In a landmark decision at the Lagos State High Court, the highly publicized ₦4.8 billion fraud case against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company, has been struck out. This decision follows an agreement between the parties, culminating in Ibeto refunding ₦3.2 billion to the complainant, Chief Daniel Chukwudozie.
Presiding over the case, Justice Oyindamola Ogala acted after counsel for the Economic and Financial Crimes Commission (EFCC), Rotimi Jacobs (SAN), requested the withdrawal of the charges. Jacobs revealed that a settlement had been brokered between the defendant and the complainant, facilitated by the EFCC. This development led to the refund of a significant portion of the alleged funds, marking a pivotal turn in the case.
While Jacobs acknowledged unresolved issues, including allegations of forgery and a contested $3 million sum, Ibeto’s legal team, led by Adebayo Oshodi, maintained that all matters were resolved amicably. Oshodi affirmed the settlement’s finality and denied any lingering disputes.
This resolution follows a series of legal hurdles since the EFCC initially brought a 10-count charge against Ibeto in April 2023, including allegations of conspiracy, fraud, and forgery. The case had faced multiple adjournments due to the defendant’s absence from court, leading to an arrest order in November 2023 by then-trial judge Justice Ismail Ijelu. The matter was later reassigned to Justice Ogala in February 2024 after the defence raised concerns about bias and jurisdiction.
The case’s resolution signals a turning point, highlighting the role of alternative dispute resolution mechanisms in complex financial disputes. It also emphasizes the judiciary’s evolving approach to balancing reconciliation with accountability in high-stakes litigation.
