The Lagos State High Court in Ikeja dismissed a ₦4.8 billion fraud charge filed by the Economic and Financial Crimes Commission (EFCC) against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company.
Justice Oyindamola Ogala struck out the charges after EFCC counsel, Rotimi Jacobs (SAN), informed the court that Chief Ibeto had refunded over ₦3.2 billion to the complainant, Chief Daniel Chukwudozie.
Jacobs explained that both parties, alongside the EFCC, had reached an agreement to resolve the matter amicably out of court.
After the last court session, the parties met with the EFCC to discuss settlement options. As a result, the defendants refunded ₦3.2 billion to the Commission.
“However, two issues remain unresolved: the allegations of forgery and the $3 million Ibeto denies receiving from the complainant.”
“The EFCC has instructed me to withdraw this case in the spirit of reconciliation, while the Commission evaluates how to resolve the underlying issues. As a result, I respectfully urge that the accusation be dismissed.
The defence counsel, Adebayo Oshodi, confirmed the settlement but denied that there were any outstanding concerns.
Adebayo Oshodi, the defence counsel, confirmed the settlement but disputed the existence of any outstanding concerns.
He confirmed to the court that the parties reached an agreement to settle the dispute outside of court. However, I deny that any lingering concerns exist.
After reviewing both sides’ representations, Justice Ogala dropped the charges.
The EFCC had filed a 10-count charge in April 2023 against Chief Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd., alleging conspiracy, fraud, forgery, and fraudulent use of documents.
However, the case was delayed when Chief Ibeto failed to appear in court on multiple occasions, despite the fact that his legal representatives were always there.
On November 3, 2023, the previous trial judge, Justice Ismail Ijelu, authorised the prosecution’s request to issue a warrant for Ibeto’s arrest, citing his prolonged absence despite assurances from his attorneys.
Justice Kazeem Alogba, the Lagos State Chief Judge, reassigned the case to Justice Ogala in February 2024 in response to charges of bias against Justice Ijelu and a jurisdictional challenge brought by the defence.
