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 case after the EFCC’s counsel, Rotimi Jacobs (SAN), informed the court that Ibeto had refunded over ₦3.2 billion to Chief Daniel Chukwudozie, the complainant. Jacobs further stated that the parties had agreed to resolve the matter out of court following discussions facilitated by the EFCC.
“Following the last court session, the parties met with the EFCC to explore settlement options, resulting in the defendants refunding ₦3.2 billion to the Commission,” Jacobs said. He noted, however, that two unresolved issues remained: allegations of forgery and a disputed $3 million claim, which Ibeto denies. Despite these outstanding matters, Jacobs requested the court to strike out the case in the interest of reconciliation.
Defence counsel, Adebayo Oshodi, confirmed the settlement but denied that any issues remained unresolved. “All parties have reached an agreement to settle the matter out of court. I, however, deny that there are any outstanding issues,” Oshodi stated.
Justice Ogala subsequently dismissed the charges after reviewing submissions from both sides.
The case, initiated in April 2023, involved a 10-count charge against Ibeto and his companies—Ibeto Energy Development Company and Odoh Holdings Ltd—for conspiracy, fraud, forgery, and the fraudulent use of documents. Multiple court sessions had been adjourned due to Ibeto’s failure to appear, despite assurances from his legal team.
This led Justice Ismail Ijelu, the former trial judge, to issue a warrant for Ibeto’s arrest in November 2023. However, the case was reassigned to Justice Ogala in February 2024 after the defendants accused Justice Ijelu of bias and challenged the court’s jurisdiction.
The striking out of the case marks the resolution of a high-profile dispute, although questions remain regarding the allegations of forgery and the contested $3 million.
