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Court Dismisses ₦4.8 Billion Fraud Case Against Ibeto After Partial Settlement
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The decision came after the EFCC’s counsel, Rotimi Jacobs (SAN), requested that the charges be withdrawn, citing a partial settlement between the parties involved.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.
Entertainment
2Baba Cries Out For Help in Now Deleted Instagram Post
This morning, 2Baba posted “Help Me” on his Instagram stories, but less than 20 minutes later, the message vanished.
For the past few days, his relationship with his current wife, Senator Natasha Osawaru, has been under serious scrutiny, as a series of public incidents have surfaced and fuelled widespread speculation about the state of their marriage.
His cry for help should not be taken lightly. But who will answer him?
Will it be his family, his close friends, or the entertainment industry that has benefited from his legendary career?
At this point, one thing is clear. The music icon seems to be calling for real support and those around him cannot afford to look away.
Trending
BREAKING: Unknown Gunmen Attack Gov. Otti’s Advance Team In Imo, As Scores Were Kidnapped From A Bus Along Owerri-Road Road
An advance team of Abia State Governor, Dr. Alex Otti, escaped unhurt after unidentified gunmen opened fire on their vehicle in the early hours of Tuesday, December 2, 2025, along the Umuowa–Ihite axis in Imo State.
The three-member team was en route to Sam Mbakwe Cargo Airport, Owerri, when the attack occurred shortly before the airport junction.
In a statement electronically signed by the Chief Press Secretary to the Governor, Mr. Ukoha Njoku Ukoha, the Abia Government clarified that Governor Otti’s main convoy was not involved in the incident and was nowhere near the location at the time.
“The convoy of His Excellency, Dr. Alex Chioma Otti, was not attacked. No member of the advance team or any other person sustained injury, and no life was lost,” the statement stressed, urging the public to disregard rumours suggesting otherwise.
It was learned that Security agencies have been notified, and investigations are underway to identify and apprehend the assailants.
Meanwhile, a commercial bus plying along Owerri -Aba road towards the Ngor Okpala axis was attacked Monday and scores of passengers were feared kidnapped by yet-to-identify gunmen.
Trending
Gunmen attack Ngige’s convoy in Anambra
The convoy of former Minister of Labour and Employment, Senator Chris Ngige, was attacked by gunmen in Umuoji, Idemili North Local Government Area of Anambra State.
Ngige who confirmed the incident to newsmen, stated that he was not in the convoy when the attack occurred. He mentioned that several people were shot and injured.
“I was not in the convoy. I’m still alive and well. Those hoodlums have started again. I came to my state to relax, but what happened is unfortunate. I will go back to Abuja. But I assure those who did this, they will not go unpunished.” he said
The vehicles were reportedly returning from a mechanic workshop in Nkpor when the gunmen struck along the busy Umuoji–Nkpor Road leading to Alor, Ngige’s hometown.
According to Mr. Fred Chukwulobelu, Ngige’s former Special Adviser on Media, a policeman in the pilot car was shot, and the attackers, dressed in police and army uniforms, took away his gun and uniform.
He also confirmed that a woman filming the incident was fatally shot. He added that a shop owner who rushed out to see what was happening was also shot; he lost significant blood and is scheduled for surgery, but is expected to recover fully.
The pilot car was riddled with bullets, while the wounded escort leader has undergone surgery and is also expected to recover.
Meanwhile, the Anambra State Police Command said it has launched a state-wide manhunt for the perpetrators.
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