“We’ve Not Settled Debt Dispute with Ibeto” Dozzy Oil

Dozzy Oil & Gas Limited has officially refuted claims of settling a debt dispute with Cletus Ibeto and his associated companies. In a statement released by Dozzy Oil’s media adviser, Aguiyi Anaedo, the company countered Ibeto’s assertion that the issues had been resolved and the debts cleared.

The Economic and Financial Crimes Commission (EFCC) confirmed that Dozzy Oil advanced significant funds to Ibeto and his companies, amounting to N3,295,000,000 and $6,000,000 on various dates. The executive chairman of Dozzy Oil had personally transferred $3,000,000 to Ibeto’s designated accounts on September 2, 2015, and October 9, 2015, through Ardeja Trading Company Limited, as per Ibeto’s nomination.

While Ibeto repaid the first advance of $3,000,000, he failed to settle the subsequent $3,000,000 transferred on October 9, 2015. Ibeto had requested that this debt be offset as part payment for a parcel of land under negotiation. Despite initially acknowledging the debt at the start of the transaction, Ibeto has since denied its existence, despite clear evidence provided by Dozzy Oil.

Moreover, the naira component of the transaction, totaling N3,295,000,000, which Ibeto had admitted owing and agreed to refund to the EFCC within six months from January 2024, has yet to be fully repaid. Dozzy Oil maintains that no settlement has been reached, and the outstanding debts remain unresolved.