Justice Oyindamola Ogala struck out the charge after counsel to the EFCC, Rotimi Jacobs (SAN), informed the court that Ibeto had refunded over ₦3.2 billion of the money he was accused of stealing from the alleged victim, Chief Daniel Chukwudozie.
Jacobs also informed the judge that both the defendants and the complainant had met with the EFCC and agreed to settle the matter out of court.
He said, “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, two issues remain unresolved: the allegations of forgery and the $3 million that Ibeto denies collecting from the complainant.
“The EFCC has instructed me to withdraw this case in the spirit of reconciliation while the Commission decides how to address the outstanding issues. I therefore request the court to strike out the charge.”
The defence lawyer, Adebayo Oshodi, confirmed in court that an agreement had been reached, resulting in the refund, but denied that any issues remained unresolved.
He stated, “I can confirm to the court that all parties have reached an agreement, that the matter be settled out of court. I, however, deny that there are any outstanding issues.”
After considering the submission from both lawyers, Justice Ogala struck out the charge. In April 2023, the EFCC instituted a 10-count charge of conspiracy, fraud, forgery, and the fraudulent use of documents against the businessman and his companies, Ibeto Energy Development Company and Odoh Holdings Ltd.
Arraignment was however stalled and adjourned multiple times owing to the failure of the business to appear in court, he was however always represented by his lawyers.
This led former trial judge Justice Ismail Ijelu to agree to the prosecution’s request on November 3, 2023, to order the arrest of Ibeto for not appearing in court despite assurances from his lawyers that he would attend.
The case was however reassigned to Justice Ogala in February 2024 by the Chief Judge of Lagos State, Justice Kazeem Alogba, after the defendants accused Justice Ijelu of bias and also challenged the court’s jurisdiction to hear the case.
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