Court dismisses Ibeto fraud charge

In a significant legal development, the Lagos State High Court in Ikeja has dismissed the ₦4.8 billion fraud charges against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company, following his restitution of ₦3.2 billion to the complainant, Chief Daniel Chukwudozie..Court dismisses Ibeto fraud charge

The Economic and Financial Crimes Commission (EFCC) had previously filed a 10-count charge against Chief Ibeto and his companies, alleging conspiracy, fraud, forgery, and the fraudulent use of documents. However, during a recent court session, EFCC counsel Rotimi Jacobs (SAN) informed Justice Oyindamola Ogala that the parties had reached an amicable settlement, leading to the substantial refund.

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Jacobs stated, “Following the last court session, the parties met with the EFCC to explore settlement options, which resulted in the defendants refunding ₦3.2 billion to the Commission.” He further noted that while certain issues, such as allegations of forgery and a disputed $3 million, remained unresolved, the EFCC opted to withdraw the case in the spirit of reconciliation.

Defense counsel Adebayo Oshodi confirmed the settlement and the refund but contested the existence of any outstanding issues. After considering submissions from both sides, Justice Ogala struck out the charges.

This case underscores the potential for alternative dispute resolution in complex financial litigations, highlighting the importance of restitution and reconciliation in the Nigerian legal system.

For more detailed information, you can refer to the original report on Channels Television.