Lagos Court Dismisses N4.8 Billion Fraud Case Against Ibeto

A Lagos State High Court in Ikeja has dismissed the N4.8 billion fraud case filed by the Economic and Financial Crimes Commission (EFCC) against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company.

The presiding judge, Justice Oyindamola Ogala, struck out the charges following EFCC counsel Rotimi Jacobs, SAN, informing the court that Chief Ibeto had refunded N3.2 billion of the amount allegedly stolen from Chief Daniel Chukwudozie, the complainant in the case.

Background on the Case

The EFCC initially filed a 10-count charge of conspiracy, fraud, forgery, and fraudulent document usage against Chief Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited. Despite multiple attempts, Ibeto’s arraignment was delayed due to his absence from court, although his legal team represented him in proceedings.

On November 3, 2023, Justice Ismail Ijelu, the former trial judge, issued an arrest warrant for Ibeto after repeated failures to appear in court. However, in February 2024, the Chief Judge of Lagos State, Justice Kazeem Alogba, reassigned the case to Justice Ogala after Ibeto’s defense team accused Justice Ijelu of bias and questioned the court’s jurisdiction.

Case Resolution

At a resumed hearing, EFCC’s counsel Jacobs informed the court that the parties had agreed to resolve the matter amicably through an out-of-court settlement. Defense counsel, Adebayo Oshodi, confirmed this resolution and assured the court that his client had refunded a significant portion of the money. He also clarified that no unresolved issues remained between the parties.

Key Points

Accusations Dropped: The EFCC had accused Chief Ibeto of defrauding Chief Chukwudozie of N4.8 billion but withdrew the charges after a partial refund of N3.2 billion.
Legal Maneuvers: The case saw several delays due to jurisdictional disputes and Ibeto’s absence from court.
Amicable Settlement: The matter was eventually resolved without further litigation, leading to the dismissal of the charges.

This ruling marks the end of a lengthy legal battle, with all parties agreeing to a settlement outside the courtroom.