Oil Magnate Denies Settling Alleged N4.8bn Fraud Case With Ibeto, Insists He Still Owe Outstanding $3m Debt

The founder and Group Managing Director of Dozzy Group, Chief Daniel Chukwudozie, has denied reaching an out-of-court settlement with Chief Cletus Ibeto and his group of companies over an alleged N4.8 billion Fraud.

In a statement Monday, Dozzy Oil & Gas Limited maintained that the dispute remains unresolved, with an outstanding debt of US$3 million owed to Chief Chukwudozie.

The company accused Ibeto of orchestrating a misinformation campaign, claiming that all disputes had been settled and that a judgment of the Rivers State High Court confirmed his ownership of 22.6 hectares of land at Reclamation Road, Port Harcourt.

Dozzy Group stated that these claims are false and misleading, while emphasising that the court never granted such ownership but instead upheld its title to 122.3 hectares and issued an injunction against Ibeto’s encroachment.

According to the Group, financial records verified by the Economic and Financial Crimes Commission (EFCC) show that Ibeto and his companies received ₦3.295 billion and US $6 million in two instalments in 2015; however, only the first US $3 million tranche has been repaid.

Dozzy Group also dismissed claims about a Rivers State Gazette purportedly revoking the relevant land lease, describing the document as fraudulent according to the State’s Ministry of Lands and Survey.

The organisation stated, “Investigations further revealed that Chief Ibeto allegedly presented forged land title documents attempting to claim ownership of a 22.6-hectare parcel, while official Rivers State Lands Registry records confirm ownership of only 7.8 hectares by Ibeto’s companies.

“In an affidavit before the Rivers State High Court (Suit No. PHC/158/CS/2022), Chief Cletus Ibeto claimed to be ‘the fifth richest Nigerian in terms of net worth and assets in U.S. dollars’ —conveniently ignoring that perjury carries a 14-year prison term under the Criminal Code Act.

“Yet, nearly ten years later, he has failed to refund US$3 million owed to Dozzy Oil & Gas Limited,” it claimed.

The company called on Ibeto to act with integrity, if indeed he possesses the wealth he boasts of, by settling the outstanding debt and apologising for the financial and reputational damage caused.

It warned that it would persist in pursuing lawful remedies until the matter is resolved.

Members of the public and the media were urged to disregard Ibeto’s narrative and recognise that the evidence and justice favour Dozzy Group and that the allegations of forgery are supported by documents.