Dozzy Oil & Gas Limited has firmly denied claims by Chief Cletus Ibeto and his companies that an out-of-court settlement has been reached over a disputed $3 million transaction dating back to 2015.
In a statement, the company maintained that the debt remains unpaid, despite several mediation efforts, and referenced alleged findings by the Economic and Financial Crimes Commission (EFCC) pointing to irregularities in related land transactions.
According to Dozzy, the dispute centres on a land transaction involving discrepancies in land size, a $3 million debt, and disagreements over applicable exchange rates.
The company said documents in its possession reveal a significant disparity between the land area represented during the transaction and the actual land covered by valid titles and surveys, prompting regulatory scrutiny.
It further disclosed that EFCC investigations uncovered forged receipts and discrepancies in land titles linked to the NITECO Shipyard Layout. Dozzy clarified that the petition that led to EFCC involvement was filed before the civil suits later instituted by Ibeto, countering suggestions that regulatory action only followed the court cases.
The company also recounted mediation efforts involving prominent Igbo leaders, including the late Chief Emmanuel Iwuanyanwu and Chief Emma Bishop Okonkwo, which reportedly produced an agreement for repayment within 90 days. However, Dozzy said Ibeto failed to honour the agreement.
At the mediation meeting, Dozzy stated that Ibeto acknowledged owing the sum but explained that the funds had been transferred to Ardeja Trading Limited, his supplier, and required reconciliation before repayment.
Dozzy added that EFCC investigations confirmed the existence of title disclaimers, fake receipts, and multiple sub-leases executed before the dispute arose. It noted that only the first $3 million instalment was acknowledged as repaid, while the second instalment remains outstanding due to disagreements over exchange rates.
The dispute has since generated multiple legal actions, including a failed human rights suit filed by Ibeto and an ongoing fraud trial at the Lagos High Court, in which some charges were struck out. Nevertheless, Dozzy stressed that the substantive issues in contention remain unresolved.
Describing Ibeto’s recent claim of a full settlement as “spurious,” Dozzy insisted that no out-of-court settlement has been reached. The company also dismissed claims of any mentoring or benefactor relationship between Ibeto and its chairman, describing such assertions as irrelevant to the financial dispute.
Dozzy commended the EFCC for its professionalism and urged the commission to continue its investigations, stating that it remains open to a dignified resolution once full repayment of the outstanding debt is made.
