Cecilia’s scintillating real estate portfolio
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Posted by: westo, on 10/16/2010, in category "Consumer Watch"
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Abstract: The real estate portion of the list of the assets worth N191 billion forfeited by Mrs Cecilia Ibru to the Government, reveals that the former Oceanic Bank CEO has great savvy for property investment.

Mrs Cecilia Ibru
Mrs Cecilia Ibru

The real estate portion of the list of the assets worth N191 billion forfeited by Mrs Cecilia Ibru to the Government, reveals that the former Oceanic Bank CEO has great savvy for property investment.

It’s no longer news that Mrs Cecilia Ibru, who until she was removed by Sanusi Lamido, held sway as the CEO of Oceanic Bank Plc, has been convicted by a Federal High Court on charges relating to banking offences, but what will definitely interest real estate pundits is the size and sophistication of the real estate assets, she forfeited.

Number one on the real estate side of the list is 1,001 hectares (slightly over one million square metres) of land behind Chevron Estate, Lekki. To put this into perspective, Lekki Phase 1, the Government Scheme which has several mini estates within it and sprawls over two sides of the Lagos Epe Expressway has a total land area of 1,046 hectares. This size of holding would be enough for most people, but Mrs Ibru perhaps also wanted to go into the tourism business and also had two plots measuring 7,000 and 8,000 square metres each at the Okunade Waterfront.
34 Bourdillon 60 Marina
The Nwude Connection: 34 Bourdillon (left) and 60
Marina were properties owned by Chief Nwude, which
he surrendered and are now forfeited by Mrs Ibru. Who
next?

Next to Ikoyi. On the commercial side, 182 and 226 Awolowo Road are on the list. These two properties which dwarf their neighbours are Oceanic bank branches, and as can be expected, some good rents would have been accruing to the landlord from these properties. Number 182 was the former Saudi Arabian Embassy. One interesting property on the list is 3 Okotie Eboh also in South West Ikoyi, which ironically is a few doors away from the offices of the Economic and Financial Crimes Commission! Euro Courts, otherwise known as 34 Bourdillon Road, also has an interesting history. Originally built by, Chief Emmanuel Nwude, he forfeited it after a conviction for defrauding a Brazilian Bank to the tune of over $242million. Now the block of 40 luxury flats is back in the market again after forfeiture. (He also built 60 Marina, a 10 storey building in the heart of Lagos. Mrs Ibru bought it and is also forfeiting it!) The pick of the properties in Old Ikoyi must be 35 Cooper Road, which is a newly built block of luxury flats with all facilities in place. Tenants have not even moved in yet. Other properties in Ikoyi are 16 Glover Road (approximately 1 acre land), 30 Luguard Avenue, 5A &B George Street and 4 A & B Iru Close.
The waves project, along Ozumba Mbadiwe Street, Victoria Island.
The waves project, along Ozumba
Mbadiwe Street, Victoria Island.

In Victoria Island, Mrs Ibru concentrated on the high streets. Plot 642 Akin Adesola Street, a corner piece with Sanusi Fafunwa Street and 5 Adeola Odeku Street, a red brick castle like building have been rented out to Oceanic Bank. Also on the list is 1B & C Ozumba Mbadiwe Street, which used to be the former Australian High Commission buildings. The crown jewel must be the’ land and 12 storey tower lying between 270 Ozumba Mbadiwe Street and Ferry Jetty (otherwise described as Waves project). This architectural masterpiece, which would not look out of place in Dubai and is strategically located with beautiful views of the Lagoon, is not yet completed.

There are other properties on the mainland: 154 Ikorodu road and 10A Sobo Arobiodu Street, Ikeja GRA Lagos. Also on the list are properties in Delta and Rivers States and a guesthouse (Asokoro) and plaza (CBD) in Abuja.

There are sixty five properties in Dubai on the list. These are a combination of shops in International City, studios in Discovery Gardens and Town houses. To round the foreign properties off, two properties in Maryland, USA on Hawley Lane, Upper Marlboro were also forfeited, making a grand total of 94 choice properties to be surrendered.

CASTLES COMMENTARY
Ill gotten gains and the real estate market.
Showroom shops in International City, Dubai
Showroom shops in International
City, Dubai
We have always been confounded by the resilience of the high end real estate market. Despite the state of the economy, prices keep on surging year after year and had reached a stage where Ikoyi with its dilapidated infrastructure was competing on price with highbrow areas in London, New York etc. Even when credit was tight and the general economy was under severe strain, the market just did not seem to respond to the vagaries of the economy.



The list of forfeited properties of Mrs Cecilia Ibru, the former Oceanic bank Plc CEO, who was convicted recently perhaps, tells the story. The market is driven by few individuals with stupendous amounts of money, possibly from questionable sources. Mrs Ibru, herself has eleven choice properties in Old Ikoyi alone and if business had continued as usual, would not have been under any pressure to sell at reduced prices or lower her rents, as she would have been operating in an economy outside everyone else’s. How many Mrs Ibru’s are out there, is the question real estate researchers must answer. Otherwise to try and predict the market based on economic forces alone, would mean ending up with ‘egg on our faces’ as predictions are undermined by ‘market movers’ who are ready to buy at a price outside economic reason and set rents and sale prices at levels which seemingly have no basis.
http://www.castlesweekly.com/ShowArticle.aspx?ID=1198

Madam believes that "Wealth is health" unfortunately she is always ill. What an irony!

Only God knows how much our leaders both present and past must have looted this country ,imagine having access to nations vault 24/7/365 days

the third picture is cgi.

Na waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa O!