KEY POINTS
- N4.8bn fraud case against Ibeto dismissed after settlement Court.
- Ibeto refunded N3.2bn to the complainant, EFCC confirms.
- Furthermore, defence counsel insists that there are no pending, unresolved issues.
A Lagos State High Court has struck out the N4.8 billion fraud case filed against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company (IEDC).
The Economic and Financial Crimes Commission (EFCC) accused Ibeto of conspiracy, fraud, and forgery in the alleged theft of funds from Chief Daniel Chukwudozie.
Ibeto and the complainant settled out of court, and Justice Oyindamola Ogala, the trial judge, dismissed the case. In addition, Rotimi Jacobs, SAN, the EFCC’s lead counsel, told the court that Ibeto had refunded N3.2 billion to the complainant.
‘We have resolved the matter and there are no unresolved issues any more,’ defense counsel Adebayo Oshodi said.
EFCC charged Ibeto, his company Ibeto Energy Development Company, and his holding company Odoh Holdings Limited with a 10-count indictment.. But attempts to arraign the businessman repeatedly stalled when he did not show up to court, despite assurances the lawyer would produce him.
The act transfers cases and settles them
However, after repeated failed arrange efforts, on November 3, 2023, presiding judge, Justice Ismail Ijelu, granted EFCC’s request to issue an arrest warrant against Ibeto. But the case was retransferred to Justice Oyindamola Ogala in February this year over allegations by Ibeto’s legal team that Justice Ijelu was biased and that the court lacked jurisdiction.
At the resumed hearing, EFCC counsel Mr Morak Jacobs told Justice Ogala that the defendants and the complainant had agreed with each other, and a refund of N3.2 billion had followed. The judge struck out the high profile case following the defence lawyer’s confirmation of the settlement.
