Dozzy Oil & Gas Limited has denied reports that it reached an out-of-court settlement with Chief Cletus Ibeto and his companies over an alleged N4.8 billion fraud, insisting that the dispute remains unresolved and that an outstanding debt of US$3 million is still owed to the company’s founder, Chief Daniel Chukwudozie.
In a statement issued by its media office, Dozzy Oil & Gas dismissed as “false and misleading” claims that all disputes between the parties have been settled or that a Rivers State High Court judgment affirmed Chief Ibeto’s ownership of 22.6 hectares of land at Reclamation Road, Port Harcourt.
The company said the claims were part of a misinformation campaign orchestrated by Chief Ibeto.
It clarified that the court did not grant him ownership of the disputed land; rather, it upheld Dozzy’s title to 122.3 hectares and issued an injunction restraining Chief Ibeto and his companies from encroachment.
According to the statement, financial transactions between both parties were verified by the Economic and Financial Crimes Commission (EFCC), which confirmed that N3.295 billion and US$6 million were transferred to Chief Ibeto and his companies in two instalments in 2015.
While the first tranche of US$3 million was repaid, the second remains outstanding despite documentary evidence.
Dozzy Oil & Gas further refuted claims of a Rivers State Gazette allegedly revoking NITECO’s lease — the root of Dozzy’s land title, describing the document as fraudulent based on confirmation from the state’s Ministry of Lands and Survey.
The company also alleged that Chief Ibeto used forged land title documents in a purported sale transaction for 22.6 hectares, whereas authentic records at the Rivers State Lands Registry show that his companies own only 7.8 hectares. Testimony from the Registrar of Titles, Mr. Sylvanus Nwankpila, reportedly confirmed that the governor’s consent application covered only 7,800 square metres.
Dozzy Group said the alleged forgery led to EFCC investigations and subsequent criminal charges against Chief Ibeto and his companies before the Lagos State High Court.
The charges include obtaining money under false pretence, forgery, and uttering of forged documents.
The company noted that Chief Ibeto repeatedly failed to appear in court, leading to a bench warrant for his arrest, while his legal team filed multiple applications described by the court as an abuse of process.
The organisation also drew attention to an affidavit filed by Chief Ibeto in Suit No. PHC/158/CS/2022, in which he claimed to be “the fifth richest Nigerian in terms of net worth and assets in U.S. dollars.”
It described the claim as “irrelevant and misleading,” noting that perjury attracts a 14-year penalty under the Criminal Code Act.
“Yet, nearly ten years later, Chief Ibeto has failed to refund the outstanding US$3 million owed to Dozzy Oil & Gas Limited,” the statement read.
Dozzy Oil & Gas said that although Chief Ibeto’s lawyers wrote on January 3, 2024, offering to repay the outstanding sum in six instalments, no payments were made in fulfillment of that undertaking.
Instead, it accused him of pursuing a media-driven strategy to distort facts and stall accountability.
The company reiterated that: “No settlement has been reached; US$3 million remains unpaid”, adding that allegations of fraud and forgery are supported by official documents; and it will continue to pursue lawful remedies until full repayment is made.
The public and media were urged to disregard what Dozzy Group described as “false narratives” being circulated by Chief Ibeto and to rely on verified records.
The statement concluded: “We call on Chief Cletus Ibeto to immediately repay the outstanding US$3,000,000.00 and to publicly apologise to Sir Daniel Chukwudozie and Dozzy Oil & Gas Limited for the financial loss and reputational injury caused by his actions.”
