Dozzy Oil Rebuts Ibeto’s Claims in Lingering $3m Debt Dispute

Dozzy Oil & Gas Limited has issued a firm statement denying recent claims by Chief Cletus Ibeto and his companies regarding an out-of-court settlement of a disputed $ 3 million transaction from 2015.

The company emphasised that the debt remains unpaid despite unsuccessful mediation efforts and alleged findings by the EFCC of irregularities of in related land transactions.

It explained that the matter concerns a land transaction with discrepancies in land size, a $ 3 million debt, and exchange rate issues.

The statement highlighted that documents show a significant difference between the land area represented in certain dealings and the actual land titles and surveys, which prompted regulatory investigation.

The EFCC investigation reportedly uncovered forged receipts and discrepancies in titles involving the NITECO Shipyard Layout.

The petition leading to EFCC involvement predated the civil cases filed by Ibeto, clarifying that regulatory action was not solely after the civil proceedings.

Mediation efforts with Igbo leaders, including the late Chief Emmanuel Iwuanyanwu and Chief Emma Bishop Okonkwo, had resulted in an agreement to repay within 90 days, but Ibeto did not honour it.

During that meeting, it was acknowledged that Dozzy owed the sum, and Ibeto explained that the funds transferred to Ardeja Trading Limited, his supplier, needed reconciliation before repayment.

EFCC investigations verified title disclaimers, fake receipts, and multiple sub- leases before the dispute.

Only the first $3 million instalment was acknowledged as repaid, with the second pending due to exchange rate disputes.

The dispute has led to several legal actions, including a failed human rights case by Ibeto and a Lagos High Court fraud trial, with some charges being dismissed; however, the core issues remain unresolved. Ibeto’s recent claims of a full settlement have been called”spurious” by Dozzy, as no out-of-court settlement has occurred.

Claims of a mentoring or benefactor relationship between Ibeto and Dozzy’ s Chairman are unfounded and do not aid in resolving the financial dispute.

Dozzy praised the EFCC’s professionalism and called for continued action, promising to seek a dignified resolution once full repayment is made.