OCEANIC Bank International Plc paid N225m to companies owned by the sacked managing director, Mrs. Cecilia Ibru, as rent for her Ikoyi mansion, where she lives, investigations have shown.

Investigations showed that the bank paid about N5.6bn as rent for branches and unutilised guest houses owned directly by Ibru or her associates.

Our correspondents learnt that the bank maintained 115 guest houses across the country, including an “executive guest house” at 20, Queens Drive, Ikoyi, Lagos, alleged to be Ibru‘s personal residence.

For Ibru‘s residence, the total amount paid for a five-year lease, beginning from October 25, 2008 was N88m, paid to Ogekpo Estate Managers.

A document obtained on Wednesday, showed that the bank also paid N137.5m to Casi Properties Limited for another five-year period, for the former managing director‘s residence, beginning from October 25, 2012 to September 25, 2017, bringing the total amount to N225m.

Ibru was said to have also received a hefty housing allowance during her tenure.

The bank, according to the document, is also paying heavily for 20 buildings owned mainly by Ibru‘s companies, being used as business locations in Lagos, Delta and Abuja.

It paid N80m to Casi Properties Limited, owned by Ibru, for a property at Block D33, Games Village, Abuja; while N60m (10-year lease) was paid to Ogekpo Estate Managers for an executive guest house at Ndanuba Street, Maitama, Abuja.

Ibru, according to the document, also occupied the guest house.

Another N33m was paid to Ogekpo Estate Managers on a two-year lease, commencing from August 25, 2009 to January 2011, for a property at Ali Akilu Crescent, Asokoro, Abuja.

The bank‘s Apongbon branch at 60, Marine View, Apongbon, Marina, Lagos, owned by Dele Oye and Associates, costs N1.243bn for five years, among others.

According to law enforcement sources, the agency fees also went to companies owned directly by Ibru, and in some cases, by her associates.

A source in the bank, who spoke on the condition of anonymity, said that apart from the fact that the rents, in most cases, were far above industry rate, about 80 per cent of the guest houses were not being used.

According to him, the houses were being used, largely, as avenues to make money for the former managing director’s companies. No official of the bank was, however, willing to comment on the matter.

Fresh non-performing loans were discovered recently in the bank, bringing the total to N235bn. About N160.7bn was reported to have been given by Ibru at ridiculous terms to cronies and family members.

According to reports, she also ”unethically” paid N825m to a company owned by her daughter as a 10-year rent on a property along Ikorodu Road, Lagos.

The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, had, during a closed door meeting with the Senate, revealed that the bank, under its former management, had been reckless with credit.

A senator, who spoke on the condition of anonymity, had quoted Sanusi as saying that Ibru gave out N235bn unsecured loans; had two jets and had paid for additional two before her removal from office.

He said that Sanusi wondered why a bank chief would give out N235bn loans when the bank had a capital base of N300bn.

The CBN governor had alleged that part of the money was used by the bank chief to acquire two private jets.

When contacted, the Head, Corporate Affairs, CBN, Mr. Muhammed Abdullahi, said, ”We are aware that after the CBN appointed MDs had assumed office, startling revelations had been made, most of which have to do with disregard for the code of corporate governance, and in some cases, outright fraudulent activities.”
http://www.punchng.com/Articl.aspx?theartic=Art200912312104815

Now tell me how the sacked 1500 workers of oceanic bank will feel after reading this?

comments from the above paper


, Cecilia, you,re breaking my heart, you,re shaking my confidence daily, But I bet you, nothing is going to happen to this woman. Who would prosecute or jail her? Don,t we know that she is still a favoured member of the rulership class? I hope this our great nation will not, one day, become a beggar nation.
Posted by: COS , on Thursday, December 31, 2009

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90% of celebrated topindustry leader are crooks, criminals. Again I strongly advocate that this madam be made to undergo a psychiatric test. This is supersonic greediness.
Posted by: turbulence , on Thursday, December 31, 2009

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In a country where might is right, it is a clear case of survival of the fittest. This is why I personally dislkie capitalism. It is hard for you to see this kind of things in places like Russia or in the middle east.
Posted by: Oseni Lawal , on Thursday, December 31, 2009

