The Lagos State High Court in Ikeja has dismissed the N4.8 billion fraud charges filed against Chief Cletus Ibeto, the Chairman of Ibeto Energy Development Company. The charges were brought by the Economic and Financial Crimes Commission (EFCC).
Presiding over the case, Justice Oyindamola Ogala struck out the charges after being informed by EFCC’s counsel, Rotimi Jacobs, SAN, that the accused had refunded N3.2 billion to Chief Daniel Chukwudozie, the complainant in the case.
The EFCC initially filed a 10-count charge against Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited. The allegations included conspiracy, fraud, forgery, and fraudulent use of documents. Despite multiple attempts, Ibeto failed to appear in court for his arraignment, although his legal team was present.
On November 3, 2023, the previous trial judge, Justice Ismail Ijelu, issued an order for Ibeto’s arrest, citing his repeated absence despite assurances from his lawyers that he would appear. Following accusations of bias and jurisdictional challenges raised by the defendants, the case was reassigned in February 2024 to Justice Ogala by the Chief Judge of Lagos State, Justice Kazeem Alogba.
At the recent hearing, EFCC counsel Jacobs revealed that both parties had resolved to settle the matter out of court. Defence counsel Adebayo Oshodi confirmed the settlement and the partial refund of funds by his clients, stating that no unresolved issues remained.
