The Lagos State High Court in Ikeja has dismissed a ₦4.8 billion fraud case brought 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 Ibeto had refunded over ₦3.2 billion to the alleged victim, Chief Daniel Chukwudozie.
Jacobs further revealed that both parties, along with the EFCC, had reached an agreement to resolve the matter amicably out of court.
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.”
The defence lawyer, Adebayo Oshodi, confirmed in court that an agreement had been reached, resulting in the refund, but denied that any issues remained unresolved.
He stated, “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.”
After reviewing submissions from both legal teams, Justice Ogala dismissed the charges.
In April 2023, the EFCC filed a 10-count charge against Chief Cletus Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd., alleging conspiracy, fraud, forgery, and the fraudulent use of documents.
However, the arraignment was repeatedly delayed due to Ibeto’s failure to appear in court, although his legal representatives were consistently present.
On November 3, 2023, the previous trial judge, Justice Ismail Ijelu, granted the prosecution’s request to issue an arrest warrant for Ibeto, citing his continued absence despite assurances from his lawyers.
In February 2024, the case was reassigned to Justice Ogala by Lagos State Chief Judge, Justice Kazeem Alogba, following allegations of bias against Justice Ijelu and a jurisdictional challenge raised by the defendants.