Court Strikes Out N4.8bn Fraud Case Against Businessman Ibeto After N3.2bn Refund

The Lagos High Court has exonerated the Chairman of Ibeto Energy Development Company, Chief Cletus Ibeto after returning over N3.2 billion out of the N4.8 billion allegedly stolen from a victim, Chief Daniel Chukwudozie.

The Economic and Financial Crimes Commission (EFCC) disclosed this before the Lagos State High Court sitting in Ikeja.

Justice Oyindamola Ogala struck out the case following a request from the EFCC’s counsel, Rotimi Jacobs (SAN), who disclosed that Ibeto had refunded ₦3.2 billion to the alleged victim.

This led the court to strike out the alleged N4.8 billion fraud charge instituted against the businessman, following EFCC’s request.

He said, “Following the last court session, the parties met with the EFCC to explore settlement options, which resulted in the defendants refunding ₦3.2 billion to the Commission.

“However, two issues remain unresolved: the allegations of forgery and the $3 million that Ibeto denies collecting from the complainant.

“The EFCC has instructed me to withdraw this case in the spirit of reconciliation while the Commission decides how to address the outstanding issues. I therefore request the court to strike out the charge.”

Jacobs requested that the court strike out the case to allow the EFCC time to decide how to address the unresolved matters, stating that the parties had reached an out-of-court settlement during discussions facilitated by the EFCC.

“I can confirm to the court that all parties have reached an agreement, that the matter be settled out of court. I, however, deny that there are any outstanding issues,” he stated.

The defense counsel, Adebayo Oshodi, supported the motion to strike out the charge, affirming that an agreement had been reached among all parties to resolve the case out of court.

He, however, refuted claims that there were any unresolved issues.

Justice Ogala, after reviewing the submissions, granted the request and dismissed the charge.

LEADERSHIP reports that the EFCC filed charges against Ibeto in April 2023 for allegations bordering on conspiracy, fraud, forgery, and utilising fraudulent documents.

The trial was delayed multiple times as Ibeto failed to appear in court, prompting Justice Ismail Ijelu, the former presiding judge, to issue an arrest warrant against him on November 3, 2023.

However, the defendants later challenged the court’s jurisdiction and accused Justice Ijelu of bias.

In February 2024, the Chief Judge of Lagos State, Justice Kazeem Alogba, reassigned the case to Justice Ogala, who has now dismissed it after the ₦3.2 billion refund and the reconciliation that took place between the involved parties.