The Lagos Division of the Court of Appeal has suspended the enforcement of the bench warrant issued against the Chairman of Ibeto Energy Development Company, Cletus Ibeto, by the Lagos State High Court in Ikeja last year.
The businessman is facing criminal charges over an alleged N4.8 billion fraud.
The Appellate court also adjourned till Sept. 16, the hearing of Cletus Ibeto’s appeal challenging the jurisdiction of the lower court to try him for the alleged corruption charge.
The Justice Muhammed Mustapha-led panel adjourned the hearing to await a report on ongoing negotiations between the Economic and Financial Crimes Commission and the defendant.
Justice Ismail Ijelu of the Lagos state high court had in November 2023 ordered the businessman’s arrest after he failed to appear before the court on several occasions to take his plea over the alleged N4.8bn fraud, despite repeated hearing notices served on him.
The anti-graft agency had charged the defendant alongside his companies, Ibeto Energy Development Company and Odoh Holdings Ltd, on a 10-count charge of conspiracy, fraud, forgery and fraudulent use of documents.
Mr Ibeto then headed to the court of Appeal seeking to have the Bench warrant vacated and for the superior court to hear his preliminary objection against the charge.
During Tuesday’s hearing, both the appellant’s lead counsel, Wole Olanipekun and the EFCC’s counsel, Adebisi Adeniyi, informed the court that the parties are in the process of settling the matter amicably and that the appellant has refunded about N1.7 billion to the Commission, saying further that going ahead with the hearing might not be appropriate considering the ongoing talks.
The court was also informed that the matter had started afresh before another lower court judge and that the EFCC had filed an affidavit reflecting the facts of the ongoing negotiations as well as other latest developments in the case.
The appellant, through his counsel, also urged the court to set aside the bench warrant issued against him.
In a short ruling, Justice Mustapha suspended the enforcement of the high court order , saying the warrant of arrest cannot continue to hang over the defendant’ heads since he has started settling the matter out of court.
“The bench warrant is now suspended and we encourage parties to continue with the negotiations until the next adjourned date of September 16.
The parties are settling the dispute in line with the judgment of a Rivers State High Court which Ordered Mr Ibeto to refund the deposit of over N2 billion paid by the nominal complainant, Daniel Chukwudozie, to the appellant for the purchase of a vast portion of land, between June 2016 and May 2017.
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