EFCC Seeks Court Dismissal of N4.8 Billion Fraud Case Against Cletus Ibeto Following Partial Refund
The Economic and Financial Crimes Commission (EFCC) has requested a Federal High Court to dismiss the N4.8 billion fraud charges against businessman Cletus Ibeto, following his repayment of N3.2 billion. The EFCC’s decision was made during a recent court hearing, where the anti-graft agency explained that the partial refund significantly addresses the claims in the initial petition, which led to the charges.
Cletus Ibeto, a notable figure in Nigeria’s business community and the chairman of the Ibeto Group, was previously accused of fraudulent activities linked to financial misappropriations involving N4.8 billion. The case was brought before the court after investigations into financial dealings revealed potential breaches of trust and fraudulent practices. However, during proceedings, it was disclosed that Ibeto refunded N3.2 billion as part of a settlement effort.
The EFCC’s counsel informed the court that the refund demonstrated a commitment to resolving the matter, prompting the agency to consider discontinuing the case. The EFCC’s motion for withdrawal highlights the agency’s flexibility in cases where substantial restitution is made, balancing justice and financial recovery.
Observers have noted that the move may also reflect the growing use of negotiated settlements in Nigeria’s legal system, where financial offenses can sometimes be addressed without full criminal prosecution if significant recovery of funds occurs. The court is expected to deliver a ruling on the EFCC’s request in the coming days, marking a potential conclusion to the long-standing legal battle.
This case continues to attract attention, raising discussions about accountability, restitution, and the efficiency of Nigeria’s justice system in handling financial crimes.
