Court Strikes Out Alleged N4.8 Billion Fraud Case Against Ibeto

The Lagos State High Court in Ikeja, presided over by Justice Oyindamola Ogala, has struck out the alleged N4.8 billion fraud case brought against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company. The Economic and Financial Crimes Commission (EFCC) had accused Ibeto of defrauding businessman Chief Daniel Chukwudozie.

The dismissal followed the EFCC’s request to withdraw the charges after both parties reached an out-of-court settlement. EFCC counsel Rotimi Jacobs (SAN) informed the court that Ibeto had refunded over N3.2 billion to the alleged victim as part of the agreement. Jacobs explained that the parties, facilitated by the EFCC, had opted for reconciliation.

Jacobs told the court: “After the last court session, parties met with the EFCC to explore settlement options. This resulted in the defendants refunding N3.2 billion to the Commission.”

However, Jacobs noted two unresolved issues, including allegations of forgery and an outstanding $3 million, which Ibeto denies receiving. Despite this, the EFCC requested the court to strike out the charges while it considered how to handle the outstanding matters.

Ibeto’s counsel, Adebayo Oshodi, confirmed the settlement agreement and refuted claims of any unresolved issues. “All parties have reached an agreement to settle the matter out of court,” Oshodi said. “I deny that there are any outstanding issues.”

Justice Ogala, after considering the submissions, struck out the charges.

The case, initially filed in April 2023, included a 10-count charge of conspiracy, fraud, forgery, and the fraudulent use of documents against Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited. The businessman’s failure to appear in court delayed the case multiple times, prompting a previous trial judge, Justice Ismail Ijelu, to issue an arrest order in November 2023.

In February 2024, the matter was reassigned to Justice Ogala by Lagos State Chief Judge, Justice Kazeem Alogba, after the defendants alleged bias against the former judge and challenged the court’s jurisdiction.