Court Dismisses N4.8 Billion Fraud Case Against Ibeto Following Settlement
A Lagos State High Court in Ikeja has dismissed the N4.8 billion fraud charges against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company, after he refunded N3.2 billion of the alleged sum.
The case, initiated by the Economic and Financial Crimes Commission (EFCC), was struck out by Justice Oyindamola Ogala when EFCC counsel, Rotimi Jacobs, SAN, informed the court that the dispute had been resolved outside the courtroom.
The initial charges included conspiracy, fraud, and forgery against Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited. Despite repeated summons, Ibeto had failed to appear, leading the former judge, Justice Ismail Ijelu, to order his arrest on November 3, 2023.
The case was reassigned to Justice Ogala in February 2024 after Ibeto’s defense claimed bias and jurisdictional issues with the previous judge. During yesterday’s hearing, both sides confirmed the settlement, with defense counsel Adebayo Oshodi asserting that all issues had been resolved and the refund completed.