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Wasting people,s money unnecessarily. All depositors money are being misused. If one knew that these big people are thieves, who would respect them, who would patronise their banks and businesses. Anyway, we have learnt, but it is too late. All the monies must be recouped and return back to their rightful owners.
Posted by: Adigun Olosun , on Thursday, December 31, 2009

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How about the un sacked MD`s of other banks. They are not free from these offences at all. Why are they not being querried as well rather they have been covered up. Check them too.
Posted by: johnson , on Thursday, December 31, 2009

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This is so sickening to read! I hope this Ibru family rut in hell. Problem with us is that we idolize crooks like this. This is probably how they made all their money stealing from the public. I use to think you could trust women more with public funds. This woman has proven women can be just as corrupt as men.
Posted by: John , on Thursday, December 31, 2009

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Inspite of the posturing, the corruption in the private sector is mindbloggling. Take the woman at the Nigerian Stock Exchange as an example. These also show that what men can do the women can , The reporter should check his facts. A bank with a capital base of N300b can legally and prudently lend N400b if it has enough deposits. Loan must not exceed 80% of deposits meaning it needs N500b in deposits to lend N400b
Posted by: Olukayode Anigilaje , on Wednesday, December 30, 2009

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WILL ,THE SYSTEM, HAVE THE COURAGE TO JAIL THIS THIEF? OR WILL YET ANOTHER NATION DESTROYER GO SCOT FREE
Posted by: MYSELF , on Wednesday, December 30, 2009

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This is stupendous! The CBN should ensure that no single person or entity owns more than 5 percent of any bank. Enough of this nonsense!
Posted by: kabiru , on Wednesday, December 30, 2009

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The one which caught my eye " Supersonic greediness"

This evidence is provided for the public court because
that is the only court that exists in the land.

Cecilia,just like the ones b4 her will go free.will never be tried in the law court.

I remember her being interviewed by that guy on THE LEADERS, a program on CNBC. She kept talking about honesty, God and a whole lot of other crap. Nigerians, beware of all these God-God people, they are sociopaths who will stop at nothing.

Isn't she the "born-again" CEO? At her age, I wonder what she still wants to do with money.

What a country we have. . .

Na the born again people dey steal and commit crimes pass. They'll hide under that cloack and perpetuate all forms of atrocities.

I'm very sure stealing and greed are one of the  fruits of the holy spirit.

edoyad:

I remember her being interviewed by that guy on THE LEADERS, a program on CNBC. She kept talking about honesty, God and a whole lot of other crap. Nigerians, beware of all these God-God people, they are sociopaths who will stop at nothing.

how true. it's the ones that cant say a single sentence without mentioning 'God' three or four times, you can be sure they are perpetrating heinous vices under cover of the 'God philosophy'. Erastus Akingbola at the height of his powers was an ordained Pastor at RCCG.

and later they will complain about Sanusi

nothing new.

sad but thats the way the it goes.

it keeps gettin worse,

it keeps gettin worse,

.hmmm, i ain't gat nything to say, nothing cn surprise me anymore in dz 'great' c0untry of ours.*sigh*

.hmmm, i ain't gat nything to say, nothing cn surprise me anymore in dz 'great' c0untry of ours.*sigh*

WELL MY 2 CENTS: A TYPICAL NAIJA STYLED (SO CALLED ELITE) CORRUPTION SOAP OPERA. WANNA KNOW THE OUTCOME, TAKE YOUR TIME AND PONDER ; WHERE IS IBORI, ANS : FREE AS A BIRD WITH HIS BILLIONS , CAN YOU BEAT THAT.

the fact that we are just getting to know these things goes to tell you the kind of cover up in this country.
funny enough it will just end like that otherwise i dear who can stand to do otherwise,

These were the same rubbish news papers that were crying hidden agenda when Sanusi started his sanitization process. They went as far as saying he had a hidden agenda and made us distrust him, now they're bringing out these materials to make us look like fools for being able to read in the first place,

Naija for show

You guys go and read the story on the link first. This 225m is just for her private residence, not mentioning other guest houses spread around the country owned by the IBRUs. What about the 800 mil they paid to one of the IBRU daughter's company to lease one crap ?
When i'm in power, surely i'd use the perks available to help out my finances, but for HEAVEN'S sake why run down an institution to enrich myself ? Is this normal or is there something wrong with our collective psyche ? We await elder Akingbola's own

"Ibru and Erastus".To think that these were some of the people we had in mind as perfect role models beats my imgination. That woman is a disgrace to the African waman.The man is a disgrace to chritiandom. They are even worse than politician. They should be striped of their numerous awards and National honor.

