Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company, has refunded over N3.2 billion to Chief Daniel Chukwudozie, a complainant who accused him of financial impropriety. This development was disclosed by the Economic and Financial Crimes Commission (EFCC) at the Lagos State High Court sitting in Ikeja.
As a result, the court struck out the N4.8 billion fraud charge against Ibeto at the request of the EFCC. Justice Oyindamola Ogala presided over the case and dismissed the charges after the EFCC confirmed that the parties were pursuing an out-of-court settlement.
Court Proceedings
During the resumed hearing, EFCC counsel Rotimi Jacobs (SAN) informed the court of the progress made during settlement discussions. He revealed that Ibeto had refunded N3.2 billion to the Commission but noted that certain issues remained unresolved.
“Following the last court session, the parties met with the EFCC to explore settlement options, leading to the defendant’s refund of N3.2 billion. However, two unresolved matters persist: allegations of forgery and a disputed $3 million sum that the defendant denies receiving from the complainant,” Jacobs stated.
He added, “In the spirit of reconciliation, the EFCC has instructed me to withdraw this case while determining how to address the outstanding allegations. Consequently, I request the court to strike out the charge.”
In response, Ibeto’s counsel, Adebayo Oshodi, confirmed the settlement agreement but contested the EFCC’s claim of unresolved issues. “I can confirm that all parties have reached an agreement to settle the matter out of court. However, I dispute the assertion that there are outstanding issues,” Oshodi said.
After considering submissions from both parties, Justice Ogala struck out the charges against Ibeto.
Background
The EFCC initially charged Chief Cletus Ibeto with obtaining property under false pretenses, fraudulent conversion, criminal breach of trust, forgery, and deception. In 2023, a bench warrant was issued for his arrest after he failed to appear in court for arraignment.
The case was reassigned to Justice Ogala in February 2024 by Lagos State Chief Judge, Justice Kazeem Alogba, following allegations of bias against a previous presiding judge.
