Former Chief Executive of Oceanic Bank, Mrs. Cecilia Ibru, has been sentenced to 18 months imprisonment by a Federal High Court sitting in Lagos.

Mrs. Ibru had earlier pleaded guilty to a three-count charge of granting reckless loans, and not making sure that the balance of the bank represents its true financial state in reports sent to the Central Bank of Nigeria [CBN].

The sentence will however run concurrently, meaning she will be spending only six months behind bars.

In addition she is to forfeit assets worth 191 billion Naira comprising property in the US, Dubai and Nigeria, and shares in over 100 firms, both listed and unlisted.

The Judge also ruled that she is to return to Reddinghton Hospital in Lagos where she is receiving treatment for a chronic cardiac ailment

Her conviction is coming after she changed her plea of not guilty to a 25 count charge, to guilty following an agreement reached with the Economic and Financial Crimes Commission [EFCC] to forfeit part of her assets in exchange for a lighter sentence.

Ibru was first arraigned on a 23 count charge on August 31, 2009, and remanded in EFCC custody till September 14, 2009 when she was granted bail by the court. The charges were later amended to 25 in February 2010 bordering on criminal manipulation of bank records and depositors� funds. The EFCC had in December 2009 obtained an interim forfeiture order on the assetes of Mrs. Ibru from a federal high court, Lagos .

Shortly before her full trial resumed on Tuesday, October 5, Mrs. Ibru had sought to forefeit her asstes in a plea bargain arrangement.

In her immediate reaction, Chairman of the [EFCC], Mrs. Farida Waziri commended the teams that handled the investigation and prosecution of Mrs. Ibru's case while charging every stakeholder in the war against graft in the country to reinforce their commitment so that there can be greater results soon.

�This is an indication that we are making progress in the war against graft in the country. But we can still achieve greater results when all stakeholders reinforce their commitment to the crusade�, she stated.

Count 14 of the three count charges Mrs Ibru pleaded guilty to reads:

�That you, Cecillia Ibru whilst being the Managing Director/Chief Executive Officer of Oceanic Bank International Plc on or about 2 August 2007 within the jurisdiction of this Honourable Court approved the grant of a credit facility in the sum of US$20,000,000.00 (Twenty Million United States Dollars) by the bank to WAVES Project Nigeria Limited which sum was above your credit approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15(1)(b) of the Failed Bank (Recovery of Debts ) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria, 2004 and punishable under Section 16(1) (a) of the same Act.�

Mrs Ibru and four other bank chief executives were fired by CBN last year for granting reckless loans, allowing margin lending exposure to get out of hand and failing to declare the true state of the banks.

After recapitalising the banks, the CBN went ahead to appoint new CEO�s to run the banks.

The conclusion of Mrs Ibru�s case now leaves four other CEO�s who are currently facing trial. They are Mr Erastus Akingbola of Intercontinental Bank, Okey Nwosu of Finbank, Sebastian Adigwe of Afribank and Batholomew Ebong Of Union Bank.

Some of Mrs. Ibru's assets at stake include:

1. Good Shepherd House, IPM Avenue , Opp Secretariat, Alausa, Ikeja, Lagos (registered in the name of Ogekpo Estate Managers)

2. Residential block with 19 apartments on 34, Bourdillon Road , Ikoyi (registered in the name of Dilivent International Limited).

3. 20 Oyinkan Abayomi Street, Victoria Island (remainder of lease or tenancy upto 2017).

4. 57 Bourdillon Road , Ikoyi.

5. 5A George Street , Ikoyi, (registered in the name of Michaelangelo Properties Limited),

6. 5B George Street , Ikoyi, (registered in the name of Michaelangelo Properties Limited).

7. 4A Iru Close, Ikoyi, (registered in the name of Michaelangelo Properties Limited).

8. 4B Iru Close, Ikoyi, (registered in the name of Michaelangelo Properties Limited).

9. 16 Glover Road , Ikoyi (registered in the name of Michaelangelo Properties Limited).

10. 35 Cooper Road , Ikoyi, (registered in the name of Michaelangelo Properties Limited).

11. Property situated at 3 Okotie-Eboh, SW Ikoyi. 12. 35B Isale Eko Avenue , Dolphin Estate, Ikoyi.

13. 38A Isale Eko Avenue , Dolphin Estate, Ikoyi (registered in the name of Meeky Enterprises Limited).

14. 38B Isale Eko Avenue , Dolphin Estate, Ikoyi (registered in the name of Aleksander Stankov).

15. Multiple storey multiple user block of flats under construction 1st Avenue , Banana Island , Ikoyi, Lagos , (with beneficial interest therein purchased from the developer Ibalex).

