Court Strikes Out N4.8Bn Fraud Case Against Ibeto after N3.2Bn Refund

Femi Ashekun/

In a dramatic turn of events, the Lagos State High Court in Ikeja, presided over by Justice Oyindamola Ogala, today struck out the N4.8 billion fraud case against embattled Ibeto Energy Chairman, Chief Cletus Ibeto, following a partial refund of N3.2 billion to his alleged victim.

The Economic and Financial Crimes Commission (EFCC) had accused Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited, of conspiracy, fraud, forgery, and fraudulent use of documents in a high-profile 10-count charge.

The case, mired in delays, saw Ibeto repeatedly fail to appear in court, leading to an arrest order issued by Justice Ismail Ijelu in November 2023. However, the case was reassigned to Justice Ogala after Ibeto accused Justice Ijelu of bias.

At today’s hearing, EFCC counsel Rotimi Jacobs (SAN) revealed that the businessman had refunded part of the alleged stolen funds and opted for an out-of-court settlement.

“After the last sitting, the parties resolved to settle. The defendant refunded N3.2 billion to the EFCC. However, forgery allegations and a disputed $3 million remain unresolved,” Jacobs stated while seeking the withdrawal of charges.

Ibeto’s lawyer, Adebayo Oshodi, confirmed the settlement but denied any unresolved issues, asserting that “all parties reached an agreement.”

Justice Ogala struck out the case, leaving questions hanging over the forgery claims and the fate of the disputed $3 million.