Nigerian business magnate Cletus Ibeto, Chairman of Ibeto Energy Development Company, encountered another legal setback as a nationwide strike orchestrated by labor unions disrupted his scheduled arraignment at the Lagos State High Court, Ikeja, on Wednesday.
Initially set for November 15, 2023, Justice Ismail Ijelu had appointed this date for Ibeto’s arraignment following the issuance of a bench warrant on November 3. This warrant came in response to a motion moved by Rotimi Jacobs (SAN), the counsel for the Economic and Financial Crimes Commission (EFCC). The motion was prompted by Ibeto’s persistent non-appearance in court, despite receiving multiple hearing notices.
However, the ongoing strike action impeded the anticipated court hearing for Ibeto on Wednesday, with the entrance to the court premises reportedly barricaded by the striking workers’ union. This obstruction caused further delays in the legal proceedings against the accused.
Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited, face charges from the EFCC related to an alleged N4.8 billion fraud. The accusations include conspiracy, fraud, forgery, and fraudulent use of documents in a 10-count charge.
The defendant’s arraignment had previously been rescheduled on September 28, October 5, and November 3, 2023, due to his consistent failure to appear in court, with legal representation standing on his behalf. Although the Nigeria Labour Congress (NLC) has since suspended the strike action, confirmation regarding the court’s next steps for the pre-scheduled arraignment is still pending.
More About Ibeto
Cletus Ibeto, a prominent Nigerian entrepreneur, manufacturer, and philanthropist, serves as the founder and Chairman of Ibeto Group, the largest conglomerate in the Eastern part of Nigeria.
In October 2, 1996, he founded Ibeto Petrochemical Industries Ltd, a pivotal player in the production of diverse chemical-related goods and oil lubricants for both domestic and international markets.
Renowned as Nigeria’s premier liquid storage facility for petroleum products, Ibeto Petrochemical Industries Ltd boasts a substantial capacity of approximately 60,000 metric tonnes situated at Apapa Wharf and Ibru Jetty Complex in Lagos.
In a strategic move in May 2018, Ibeto Cement disclosed a reverse merger with Century Petroleum Corporation, a publicly traded U.S.-based petroleum exploration and production company. This strategic maneuver streamlined the listing process, propelling the company onto the global stage. Cletus Ibeto assumed the role of Chairman of the new Board of Directors, underscoring the company’s ambitions for international expansion and market presence.
As Ibeto faces legal challenges, his contributions to Nigeria’s industrial landscape and his endeavors in the global market remain notable aspects of his entrepreneurial journey. The Ibeto Group’s diverse portfolio reflects a commitment to innovation and growth, despite the current legal hurdles facing its founder.
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