Cecilia Ibru Jailed

Former CEO of Oceanic Bank, Cecilia Ibru, was handed an 18-month jail term by a Federal High Court in Lagos, on Friday. Mrs. Ibru was found guilty of granting credit facilities above the CBN-approved limit, as well as abuse of office. She is also to forfeit assets worth about 191 billion naira she criminally amassed while in office. Many of the assets were bought in her children and daughter-in-law’s names. The forfeiture of the assets is as a result of the plea bargaining agreement between Mrs. Ibru and the EFCC, which saw her 25-count charge reduced to 3.


Personally, I think the judgment is very mild considering what would have happened if the bank had collapsed. Millions of customers would have had their hopes shattered , while she lives on the following mind-boggling assets:


1. 4155 Chariot Way purchased for $452,508,00 on March 12, 2009 and registered to Anita Da silva Ibru,

2. 4145 Chariot Way purchased for $440,105.00 and also registered to Anita Da silva Ibru on April 14, 2009.

3. 4139 Chariot Way purchased for $451,629.00 and also registered to Edesiri Onatejerohene Ibru on April 21, 2009.

4. 4149 Chariot Way purchased for $473,657.00 and registered to Obaro and Hirut Ibru also on April 21, 2009.

5. 4141, Chariot Way purchased for $441, 790 on April 13, 2009 for herself.

6. 4143 Chariot Way Purchased for $439,362.00 on April 13, 2009 for herself also.

7. 14605 Hawley Lane purchased for $399,990.00 on July 22, 2008 and registered to her daughter, Janet Ibru,

8. 14630 Hawley Lane purchased for $ 460,703.00 May 17, 2008 and registered to Janet Ibru.

9.14721 Argos Place purchased for $457,950 and registered to Janet Ibru on October 28, 2008.

10. 14719 Argos Place purchased for $451,840.00 on November 26, 2008 and registered to Janet Ibru.

11. 11300 Dappled Grey Way purchased for $987,949.00 on October 7, 2008 and registered to herself.

There are also about 57 properties in Lagos Abuja and Port Harcourt. They include:

1. 15,000 square metres of land at Okunade Water Front, Victoria Island in Lagos.

2. 12-storey Tower on one hectare of land at Ozumba Mbadiwe Water Front, Lagos

3. Three residential Towers in Port Harcourt GRA.

4. Residential block with 19 apartments on 34 Bourdillon Road, Ikoyi

5. 35B Isale Eko Avenue, Dolphin Ikoyi.

6. 103 Hectares of land in Lagos.

7. 3, Okotie-Eboh, SW Ikoyi.

8. 10A Sobo Arobiodu Street, Ikeja.

9. One Storey building at 50 Marina, Lagos

10. Seven properties on 5A George Street, Ikoyi.

11. 4B, 5B George Street, Ikoyi.

12. Metro Plaza Building in Abuja where the British Visa Section is located.

Some of the companies which she used to launder funds include Cloudy Heights, Enifor, Prisky Gold, Bliss Bloss, Velvox and Circular Global, which she used to acquire over 275 million shares in First Bank Nigeria Plc for N275,795,139.

She also used the companies to acquire over 64 million shares in Union Bank of Nigeria valued at 64, 218,000; 93 million shares in the United Bank for Africa for N93,750,000; Oceanic Bank Plc, N1,076,220,421 worth of shares.

Other acquisitions include, 13 million shares in Oando for N13, 200,000 and another 388 million units of shares in other companies, 600 million shares in BGL Plc.

Another company linked to her, Prisky Gold was used to purchase 48.8 million shares in Access Bank Plc, 8,140,500 in Dangote Flour, 12,480,000 in Dangote Sugar Refinery, 12.500,000 in Fidelity Bank, 27,434,791 shares in First Bank, 25,316,400 in Japaul Oil, 10, 280,000 in Zenith Bank, and 200,000,000 shares in Transcorp Plc.

Africa Lloyd, another company traced to her purchased 431,201,702 million shares of Oceanic Bank.

If this is not the height of greed, what is it?!!!!!