Chief Cletus Ibeto, a prominent Nigerian businessman and Chairman of Ibeto Energy Development Company, has refunded over N3.2 billion following allegations of a N4.8 billion fraud.
The Economic and Financial Crimes Commission (EFCC) made this revelation during proceedings at the Lagos State High Court in Ikeja.
Justice Oyindamola Ogala struck out the case after the EFCC requested the withdrawal of the charges against the billionaire.
This dramatic development follows months of legal wrangling and intense negotiations between the parties involved.
The EFCC’s counsel, Rotimi Jacobs (SAN), informed the court about a settlement agreement between Ibeto and the complainant, Chief Daniel Chukwudozie.
He disclosed that Ibeto had refunded N3.2 billion as part of the reconciliation process.
“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,” Jacobs said.
However, the lawyer noted that two critical issues remained unresolved.
These include allegations of forgery and a disputed $3 million sum, which Ibeto denies collecting from the complainant.
In light of the progress, Jacobs requested the court to strike out the charge, stating that the EFCC would address the outstanding issues separately.
Adebayo Oshodi, representing Ibeto, confirmed the settlement but refuted claims of unresolved issues.
“I can confirm to the court that all parties have reached an agreement to settle the matter out of court,” Oshodi said.
He emphasized that the refund concluded the case and dismissed allegations of any lingering matters.
The contrasting positions from both legal teams added a layer of intrigue to the high-profile case.
After hearing submissions from both sides, Justice Ogala struck out the charges.
This decision followed the EFCC’s recommendation and the apparent resolution of significant aspects of the case.
The ruling brings temporary closure to a saga that has captured public attention for over a year.
Chief Cletus Ibeto’s legal troubles began in 2023 when the EFCC accused him of multiple offenses.
These charges included obtaining by pretenses, fraudulent conversion of property, criminal breach of trust, forgery, and deception.
At one point, the court issued a bench warrant for Ibeto after he failed to appear for his arraignment.
The case was later reassigned to Justice Ogala in February 2024 after Ibeto accused the former presiding judge of bias.
The allegations stem from claims by Chief Daniel Chukwudozie, who accused Ibeto of fraudulent dealings amounting to N4.8 billion.
The EFCC’s intervention led to the high-profile case, which has now taken a significant turn with the refund.
