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Topic-icon Cecelia Ibru goes to Jail

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3 months 5 days ago #1 by Elnukeda
Elnukeda created the topic: Cecelia Ibru goes to Jail

FORMER Chief Executive Officer and Managing Director of Oceanic International Bank Plc, Mrs. Cecilia Ibru, was yesterday, convicted and sentenced to 18 months imprisonment on a three count charge of negligence, reckless grant of credit facilities running into billions of dollars and mismanagement of depositors’ funds by a Federal High Court sitting in Lagos. She is to forfeit shares in 298 unlisted and listed blue chip companies. She had shares in Guinness Nigeria, Zenith Bank Plc, United Bank for Africa, Diamond Bank Plc, First Bank of Nigeria Plc, Nestle Nigeria Plc, Nigerian Bottling Company Plc, GTBank Plc, Unilever, Africa Petroleum, Dangote Sugar, Oando Plc, PZ Industries Plc and many others. She is also to forfeit choice properties in Ikoyi, Victoria Island, all in Lagos State, Abuja, Delta and Rivers States. The convict is also to forfeit assets in Dubai, United Arab Emirate and the United States of America.

The assets and shares to be forfeited are contained in a schedule submitted to the court, worth over N191 billion. The court ordered that the forfeited assets are to be managed by the Assets Management Corporation of Nigeria, AMCON. The court, after sentencing the convict, said “she should be returned to Redington Hospital, Victoria Island, Lagos from where she was brought to court to continue with her treatment until she is fit to return to prison.” The convict was first arraigned on a 23-count charge on August 31, 2009, and remanded in Economic and Financial Crimes Commission, EFCC, custody till September 14, 2009 when she was granted bail by the court. The charges were later amended to 25 in February 2010. She was docked for criminal manipulation of bank records and depositors’ funds. The EFCC had in December 2009 obtained an interim forfeiture order on the assets of Mrs. Ibru from the court.

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