The Lagos State High Court sitting in Ikeja, on Thursday, struck out the alleged N4.8 billion fraud charge instituted against the Chairman of Ibeto Energy Development Company, Chief Cletus Ibeto, by the Economic and Financial Crimes Commission (EFCC).
The trial judge, Justice Oyindamola Ogala, struck out the charge after being informed that Ibeto had refunded N3.2 billion of the money he was accused of stealing from his alleged victim, Chief Daniel Chukwudozie.
The EFCC had filed a 10-count charge of conspiracy, fraud, forgery, and fraudulent use of documents against Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited.
However, the planned arraignment of the defendant was stalled on several occasions due to his failure to appear in court, despite his lawyers representing him.
The EFCC counsel, Rotimi Jacobs, SAN, informed the court that the defendants and the complainant had met with the EFCC and resolved to settle the matter out of court. Jacobs stated that Ibeto had paid back a significant portion of the money, and the Commission was considering using it as an exhibit or as part of an out-of-court settlement.
While the defence counsel, Adebayo Oshodi, confirmed that the matter had been settled and his clients had refunded some money, he denied that there were any outstanding issues yet to be resolved. Oshodi stated, “I can confirm to the court that all parties have reached an agreement, that the matter be settled out of court. I, however, deny that there are any outstanding issues.”
The case had been marred by controversy, with the defendants accusing the former trial judge, Justice Ismail Ijelu, of bias and challenging the court’s jurisdiction to hear the case. The case file was subsequently reassigned to Justice Ogala in February 2024, by the Chief Judge of Lagos State, Justice Kazeem Alogba.
The striking out of the charge may have brought to an end to the prolonged legal battle between Ibeto and the EFCC. However, it remains to be seen whether the out-of-court settlement will have any implications for Ibeto’s business dealings or reputation.
