A Lagos State High Court in Ikeja has dismissed the N4.8 billion fraud charge against Chief Cletus Ibeto, the Chairman of Ibeto Energy Development Company, which was filed by the Economic and Financial Crimes Commission (EFCC). The court’s decision followed a statement by EFCC counsel, Rotimi Jacobs, SAN, who informed the court that Ibeto had refunded N3.2 billion of the alleged stolen funds to his accuser, Chief Daniel Chukwudozie.
The EFCC had initially brought a 10-count charge against Ibeto and his companies, including allegations of conspiracy, fraud, forgery, and fraudulent use of documents. However, the case had faced multiple delays, mainly due to Ibeto’s failure to attend court despite his legal representatives being present.
This led to the previous trial judge, Justice Ismail Ijelu, ordering the businessman’s arrest in November 2023 after he failed to appear in court for his plea. In early 2024, the case was reassigned to Justice Oyindamola Ogala after Ibeto’s legal team accused Justice Ijelu of bias and questioned the jurisdiction of the court.
At the latest hearing, Jacobs told the court that the parties involved, including the defendant and the complainant, had reached an out-of-court settlement facilitated by the EFCC. Defense counsel Adebayo Oshodi confirmed that the matter had been resolved and that some money had been refunded, though he denied any remaining unresolved issues.
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