Tudór:


I'm very sure stealing and greed are one of the fruits of the holy spirit.

I hope you know that this statement is SINNING against the Holy Spirit. Be careful of your choice of words. He who have ears let them hear.

Real madness!

Tudór:

Na the born again people dey still and commit crimes pass. They'll hide under that cloack and perpetuate all forms of atrocities.

I'm very sure stealing and greed are one of the  fruits of the holy spirit.

Tudor!!!
there u go again on rampage  with ur loosed canon!when will u learn to think before writing?do u think at all?what has the ill-attitude of one got to do with the whole Christian race?u dare talk to the Holy Spirit like that?BEWARE OF ETERNAL DOOM,because sin against the Holy Spirit cant be forgiven.oh!how i wished u knew this!i still hope that the God-head will forgive u because i know u did this ignorantly.meanwhile,watch ur tongue!ur tongue can give u easy access to eternal conflagration.i have prayed for u!

99.9% of Nigerian CEOs are guilty in this regard. Most of them float front firms to benefit from most of the juicy contracts awarded by their respective companies.

deliver us:

I hope you know that this statement is SINNING against the Holy Spirit. Be careful of your choice of words. He who have ears let them hear.

kristonium:

Tudor!!!
there u go again on rampage  with your loosed canon!when will u learn to think before writing?do u think at all?what has the ill-attitude of one got to do with the whole Christian race?u dare talk to the Holy Spirit like that?BEWARE OF ETERNAL DOOM,because sin against the Holy Spirit cant be forgiven.oh!how i wished u knew this!i still hope that the God-head will forgive u because i know u did this ignorantly.meanwhile,watch your tongue!your tongue can give u easy access to eternal conflagration.i have prayed for u!

*YAWN*

When will Nigerians stop subscribing to stupiid ghost myths and legends?

Holy spirit ko, chelsea dry gin ni. *hisses*

@deliver us and kristonium, it is thinking like yours that ends a person in a plane in detroit with TNT attached to his scrotum.
No be only conflagaration , na configuration. If no be fruit of spirit to loot then why were elder Akingbola and Cecilia doing it and getting applauds from their churches. Atleast Mutallab no thief person money to buy bomb.

dmy:

He said that Sanusi wondered why a bank chief would give out N235bn loans when the bank had a capital base of N300bn.

This is worrying. . . .

edoyad:

@deliver us and kristonium, it is thinking like yours that ends a person in a plane in detroit with TNT attached to his scrotum.
No be only conflagaration , na configuration. If no be fruit of spirit to loot then why were elder Akingbola and Cecilia doing it and getting applauds from their churches. Atleast Mutallab no thief person money to buy bomb.

And the so called perfect,omniscient Holy Spirit did not for once reveal to their church's "CEO" that it is not clean money.

deliver us:

I hope you know that this statement is SINNING against the Holy Spirit. Be careful of your choice of words. He who have ears let them hear.

Get fuc.king lost. . . .

A document obtained on Wednesday, showed that the bank also paid N137.5m to Casi Properties Limited for another five-year period, for the former managing director‘s residence, beginning from October 25, 2012 to September 25, 2017, bringing the total amount to N225m.

Wat an advance payment!!!

Even when its yet 2009?

99.9% of Nigerian CEOs are guilty in this regard. Most of them float front firms to benefit from most of the juicy contracts awarded by their respective companies.

technically they have not committed any offence.

1. are those firms legally resgietered?

2. was the contract awarded within the Bank's Policy?

3. In Nigeria you pay your rent years in advance.

If YES; welcome to world of pure CAPITALIST!