which led to a bench warrant for his arrest. The case was moved to a new judge, Justice Oyindamola Ogala, in early 2024 after Ibeto claimed the previous judge was biased.

The resolution of these charges marks an important moment in this high-profile legal matter.