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Cecilia Ibru’s Many untold Sins - Politics - Nairaland

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Cecilia Ibru’s Many untold Sins by koolchicco: 11:31am On Aug 30, 2009
Sacked Managing Director of Oceanic Bank Plc, Mrs Cecilia Ibru, may have moaned, groaned and carried on like Marie Antoinette being carted off to the guillotine. Investigation has, however, revealed that lack of adherence to basic banking procedures and under-the-table deals earned her the not-so executive position presently as a guest of the Economic and Financial Crimes Commission (EFCC).

Sunday Sun findings revealed a list of Ibru’s many sins, which finally caught up with her when the Central Bank of Nigeria (CBN) Governor yanked the CEO’s seat from under her unceremoniously on August 14.

Many years ago, Mrs Ibru allegedly set up a financial institution called Fine Mortgage Home (FMH) Ltd. It was headed by her husband’s former Personal Assistant, Nanashetu Bedell. FMH Ltd was actually the precursor of Oceanic Bank Plc. When eventually the transformation took place, Nana Bedell, allegedly became a front of sorts for certain business transactions.

According to our source, “Mrs Bedell actually has many aliases as you can see on the list of debtors. Many of the transactions that landed Mrs Ibru in this trouble were done through her. Mrs Ibru knew and that was why her first reaction to her sack was to go underground. Her case is the messiest. When Mr Akingbola returns, Nigerians will also be shocked by the stench he left behind.”

A cursory glance at the CBN list of debtors showed that one Priscilla Bedell is one of the directors of LV Development Company Limited owing Oceanic Bank N2,727,256,000 and further down that same list is Nanashetu Abdulai, whose company, Circular Global International Ltd, owes N12,884748,000. Both loans are non-performing according to the nation’s apex bank.

“Nanashetu Abdulai and Priscilla Bedell are the same person and that is about N16 billion in her hands alone. She is known by many names,” Sunday Sun learnt from the EFCC.
Mrs Ibru is also said to have granted approval for loans way beyond her limits.
“As CEO of Oceanic Bank, Ibru’s approval limit was N1 billion. But she single-handedly approved loans of N3 billion and above without recourse to the bank’s board. She also moved £1.7 billion to the United Kingdom in one fell swoop. The amount was then spread into other foreign accounts. All the documents she sent to the CBN and other regulating agencies were cooked. In fact, I can tell you that the woman left the bank in a very bad shape and her case is the messiest,” our source further disclosed.

EFCC sources said the commission has put in motion mechanism to repatriate the funds the sacked CEOs and their directors have moved abroad. One of the major reasons the EFCC is involved in the CEOs’ scam is the money laundering angle and dirty financial deals behind the banking halls.

Behind EFCC bars, the Oceanic Bank boss, Sunday Sun gathered, is in low spirits.
“She just finished taking akamu (pap) now,” disclosed our source when we called. “She is not happy and that is to be expected. She keeps telling everybody to appeal to Madam (Farida Waziri) to review the bail conditions. She seems to have suddenly lost weight. She even looks darker in complexion. Your heart will go out to her if you see her. It is a pity things have come to this but we have a job to do. Someone has to do what we are doing otherwise there will be no Nigeria to leave to our children.”

Meanwhile, the EFCC chairman has come under tremendous pressure over the stiff bail condition the commission has placed on the detained sacked CEOs in its custody.
A Lagos High Court had on Tuesday granted an order that the two former Managing Directors of Afribank Plc and Finbank Plc, Sebastine Adigwe and Okey Nwosu be released on bail.

The commission had promptly responded by slamming N1 billion bail bond on each of the troubled ex-CEOs. The two sureties they are expected to produce must be serving ministers with landed property on Victoria Island in Lagos, Maitama or Asokoro in Abuja. The properties, EFCC insisted, must be verifiable on the asset declaration forms of the ministers.

As at press time, the bail conditions were yet to be met.
Mrs Ibru was declared wanted last Sunday but surfaced on Wednesday at the offices of the anti-graft commission and has since been detained at its detention centre in Okotie Eboh Street, Ikoyi, Lagos.

Source:Sunnewsonline.com
Re: Cecilia Ibru’s Many untold Sins by qblaze(m): 11:48am On Aug 30, 2009
Akamu?

