Notwithstanding the conviction of the former Managing Director/ Chief Executive Officer of Oceanic Bank International Plc,  Mrs. Cecilia Ibru, last Friday for abuse of office and mismanagement of depositors’ funds, the Ibru family will still be allowed to hold 10 per cent equity in the bank.
Ibru, who was removed from office by the Central Bank of Nigeria (CBN) along with seven CEOs of other banks, had been facing trial for mismanagement and putting depositors’ fund in grave danger.
A Lagos High Court, however, sentenced her to 18 months imprisonment without an option of fine, though Ibru will spend only six months in jail as the punishment for the three counts against her would run concurrently.
The former CEO was also ordered to forfeit assets worth N191 billion comprising 94 choice properties across the world particularly United States, Dubai and Nigeria to the Assets Management Corpora-tion of Nigeria (AMCON).
Sources, however, gathered that as part of the plea bargain, which she entered into with the prosecutors, the Ibru family, who used to control majority shares in the bank, would be allowed to own 10 per cent equity.
Going by the current paid up shares of the bank-22.221 billion shares, 10 per cent translates into 2.2 billion units.
Before the bank was taken over by the CBN, the Ibru family used to control over 30 per cent equity in the bank.
News Sources said the decision to allow the family to retain significant shares in the bank is apparently to compensate it (the family) for founding and nurturing the bank before it went public in 2004.
The former bank chief who had pleaded not guilty to a 25-count amended charge filed against her by the Economic and Financial Crimes Commission (EFCC) in February, however, turned round to plead guilty to counts 14, 17 and 23 of the amended charges before the ruling.
Handing down the sentence, Chief Judge of the court, Justice Dan Abutu, ordered that Ibru should forfeit shares in about 80 listed companies on the Nigeria Stock Exchange (NSE) and 20 unlisted companies.
Justice Abutu added that the terms of imprisonment should run concurrently, which means she would spend six months in Ikoyi Prisons.
The judge, however, directed the prison authorities to take the convict to a highbrow hospital in  Lagos said to be Reddington Hospital, Victoria Island for continuation of treatment, following a passionate appeal by her lead counsel, Prof. Taiwo Osipitan (SAN).
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