The Lagos State High Court in Ikeja has struck out a ₦4.8 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company.
Justice Oyindamola Ogala dismissed 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, Chief Daniel Chukwudozie.
Jacobs further stated that the parties had reached an out-of-court settlement during discussions facilitated by the EFCC.
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.
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.”
The defence 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.
The case, which began in April 2023, included a 10-count charge of conspiracy, fraud, forgery, and the use of fraudulent documents against Chief Ibeto, Ibeto Energy Development Company, and Odoh Holdings Ltd.
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, Lagos State Chief Judge, Justice Kazeem Alogba, reassigned the case to Justice Ogala, who has now struck it out following the ₦3.2 billion refund and subsequent reconciliation between the parties.