Ha! Ha! Ha!

grin grin grin

But we know that Farida is not serious about prosecuting these bank CEOs. In the end, they will all be freed.
Re: Cecilia Ibru’s Many untold Sins by koolchicco: 12:15pm On Aug 30, 2009
qblaze:

Akamu? grin grin

Ha! Ha! Ha!

grin grin grin

But we know that Farida is not serious about prosecuting these bank CEOs. In the end, they will all be freed.


You think so?
Re: Cecilia Ibru’s Many untold Sins by Pennywise(m): 1:16pm On Aug 30, 2009
Cecilia Ibru is such an adorable woman with a pleasant personality. You cant help but love that woman. Could she have been pushed by matrimonial circumstances? I mean 1.7 billion pounds out of one Nigerian bank?

She is the second and only surviving wife of the billionaire business magnate whose health has been reported to be precarious in recent times. Was Cecilia trying to position herself favourably in anticipation of the inevitable? This has the potential of triggering a major intrafamily feud. She is also the mother of Oboden Ibru a recognizable figure in Oil and gas (translate diesel and petrol importer). If he got financing from Oceanic bank (like I am sure he did) did he pay due interest and charges?

I can tell the tabloids are getting excited already and will be going in for the kill in the week ahead. We dont have the Kennedy family, but we do have the Ibrus grin grin grin
Re: Cecilia Ibru’s Many untold Sins by kshow1(m): 1:56pm On Aug 30, 2009
what a shame, see how the presumed untouchables are failing.
more stories will still unfold in the coming weeks.
Re: Cecilia Ibru’s Many untold Sins by tpia5: 2:50pm On Aug 30, 2009
Is taking akamu a sign of poverty?

I've seen rich people drinking akamu oh.

Though having it in prison is different sha.
Re: Cecilia Ibru’s Many untold Sins by Jakumo(m): 4:05pm On Aug 30, 2009
If I had a dime for every stupid thing I ever said or did, I'd be set for life.
Re: Cecilia Ibru’s Many untold Sins by fyneguy: 4:53pm On Aug 30, 2009
Jakumo is wicked! angry
Re: Cecilia Ibru’s Many untold Sins by jazzsoul: 6:22pm On Aug 30, 2009
Pennywise:

Cecilia Ibru is such an adorable woman with a pleasant personality. You cant help but love that woman. Could she have been pushed by matrimonial circumstances? I mean 1.7 billion pounds out of one Nigerian bank?

She is the second and only surviving wife of the billionaire business magnate whose health has been reported to be precarious in recent times. Was Cecilia trying to position herself favourably in anticipation of the inevitable? This has the potential of triggering a major intrafamily feud. She is also the mother of Oboden Ibru a recognizable figure in Oil and gas (translate diesel and petrol importer). If he got financing from Oceanic bank (like I am sure he did) did he pay due interest and charges?

I can tell the tabloids are getting excited already and will be going in for the kill in the week ahead. We dont have the Kennedy family, but we do have the Ibrus grin grin grin

*****************

Pennywise, I hope you are not making excuses for Mrs Ibru because she is adorable and her husband is a billionaire. This is the more reason she should not have engaged in fraudulent activities that have wiped the value of the shareholders of the bank. Giving loans to a bank customer who presented a false identification is a Federal offense. I am sure the bank knew that or should have known that Ms Nanashetu Abudlai and Priscilla Bedell were one and the same. This is what due diligence is about.

Remember that the money in Oceanic bank does not belong to Mr&Mrs Ibru but to every investor and shareholder of the bank. Do you know how many Nigerians have had their hard earned dollars wiped out by the mismanagent in Nigerians banks?

Remember that an american billionaire Martha Stewart went to prison for selling her shares because of inside information she received from her boyfriend who was the Chief Executive of the firm. Ms Stewart only made a profit of $30,000.00 from the transaction yet she was found guilty of insider trading. The Chief executive was alos sent to prison for a longer term.

Nigerian banks are a reflection of the wider society and they are just as corrupt as the general population. It is time for Nigerians to stop worshipping rich people and realize that the actions of these so called wealthy people are taking food, health, safety and security away from ordinary Nigerians. The rich can always go to the best hospitals in Europe and send their children to foreign schools while Nigeria burns under poverty.
Re: Cecilia Ibru’s Many untold Sins by Rebarobyn: 8:16pm On Aug 30, 2009
what a shame, I feel bad for her but justice should be done without sentiments or favour. All these western countries are just hypocrites, they come here and say we are corrupt but when our bank executives and politicians wire money and build estates in their countries they keep quiet and accept it into their economies, £1.7billion? and the British govt. didn't ask questions? na wa o!
Re: Cecilia Ibru’s Many untold Sins by Nobody: 8:21pm On Aug 30, 2009
Jakumo

