The Chairman of Ibeto Energy Development Company, Chief Cletus Ibeto, has refunded over N3.2 billion that he was alleged to have stolen from a victim, Chief Daniel Chukwudozie.
This revelation was made by the Economic and Financial Crimes Commission (EFCC) before the Lagos State High Court sitting in Ikeja.
This led the court to strike out the alleged N4.8 billion fraud charge instituted against the businessman, following EFCC’s request.
Channels Television reports that Justice Oyindamola Ogala struck out the charge after counsel to the EFCC, Rotimi Jacobs (SAN), informed the court about developments associated with settlement talks between the parties.
What transpired in court
- At the resumed proceedings, Jacobs told the judge that the parties had met with the EFCC and agreed to an out-of-court settlement.
- He then asked the court to strike out the charge while the EFCC explored other ways to address the allegation of forgery against the businessman.
“Following the last court session, the parties met with the EFCC to explore settlement options, which resulted in the defendant refunding N3.2 billion to the Commission.
“However, two issues remain unresolved: the allegations of forgery and the $3 million that Ibeto denies collecting from the complainant.
“The EFCC has instructed me to withdraw this case in the spirit of reconciliation while the Commission decides how to address the outstanding issues. I therefore request the court to strike out the charge,” he said.
Ibeto’s lawyer, Adebayo Oshodi, agreed with the EFCC’s submission but denied that any outstanding issues remained to be resolved.
He said, “I can confirm to the court that all parties have reached an agreement to settle the matter out of court. I, however, deny that there are any outstanding issues.”
After hearing from both lawyers, Justice Ogala struck out the charge.
What you should know
- Nairametrics previously reported that the EFCC sued Ibeto on charges of obtaining by pretences, fraudulent conversion of property, criminal breach of trust, forgery, and deception.
- In 2023, the court issued a bench warrant against him after he failed to appear for arraignment.
- The case was reassigned to Justice Ogala in February 2024 by the Chief Judge of Lagos State, Justice Kazeem Alogba, after Ibeto reportedly accused a former presiding judge of bias in the case.