16. 226, Awolowo Road , Ikoyi, Lagos (registered in the name of Ogekpo Estate Managers).

17. 182, Awolowo Road , Ikoyi, Lagos , (registered in the name of Ogekpo Estate Managers)

18. 12-storey Tower on one hectare of land at Ozumba Mbadiwe Water Front, Victoria Island .

19. 5, Adeola Odeku Street, Victoria Island, Lagos (registered in the name of Casi Properties & Investment Ltd).

20. 18A, Adetokubo Ademola Street , Victoria Island, Lagos (registered in the name of Casi Properties & Investment Ltd).

21. 270, Ozumba Mbadiwe , Victoria Island, Lagos (registered in the name of Casi Properties & Investment Ltd)

22. 270, Ozumba Mbadiwe , Victoria Island, Lagos (registered in the name of Ogekpo Estate Managers Limited).

23. 15,000 square metres of land at Okunade Water Front, Lekki Peninsula .

24. 7,000 square metres of land at Okunade Water Front, Lekki Peninsula - (registered in the name of Melake Properties Limited).

25. 8,000 square metres of land at Okunade Water Front, Lekki Peninsula - (registered in the name of (Casi Properties Limited). 26. 1,000,000 square metres of land in Lekki.

27. 101 hectares of land along Lekki Expressway behind Chevron Nigeria .

28. 103 hectares of land bought from Dom Gas

29. Plot 5, Igbo-Efon, Off Lekki/Ajah Expressway, Victoria Island, Lagos by 1004 (registered in the name of Casi Properties & Investment Ltd)

30. Block 6, Flat 1 &2, Femi Okunnu H/Scheme Phase IV- Lekki (registered in the name of Oceanic Homes Savings & Loans Ltd)

31. One storey building at 50 Marina , Lagos .

32. 10 storey building at 60 Marina , Lagos .

33. 60, Marine View, Apongbon, Marina , Lagos (registered in the name of Dele Oye & Associates)

34. 10, Sobo Arobidu Street , Ikeja, GRA (registered in the name of Jeedab Fibre Limited).

35. Property at 10A Sobo Arobiodu Street , Ikeja (registered in the name of Chiaroscuro Limited).

36. AP Filling Station (Beside Former Hotel Bobby) Onipanu Lagos , (registered in the name of Vivi Oil Investments Limited).

37. Building at 154, Ikorodu Road , Lagos (registered in the name of Casi Properties & Investment Ltd).

38. Ilemba Hausa Road , Ajamgbadi, Lagos (registered in the name of Vivi Oil & Gas Company Limited).

39. Land at Iyana Ipaja Round About, Iyana Ipaja, Lagos , (registered in the name of Vivi Oil Investments Limited).

40. Building at 7, Randle Road , Apapa, Lagos , (registered in the name of Ogekpo Estate Managers Limited)

41. Block 34, Flat 6, LSDPC Housing Estate, Ebute-Metta Lagos (registered in the name of Ogekpo Estate Managers Limited)

42. Three residential towers at Port Harcourt , GRA. 43. 22 Sani Abacha Way, Port Harcourt, GRA (registered in the name of Velvox Investment Company Limited).

44. Metro Plaza Building , 991/992 Zakari Maimalari Street , Central Area, Zone 5, Abuja , (registered in the name of Abinof Food Company Limited).

45. The 4 Floor Building at Herbert Macaulay Way , Wuse Zone 6, Abuja (registered in the name of Casi Properties and Investment Ltd).

46. Metro Plaza Building, ANNEXE B, Zakariya Maimalari Street, Cadastral Zone, AOO, C.B.D, Abuja (registered in the name of MST Properties West Africa Ltd).

47. Flats 1-4, Block D33, Abuja Games Village , Abuja (registered in the name of Convent Trade & Services Limited).

48. Block D33 (Flat 1-4) Games Village , Abuja (registered in the name of Casi Properties and Investment Ltd).

49. Block B40, Flat 5 & 6, Zone 3, Gymnastic Games Village (registered in the name of Oceanic Homes Savings & Loans Limited).

50. Executive Guest House, 4 bedroom Bungalow, Ndanuba Street , Maitama, Abuja (registered in the name of Ogekpo Estate Manager Limited). 51. Executive Guest House, Ali Akilu Crescent , Asokoro, Abuja , (registered in the name of Ogekpo Estate Managers Limited).

51. 29 Real estates in Dubai

52. Seven residential properties in Dubai

53. 15 Real Property in South Africa

54. Other properties in London, England

55. Abridged Shares In listed Nigerian Companies without limitation.

Source: http://www.channelstv.com/global/news_details.php?nid=23268&cat=Business