A young man that decides to use the backside of the elderly as a platform for cracking palm kernel should be be prepared to endure the same ordeal.
Re: Cecilia Ibru’s Many untold Sins by MrCrackles(m): 8:24pm On Aug 30, 2009
Xavier.:

Jakumo
A young man that decides to use the backside of the elderly as a platform for cracking palm kernel should be be prepared to endure the same ordeal.
Are you swearing for Jakumo then or what?
grin
Re: Cecilia Ibru’s Many untold Sins by MrCrackles(m): 8:26pm On Aug 30, 2009
Topic
Some serious stuff right there. . .
Major money flying outta the bank and all. . .
I am speechless!
Re: Cecilia Ibru’s Many untold Sins by Beaf: 8:28pm On Aug 30, 2009
Another ill informed thread. Let the legal process take its cause, instead of this rumour mongering.
Re: Cecilia Ibru’s Many untold Sins by bawomolo(m): 8:48pm On Aug 30, 2009
Jakumo:

Cecilia Ibru weighs in at a repulsive and truly nauseating 500 pounds of wobbly, smelly lard. Jail will do her good, by knocking off a some of that monstrous bulk, however, if Cecilla wants to speed up the process by shedding an additional 50 pounds of ugly fat, she can hang herself in the cell when the guards aren't paying attention, and her head will surely pop right off.


Jesus Christ. you wicked o
Re: Cecilia Ibru’s Many untold Sins by Nobody: 9:38pm On Aug 30, 2009
he is mad foolish and unresponsible smiley wink cheesy grin angry sad shocked cool tongue lipsrsealed undecided kissdddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd[b]ddddddddddddddddddddddd[/b][s][/s][i][/i][left][/left][size=8pt][/size][/font][font=Lucida Sans Unicode][font=Lucida Sans Unicode][/font][color=#770077][/color][sup][/sup][quote][/quote]vg[list]
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Re: Cecilia Ibru’s Many untold Sins by Beaf: 9:44pm On Aug 30, 2009
ezex:

he is mad foolish and unresponsible smiley wink cheesy grin angry sad shocked cool tongue lipsrsealed undecided kissdddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddddd[b]ddddddddddddddddddddddd[/b][s][/s][i][/i][left][/left][size=8pt][/size][/font][font=Lucida Sans Unicode][font=Lucida Sans Unicode][/font][color=#770077][/color][sup][/sup]
vg[list]
[li][/li]
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[/list][flash=200,200][/flash]dddddddddddddddddddddtw6q5dcccccw4333w cry[s][/s][b][/b]

What in Gods good name are attempting?
Re: Cecilia Ibru’s Many untold Sins by tubabie(f): 9:55pm On Aug 30, 2009
Jakumo:

Cecilia Ibru weighs in at a repulsive and truly nauseating 500 pounds of wobbly, smelly lard. Jail will do her good, by knocking off a some of that monstrous bulk, however, if Cecilla wants to speed up the process by shedding an additional 50 pounds of ugly fat, she can hang herself in the cell when the guards aren't paying attention, and her head will surely pop right off.

You are deeply disturbed and wicked. Shame on you!
Re: Cecilia Ibru’s Many untold Sins by spoilt(f): 10:05pm On Aug 30, 2009
Jakumo:

Cecilia Ibru weighs in at a repulsive and truly nauseating 500 pounds of wobbly, smelly lard. Jail will do her good, by knocking off a some of that monstrous bulk, however, if Cecilla wants to speed up the process by shedding an additional 50 pounds of ugly fat, she can hang herself in the cell when the guards aren't paying attention, and her head will surely pop right off.

What in the world?
Re: Cecilia Ibru’s Many untold Sins by otokx(m): 4:16am On Aug 31, 2009
I don't think Jakumo is as wicked as CECILLIA who stole poor people's hard earned money.
Re: Cecilia Ibru’s Many untold Sins by Beaf: 5:39am On Aug 31, 2009
^See accuser, judge, jury and executioner. 9ja! shocked
Re: Cecilia Ibru’s Many untold Sins by otokx(m): 6:11am On Aug 31, 2009
You can add coroner too if you like; that woman is evil.
Re: Cecilia Ibru’s Many untold Sins by freezy(m): 11:16am On Aug 31, 2009
Guys. Take it easy. The Cecilia Ibru's dealings did not crash the values of shares in the capital market. The Econominc meltdown, which originated from the US did. What these guys did was to cash on the "bullish" markets then. One of the clauses to such loans are "We shall sell off these shares once the perceived market value fall below a certain amount. . ." This they failed to do (and Stanbic IBTC did beautifully), hoping the shares would rise again. Unfortunately, the shares did not and that gave rise to the mess we have today. Simply put, high risk=high returns or high losses.

