A Lagos State High Court in Ikeja has dismissed the N4.8 billion fraud charges brought against Chief Cletus Ibeto, the Chairman of Ibeto Energy Development Company, by the Economic and Financial Crimes Commission (EFCC).The ruling came from Justice Oyindamola Ogala after the EFCC’s lead counsel, Rotimi Jacobs, SAN, informed the court that Ibeto had repaid N3.2 billion of the funds he allegedly took from complainant Chief Daniel Chukwudozie.
The EFCC had previously filed a 10-count indictment against Ibeto and his companies, Ibeto Energy Development Company and Odoh Holdings Limited. However, the defendant’s arraignment faced multiple delays due to his absence from court; his legal team appeared on his behalf.In response to the defendant’s non-appearance, former trial judge Justice Ismail Ijelu, on November 3, 2023, granted a request from the prosecution for Ibeto’s arrest, citing his failure to present himself despite assurances from his lawyers.Following this, in February 2024, the Chief Judge of Lagos State, Justice Kazeem Alogba, reassigned the case to Justice Ogala after the defense raised concerns about alleged bias and questioned the court’s jurisdiction under Justice Ijelu.During the latest hearing, Jacobs announced that the parties involved had met with the EFCC and reached an agreement to settle the matter amicably. Defense counsel Adebayo Oshodi confirmed the settlement to the court, affirming that his clients had reimbursed some funds and that no outstanding issues remained. —
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