IN what may be regarded as a slap on the wrist, former Managing Director of Oceanic Bank Plc, Mrs Cecilia Ibru was yesterday sentenced to an 18-month imprisonment on a three-count charge which would, however, run concurrently.
She is also to be kept in a hospital for the well-heeled and will not be in prison until the hospital gives consent to that effect.
Mrs Ibru will however forfeit a long list of assets valued at N191 billion.
The property and assets are spread across Nigeria, the United States of America and the United Arab Emirates (UAE). By the judgement, she has also lost to the state, shares in over 100 firms listed and not listed on the Nigeria Stock Exchange (NSE).
The development was as a result of a plea bargaining agreement between Mrs. Ibru and the Economic and Financial Crimes Commission (EFCC) which had arraigned her before the court on August 31, 2009 on a 25-count charge. The charges were, however, reduced by the commission to three, apparently on the basis of the plea bargain.
The Chief Judge of the Federal High Court, Justice Dan Abutu who heard the case, ordered that she be taken to the Reddington Hospital, Victoria Island, Lagos, by the prison’s authority within two hours after they receive a copy of the judgment.
According to the judge, Mrs Ibru is to remain in the hospital until she is certified fit to be remanded in prison custody.
The anti-graft agency had alleged in the amended charge that Ibru granted a credit facility in the sum of 20 million US Dollars to Waves Project Limited which was above her credit approval limit as laid down by the bank.
She was also accused of failing to take all reasonable steps to ensure the correctness of Oceanic bank's monthly return to the Central Bank of Nigeria (CBN) between October 2008 and May 2009.
Mrs Ibru was also said to have recklessly approved the grant of a credit facility in the sum of N2 billion by the bank to one Petosan Farms Limited without adequate security as laid down by the regulations of Oceanic bank, thereby committing an offence punishable under section 15 of the Failed Banks and Financial Malpractice in Bank Act.
Earlier, counsel to the EFCC, Chief Kola Awodein (SAN) had told the court that the commission had reached an agreement with the convict which had been put in a formal agreement and also filed before the court.
He added: “I would be inviting the court in line with section 17 of the Federal High Court Rules which enjoins the court to promote reconciliation and amicable settlement of issues under the inherent jurisdiction of the court.
“We will therefore be urging the court to exercise its power in this matter with regard to the agreement that has been reached.”
On his part, Professor, Taiwo Osipitan (SAN) urged the court to consider the action of her client to see an end of the matter as quickly as possible because of her love for the bank and give her a light sentence.
He also prayed the court to order that the convict be kept in the hospital where she has been in the last three months, receiving treatment for what he called “a major illness.”
He disclosed that Mrs Ibru is suffering from congestive heart failure, secondary to hypertension and chronic thrombophelebitis of the lower extremities.
Osipitan also informed the court that the equipment for the treatment of her ailment was only available at the Reddington Hospital, and urged it to order that she remain there until she fully recovered.
In his ruling, the court held that though the law stipulated imprisonment of between 10 and 13 years for her crime, it would be lenient on Mrs Ibru because but she had agreed to voluntarily forfeit assets that could substantially cover the the sum she is accused of.
“I hereby sentence her to six months imprisonment on each of the three counts against her and it would run concurrently, and all the asset recovered from her should be handed over to the Asset Management Corporation of Nigeria” the judge ruled.
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 has vast assets throughout the world. These include one at Upper Marlboro area of Maryland, United States, registered either to her son’s wife, Kemi Da silva, her son, Obaro or daughter Janet.
Assets traced to her include:
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 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 her self.
6. 4143 Chariot Way Purchased for $439,362.00 on April 13, 2009 for self also.
7. 14605 Hawley Lane purchased for $3999,990.00 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.
The list of her frozen assets world wide assets 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). 29 Real Estate Propert in Dubai 7
Residential Property: Dubai 15 Real Property: South Africa Real Property: London, England Abridged Shares In listed Nigerian Companies without limitation:
1. Access Bank Plc - (44,800,000 ordinary shares held by Prisky Gold Nigeria Limited)
2. Africa Petroleum Plc - (3,252 shares held by Prisky Gold Nigeria Ltd)
3. BGL Plc - (8,140,500 shares held by Eniofor Limited)
4. First Bank of Nigeria Plc (275,795,139 shares held through Cloudy Heights Limited, Circular Global International Limited and Bliss Bloss Integrated Services Limited).
5. Dangote Flour Plc - 8,140,500 shares held by Prisky Gold Nigeria Ltd.
6. Dangote Sugar Refinery Plc - (12,480,000 shares held by Prisky Gold Nigeria Limited).
7. Fidelity Bank Plc - (12,500 shares held by Prisky Gold Nigeria Ltd).
8. First City Monument Bank Plc - (7,142,800 shares held by Prisky Gold Nigeria Limited).
9. Glaxo SmithKline Consumer Plc - (119,740 shares held by Prisky Gold Nigeria Limited)
Guaranty Trust Bank Plc - (110,000 ordinary shares held by Prisky Gold Nigeria Ltd).

SOURCE: http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=68575:court-jails-cecilia-ibru-six-months-seizes-n190b-assets&catid=43:news&Itemid=799

and i thought only men had the propensity for heartless thieving

MrPrsdent:

and i thought only men had the propensity for heartless thieving

Same Here Bruv but "African Women" Strong Women!