Now, for that fella calling Cecilia names. . . That was not very nice. Oceanic bank employs more than 20, 000 peeps. If u know how many lives that has bettered, you wont be quick to call her names. Same goes for the other bank chiefs. What value has all these freaks in power added? All they do is take, never giving.

Watch the Greeks and the gifts they bring! I still say, time will tell what these guys are up to. Time will tell.
Re: Cecilia Ibru’s Many untold Sins by Pennywise(m): 11:33am On Aug 31, 2009
jazzsoul:

*****************

Pennywise, I hope you are not making excuses for Mrs Ibru because she is adorable and her husband is a billionaire. This is the more reason she should not have engaged in fraudulent activities that have wiped the value of the shareholders of the bank. Giving loans to a bank customer who presented a false identification is a Federal offense. I am sure the bank knew that or should have known that Ms Nanashetu Abudlai and Priscilla Bedell were one and the same. This is what due diligence is about.

Remember that the money in Oceanic bank does not belong to Mr&Mrs Ibru but to every investor and shareholder of the bank. Do you know how many Nigerians have had their hard earned dollars wiped out by the mismanagent in Nigerians banks?

Remember that an american billionaire Martha Stewart went to prison for selling her shares because of inside information she received from her boyfriend who was the Chief Executive of the firm. Ms Stewart only made a profit of $30,000.00 from the transaction yet she was found guilty of insider trading. The Chief executive was alos sent to prison for a longer term.

Nigerian banks are a reflection of the wider society and they are just as corrupt as the general population. It is time for Nigerians to stop worshipping rich people and realize that the actions of these so called wealthy people are taking food, health, safety and security away from ordinary Nigerians. The rich can always go to the best hospitals in Europe and send their children to foreign schools while Nigeria burns under poverty.

It is wrong to miscontrue my admiration of this woman as some form of idol worship.I have a natural weakness for beautiful women for which I have no apology. In any case the US through their thriving paparazzi industry has to be the biggest human idol worshippers. It hasnt stopped that country from being great.

@Topic
Most pple are under the illusion that the UK has got corrupt Nigerians covered with respect to money laundering.This is a 1.7 billion pound eye opener. No use going to Brazil or Argentina any more. UK is still very receptive.
Re: Cecilia Ibru’s Many untold Sins by Afam(m): 11:39am On Aug 31, 2009
freezy:

Now, for that fella calling Cecilia names. . . That was not very nice. Oceanic bank employs more than 20, 000 peeps. If u know how many lives that has bettered, you wont be quick to call her names. Same goes for the other bank chiefs. What value has all these freaks in power added? All they do is take, never giving.

Robbing Peter to pay Paul is 100% wrong.

Oceanic may have employed more than 20,000 people but are the salaries coming from funds that are free from the type of criminal recklessness we are hearing and reading about everyday since this issue came to the fore?

If you cannot run a genuine business then don't start one otherwise armed robbers and kidnappers can also claim that they better the lives of people around them from immediate relations to friends and girl friends.
Re: Cecilia Ibru’s Many untold Sins by freezy(m): 12:00pm On Aug 31, 2009
It is still not an excuse to call such names.

Now, who has been robbed? Oceanic has emplyed peeps for more than 20 years. Their salaries did not come from a year's business gone awry. Of course, they do loads of genuine businesses. 250b went doubtful and we hear the cry "Wolf!" (Oceanic, I hear is worth almost 1.5tr.)
Someone has given back to the nation. That is my point. Are you aware that some of the loans that went bad were courtesy, the Federal Govt of Nigeria? Check Acquitane's books. the FG has refused to pay up on contracts awarded (Of course the loans were guaranteed!).

Apart form the fact that these guys have helped, the fact that she is an elserly person is enough not to call names. Since EFCC is receiving permission to prosecute, let them go ahead and let the law take its course. Insults? No. I aint no party to that
Re: Cecilia Ibru’s Many untold Sins by Afam(m): 12:21pm On Aug 31, 2009
freezy:

It is still not an excuse to call such names.

