Court Dismisses ₦4.8 Billion Fraud Case Against Ibeto After Partial Settlement

Published

1 year ago

December 11, 2024

The Lagos State High Court in Ikeja has dismissed a ₦4.8 billion fraud case brought by the Economic and Financial Crimes Commission (EFCC) against Chief Cletus Ibeto, Chairman of Ibeto Energy Development Company.

The decision came after the EFCC’s counsel, Rotimi Jacobs (SAN), requested that the charges be withdrawn, citing a partial settlement between the parties involved.

According to Jacobs, Chief Ibeto refunded ₦3.2 billion to Chief Daniel Chukwudozie, the alleged victim, as part of an out-of-court settlement facilitated by the EFCC. He explained that after the last court session, both parties entered discussions mediated by the Commission, which led to the agreement.

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.”

However, he noted two unresolved issues: allegations of forgery and a disputed $3 million claim that Ibeto denies receiving from the complainant. Despite these outstanding matters, Jacobs said the EFCC decided to withdraw the case in the interest of reconciliation.

The defence counsel, Adebayo Oshodi, supported the motion to strike out the case and confirmed the settlement. However, Oshodi disputed Jacobs’ claims about unresolved issues, insisting that all matters had been resolved through the agreement.

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

The trial faced delays, including Chief Ibeto’s repeated absences from court, which led the former presiding judge, Justice Ismail Ijelu, to issue a warrant for his arrest in November 2023. Subsequently, the defendants challenged the court’s jurisdiction and accused Justice Ijelu of bias, prompting the Lagos State Chief Judge, Justice Kazeem Alogba, to reassign the case to Justice Ogala in February 2024.

While the case has been struck out following the refund and settlement, questions remain regarding the unresolved allegations of forgery and the disputed $3 million. The EFCC may revisit these issues in the future, but for now, the court’s decision brings the contentious legal battle to a close.

The settlement reflects a growing trend in Nigeria’s legal system, where alternative dispute resolution mechanisms are employed to expedite cases and reduce the backlog in courts. However, critics argue that such settlements may undermine justice in cases involving serious allegations like fraud and forgery.

Chaos As Military Officers Exchange Blows During Tinubu’s Visit To Bayelsa (Videos)

Published

1 week ago

April 12, 2026

Ekwutos Blog

Personnel of the Nigerian military were seen engaging in a fight during the visit of President Bola Ahmed Tinubu to Bayelsa on Friday.

In a video spotted on social media, the driver of a Hilux vehicle marked “Naval Police” was seen stepping down from his vehicle and exchanging words with another driver.

After returning to his vehicle, another driver with a rifle approached him and threw a punch at the Naval Police driver, triggering a brawl.

The incident quickly escalated into a free-for-all, with personnel attached to both vehicles exchanging blows, while stunned civilians watched in disbelief.

HRH Ekwueme of Ochia Kingdom Iynched & kiIIed in Imo.

Published

1 week ago

April 11, 2026

Ekwutos Blog

Gunmen on Friday night killed the traditional ruler of Ochia, Barr Paulinus Ekwueme, alongside security operatives in the Ohaji/Egbema Local Government Area of Imo State. The attackers ambushed the monarch at the boundary of Assa and Ochia communities after he returned from a trip abroad earlier in the week.

Some security operatives in his convoy were also shot dead. Eyewitness said the monarch and the security operatives were set ablaze after the killing, adding that the Ohaji/Egbema Local Government Area had been thrown into mourning.

Hrm lives in America, but some in his town accuse him of acquiring lots of wealth coming from the oil in their land and yet they have no nepa (light) and other amenities, and that this angered the youths of his community to take this step. One said Ms Duruaku wrote, “he ate the youth empowerment meant given to him by shell oil company and ran abroad for years”

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Abuja hotel collapse: Wike orders arrest of owner, to convert land to public use

Published

2 weeks ago

April 7, 2026

Ekwutos Blog

The Minister of the Federal Capital Territory, Nyesom Wike, has ordered the immediate arrest of the owner of a multi-story hotel that collapsed in Jikwoyi, Abuja last Friday, April 4 and announced that the land would be seized for public use.

LIB had reported that the building crumbled while workers were on site, triggering an emergency response from relevant authorities.

Visiting the site today April 7, Wike said the building was constructed without approval from the FCT Department of Development Control and that all the stop-work notices sent to the builders were ignored by the developer.

Wike confirmed that while there were no fatalities, several people sustained injuries and were taken to the hospital. He warned that the outcome could have been far worse.

Announcing the government’s plans for the land, Wike said the FCT Administration will take over the land for public use, noting that those responsible for the illegal construction will face prosecution in accordance with the law.

He added that the local community would be consulted to determine a suitable public-purpose project for the reclaimed site.