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Court Dismisses ₦4.8 Billion Fraud Case Against Ibeto After Partial Settlement
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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The decision came after the EFCC’s counsel, Rotimi Jacobs (SAN), requested that the charges be withdrawn, citing a partial settlement between the parties involved.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.
After hearing arguments from both sides, Justice Oyindamola Ogala struck out the case, effectively ending the trial.
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.
News
Speaker Abbas mourns foremost businessman, politician, Bamanga Tukur
The Speaker of the House of Representatives Hon. Abbas Tajudeen, has expressed sadness over the passing of a former governor of the defunct Gongola State (now Adamawa and Taraba States), Alhaji Bamanga Muhammad Tukur.
Alhaji Bamanga Tukur, who passed away on Saturday—three days to his 91st birthday—was a successful businessman, elder statesman, and one of the foremost politicians in Nigeria from the North.
Speaker Abbas, in a condolence message issued through his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, described Bamanga Tukur’s demise as a huge loss to the business and political communities, noting that the deceased was an elder statesman whose marks will remain indelible in the country’s history.
The Speaker said apart from Bamanga Tukur’s exemplary foray in public administration, governance, industry, politics, and pan-African business leadership, he was also a devoted Muslim who propagated Islam and blessed humanity with his wealth.
He added that Tukur, as national chairman of the Peoples Democratic Party (PDP), contributed immensely to the improvement of Nigerian democracy and standard political practices.
Speaker Abbas condoled Bamanga Tukur’s family, members of his community, business and political associates, as well as the government and the people of Adamawa (his home state) and Taraba States.
The Speaker prayed to Allah (SWT) to forgive Alhaji Bamanga Tukur his mistakes and grant him Jannatul Firdausi.
News
Sad! Kidnapped Kwara monarch dies days after rescue
The traditional ruler reportedly died in hospital after a brief illness following his release from captivity.
A traditional ruler in Kwara State has died days after regaining his freedom from kidnappers who abducted him during an attack on his community.
The monarch, whose identity was not immediately disclosed in the report, was kidnapped on August 22 when armed men invaded Igbesi community in the state.
He was rescued five days later during a security operation in the Elerin/Ijomu-Oro axis, alongside two other kidnapping victims.
However, the monarch reportedly died in the early hours of Saturday at a hospital where he was receiving treatment following his release.
His death was announced on Saturday by the National President of Omo Ibile Igbomina, Bisi Fakayode, who expressed sadness over the development and prayed for the repose of the monarch’s soul.
Confirming the development, one of the deceased’s sons, Prince Olasunkanmi, told PUNCH Online that his father died after a brief illness.
“Yes, the news is true. He died after a brief illness following his release. We took him to the hospital, hoping he would survive, but he died there very early this morning,” he said.
How the monarch was rescued
The monarch was among three kidnapping victims rescued by security operatives during a coordinated operation around the Elerin/Ijomu-Oro axis of Kwara State.
The operation followed information received at about 10am at the Oro Police Station from a vigilante member, who reported that one of his colleagues had sustained a gunshot injury while in the bush around Elerin/Ijomu-Oro.
Acting on the information, the Divisional Police Officer of the Oro Police Station led a combined team of police operatives, military personnel and vigilantes to the area.
According to the Kwara State Police Command, the suspected kidnappers opened fire after sighting the advancing security team, resulting in an exchange of gunfire.
One suspected kidnapper was killed during the encounter, while the remaining members of the gang fled into the surrounding terrain as security operatives pursued them.
The team subsequently located and rescued the three victims, who were evacuated for medical attention.
The monarch’s death comes days after the successful rescue operation, raising fresh concerns over the health consequences of prolonged captivity and the dangers faced by victims of kidnapping.
News
Police foil alleged sale of 16-month-old girl, arrest father, three others
The child was rescued at a hotel in Abia State after police allegedly uncovered a plot to traffic her for financial gain.
The Abia State Police Command has arrested a father and three other suspects over an alleged attempt to sell and traffic his 16-month-old daughter for financial gain.
The suspects were arrested on September 7, 2026, by operatives of the State Criminal Investigation Department, Gender Unit, at a hotel in Obi, Obingwa Local Government Area of the state.
The Commissioner of Police, Wilfred Afolabi, disclosed the development on Friday while briefing journalists on the command’s achievements since he assumed office on August 10.
Afolabi said the suspects were transferred from the Central Police Station, Umuahia, in connection with alleged conspiracy and child trafficking.
According to the commissioner, preliminary investigations established that one of the suspects was the biological father of the child.
He added that further investigation indicated that the alleged attempt to traffic the girl was motivated by the suspects’ desire to make money.
The child was rescued and handed over to the Ministry of Women Affairs for protection, while the four suspects remained in police custody as investigations continued.
Police rescue nine kidnapped victims
Afolabi also disclosed that the command had recorded more than 152 criminal cases and arrested over 220 suspects since his assumption of office.
He said several of the cases had been investigated and charged to court.
According to him, the command also rescued nine kidnapped victims, recovered 101 rounds of ammunition and cartridges, recovered six stolen vehicles, including tricycles and motorcycles, and dismantled two criminal networks during the period under review.
Abducted doctor rescued
The commissioner further disclosed the rescue of a medical doctor who was allegedly abducted by armed men on August 19.
Afolabi said the doctor was forced into his vehicle by the assailants, who subsequently fled towards Imo State.
He explained that vehicle-tracking technology and coordinated intelligence operations involving the Abia and Imo State police commands led to the recovery of the vehicle and the rescue of the victim in the early hours of August 20.
Several suspects allegedly linked to the incident, including individuals suspected of assisting with the movement or distribution of ransom money, have been arrested.
The police, however, said efforts were ongoing to apprehend other members of the alleged criminal network.
In another major operation, Afolabi disclosed the arrest of a suspect allegedly linked to an armed robbery and kidnapping incident along the Enugu-Port Harcourt Expressway in Aba.
The suspect was reportedly arrested after a female victim was robbed of her Toyota Highlander, mobile phones, handbag and other personal belongings.
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