Now, who has been robbed? Oceanic has emplyed peeps for more than 20 years. Their salaries did not come from a year's business gone awry. Of course, they do loads of genuine businesses. 250b went doubtful and we hear the cry "Wolf!" (Oceanic, I hear is worth almost 1.5tr.)
Someone has given back to the nation. That is my point. Are you aware that some of the loans that went bad were courtesy, the Federal Govt of Nigeria? Check Acquitane's books. the FG has refused to pay up on contracts awarded (Of course the loans were guaranteed!).

Apart form the fact that these guys have helped, the fact that she is an elserly person is enough not to call names. Since EFCC is receiving permission to prosecute, let them go ahead and let the law take its course. Insults? No. I aint no party to that



I am sure my post was based on your comment on Oceanic bank employing more than 20,000 people. I have not written anything down to support any insults on the woman. You may read my post again to be certain.
Re: Cecilia Ibru’s Many untold Sins by Pennywise(m): 12:22pm On Aug 31, 2009
@Afam
I have read a number of Jakumo's posts and I have found he likes to play around with words a lot. This particular one rubbed most (decent) folks the wrong way. I know if things were different he would want to take it back. So its no use defending it.His usual trademark guile, tact and class were clearly absent in that post.
Re: Cecilia Ibru’s Many untold Sins by freezy(m): 12:31pm On Aug 31, 2009
Afam:


Now, who has been robbed? Oceanic has emplyed peeps for more than 20 years. Their salaries did not come from a year's business gone awry. Of course, they do loads of genuine businesses. 250b went doubtful and we hear the cry "Wolf!" (Oceanic, I hear is worth almost 1.5tr.)
Someone has given back to the nation. That is my point. Are you aware that some of the loans that went bad were courtesy, the Federal Govt of Nigeria? Check Acquitane's books. the FG has refused to pay up on contracts awarded (Of course the loans were guaranteed!).


And I am sure you read that part of my post. . . Or u might want to read it. . . again
And my comment of Oceanic employing 20, 000 originated from name calling.
Re: Cecilia Ibru’s Many untold Sins by Jakumo(m): 12:52pm On Aug 31, 2009
My apologies to anyone offended by my earlier comments about Mrs. Ibru.

Knowing of a few honest, hard-working people who lost much of what they had to fly-by-night Nigerian banks, the prosecution of those profiteers who ran such banks is great news, but in the euphoria of contemplating their well deserved fate, I let loose with badly chosen words that I have now erased.
Re: Cecilia Ibru’s Many untold Sins by freezy(m): 1:15pm On Aug 31, 2009
@ Jakumo

Now, that was a commendable post. Shows you are not as bad as some claim you are.

Now, I am saying this (with the fear of being labelled a loyalist to these guys)
1. No one lost money. The money lost were those of the failed banks on watery foundations pre consolidation. If NDIC was fully active, The people that had money in those banks would have had their money back before you say Jack. Most of them are getiing it back now, anyways.
2. CBN gave us news of impending disaster only to inject funds in Tier 2 (not Tier 1) capital
3. Agitation and anxiety in the finance sector came from CBN's descisions

Now, whilst I am not saying these guys had shady dealings, SLS did more evil than good with his proclamations.
I have a very good idea of Zenith bank's loan port folio. I dont see any reason why he did not get the axe too.

Whats all my rambling about?

There is more to meet the eye from SLS's, CBN and the whole works.
This is the classical definition of a Trojan horse. they are making peeps focus attentions on the wrong doing of specific CEOs and not the Nation's predicament.

Never trust the people at the helm of affairs. They never have the interest of the general populace at heart.

PS.
Tier 1 capital - This is the trading capital of every bank.
Tier 2 capital - This is the reserve capital. Banks rarely touch them. You dont touch Tier 2 till you no longer have Tier 1, i.e. liquidity problems. i
If there were considerable liquidity problems, such funds should go directly in Tier 1 capital.
Re: Cecilia Ibru’s Many untold Sins by Pennywise(m): 1:37pm On Aug 31, 2009
Northern reps oppose N420b bailout.
http://www.ngrguardiannews.com/news/article02//indexn2_html?pdate=310809&ptitle=Sanusi%20canvasses%20Islamic%20banking

These uneducated northern reps just dont get it. They are so used to wallowing in lucre they have lost their senses completely.

If they oppose the bailout funds then their brother has no justification being governor of a CBN overseeing southern banks. The banks should be returned immediately to the owners. Mend should think again before they hand in any more arms. This is preposterous. The money in question is not even theirs.

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