Court Throws Out ₦4.8 Billion Fraud Charges Against Ibeto Following ₦3.2 Billion Refund

Justice Oyindamola Ogala ruled in favor of striking out the case following a request from EFCC’s counsel, Rotimi Jacobs (SAN), who revealed that Ibeto had refunded ₦3.2 billion to the alleged victim, Chief Daniel Chukwudozie.....KINDLY READ THE FULL STORY HERE▶

Jacobs explained that the parties had reached an out-of-court settlement facilitated by the EFCC. He added, “After the last court session, the parties met with the EFCC to discuss settlement options, which led to the refund of ₦3.2 billion.”

However, Jacobs pointed out that two issues remained unresolved: allegations of forgery and a $3 million that Ibeto denied receiving from the complainant.

He further stated, “The EFCC has instructed me to withdraw the case in the spirit of reconciliation while the Commission decides how to handle the outstanding issues. I therefore request the court to strike out the charge.”

Jacobs confirmed that all parties had agreed to settle out of court, but denied the existence of unresolved matters.

The defense counsel, Adebayo Oshodi, supported the motion to strike out the case, affirming that all parties had agreed to resolve the matter outside of court and refuting any claims of unresolved issues.

After reviewing the submissions, Justice Ogala granted the request and dismissed the charge.

The case, which began in April 2023, involved a 10-count charge of conspiracy, fraud, forgery, and the use of fraudulent documents against Chief Ibeto, Ibeto Energy Development Company, and Odoh Holdings Ltd.

The trial had been delayed several times due to Ibeto’s failure to appear in court, prompting the previous judge, Justice Ismail Ijelu, to issue an arrest warrant against him on November 3, 2023.

However, the defendants later challenged the court’s jurisdiction and accused Justice Ijelu of bias. In February 2024, the case was reassigned to Justice Ogala, who has now dismissed the case following the ₦3.2 billion refund and reconciliation between the parties.