Sacked Bank Chiefs Arraigned
August 31, 2009 15:18 (49 minutes ago), 139 views

By Akin Kuponiyi & Henry Ojelu
The Economic and Financial Crimes Commission, EFCC, has filed charges against 16 bank chiefs arrested for incurring N2.1 trillion in bad loans for five ailing banks.

They were charged this afternoon, at about 2.pm at  the Federal High Court in Ikoyi, with many lawyers and journalists crowding the premises.

“The cases have been filed. All the bankers are already in court,” said Femi Babafemi in an interview with P.M News today.

“We got the approval of the attorney-general of the federation to file the charges’’, Babafemi told the AFP in an interview earlier today.

The bank bosses were arraigned following the completion of investigation into their activities by the EFCC.

As at the time of going to press, the charges were being read in the court.

The Head of EFCC’s Legal Department, Mr Hassan had earlier filed charges against the banks’ chiefs. However, he refused to disclose details of the charges.

The CBN Governor, Mallam Sanusi Lamido Sanusi announced the sack of five banks executives and their management on friday,14 August, this year. The affected banks are: Oceanic Bank, Intercontinental Bank, Union Bank, Afri Bank and FinBank Plc.

The apex bank also appointed a new management for the five banks, which according to the apex bank, were on the brink of collapse.

While some of the debtors disputed the loans credited against their names in the CBN list, a few have been paying back in bits.

The EFCC has so far arrested over 100 debtors of the troubled banks. Some of the bank executives including Erastus Akingbola of Intercontinental Bank were said to have escaped overseas. But EFCC chairman, Mrs. Farida Waziri said in Lagos last week at a press briefing that the banks’ management and debtors who escaped overseas will be tracked down by International Police (Interpol).

http://thepmnews.com/2009/08/31/sacked-bank-chiefs-arraigned

http://www.saharareporters.com/index.php?option=com_content&view=article&id=3583:efcc-arraigns-four-bank-ceos-and-collaborators-in-lagos&catid=1:latest-news&Itemid=18

My head is spinning real bad with the velocity this whole bank thing is moving!Gosh,Soludo were you blind or just unconcerned?How cant you not see this rot?Not even a glimpse?

hahaaaaa! Erastus has interpol tracking his dubious ass

Just watched the report on BBC Two. The image of all those banking bigwigs being led into court is not good. Even Cecilia Ibru in her designer specs did not look amused. Corruption and mismanagement at its highest level: Oceanic, Union Bank, Intercontinental top shots are either facing charges or on the run for their "crimes". They're all claiming innocent, of course .

Time for real intellectual discourse on this issue. _{Who else is tired and sick of these badly-coloured Nigeria map on Nairaland?. Put your hands up pls, im outta here b4 someone spills his fury on me}

LOL. I've been hearing about these maps for some time. Notorious. But really what has demographics got to do with the issue at hand? Anyway, it's a shame to see all these pillars of society being paraded into court like common criminals.

I'm feelin' this right here,

becoomrich:

that is not demography. that is the number of branches per state. It shows you who control the money. The more the branch in a state the more the money. So you , see why I am going to run for president against Yar Adua. I know they estimated population of each place in Nigeria. And I know I would beat Yar Adua to become president. And I know the international community can see the satellite pictures and have gone to different media houses to push for this. Showing them, them how the satellite is different from our census.

If Yar Adua is going to shoot me. He better be ready. I know I am going to win.


I would win all 11 state in the western niger area. And i would win igboland easy. I speak igbo, i also understand Igala. that give me 16 state 11+5 = 16 and I need 2 more to be president. I would get it. either in cross river , akwa ibom or river or taraba or benue or adamawa.

I used to live in adamawa, And I would win . the bachama people would vote for me. I live in numan and the former king of the bachama child was my friend. Even I was at the burial of the hama bachama in lamuder. Lamude is not far from gewana. satellite picture shows they are the largest ethnics in the state.


I have lived in the north. I tell you. islamic banks or not. Northerner are not going to put thier money in banks. So sanusi is wasting his time. Do you see the cattle rearer in the north. he is richer than a worker of a bank in lagos.

One cow sell for 30,000 he may have 100. which is 3 million naira. And you see them, they carry money on them. that why they have knife on them. If you go to thier houses, they keep money at home. Dont go and rob them.

Why dont you ask sanusi how many members of his family that have bank account. 2 or 3. look he should be teaching his people rather than trying to destroy the bank in the south. Some fulani have like 500 cows. which is N15 million value. An average fulani has more than 100 cows.

This is the way the north life. So why blame the southern banks for northerner life styles.

Look IBB tried ever method to get the north into banking sector . he failed. If i remember well. he tried to introduce islamic banking too. it failed. So IBB gave up. It is a cultural thing and has nothing to do with the southern bank.

The issue is as long as the south is still part of Nigeria. The north would never develop . So cut the south into benin republic. That is the solution.

How can the north develop, have you see the list of the football national team. how many umar do you see in it. because they do not get exposure . The only way they can have exposure is if they have thier own country like other country smaller than them.

And if you donot remove the south into benin republic , how can the north control banking. The north want thier own region bank. And the only way they can get to is have thier own country. AREWA


what you people do not know is Arewa country would be the 3rd most populated nation in africa and the 3rd largest economy in africa. check satellite picture.

Who is this stupid fellow? Are you even sane at all? Why can't you just go put yourself in an asylum if you cannot carry on any meaningful conversation?

While I seem to support sanitisation of the bank industry, the CBN and EFCC are currently closing their eyes to their employers. i. .e The Federal Government. As it stands today, The Federal Government owes genuine suppliers/contractors over 3 trillion Naira

What did those contractors do for the Federal Government? Is is to make the roads worse or what?

Its about time they prosecute everyone. Let the courts decide. I appreciate those who say its a conspiracy but these people are not innocent. One more thing, all this shake ups are for our own good. At least now people will take our country more seriously. Its not business as usual again.

Anything wey them like, make them do to them. My papa no work inside bank, Na him own work he dey do. If he like make him spend everything in a day. No yawa

@ becoomrich

1. You are an unrepentant attention-seeking tribalist

2. Based on the reasons? u gave above for ur possible electoral victory, u are obviously incurably stupid, and in advanced stages of dementia

3. Your inconsiderate spamming of our forum with hideous maps should be punished with an indefinite suspension from the politics section. OGA SEUN, MODERATOR(S), PLEASE TAKE NOTE.

4. Your obsession with moving to the Benin Republic makes me consider inviting the proper authorities to investigate your person and intentions. I advise you start browsing by proxy.

5. I am waiting, ready for you. Bloody Idiot.

Hmmmmmmmm, am yet to understand this whole drama.

initially i commended EFCC for doing a nice job but now with the saga of selling the bank to foreign nation and detaining the former bank CEO and directors is a bit (in my own opinion) going too far why because their offence was not entirely a criminal offence and they granted a non performing loans to customers, now they are being treated like criminals when we have people who have embezzeled public funds in the past still working free without fear of favor, haba must we burn down the house because we want to kill a rat, we have exposed the non performing loans, next in line is to go after the debtors with stiff penalty and penalise the grantors of the loan not humiliate them, if im asked i thing it has gone too far. lets do what is right and make sure the rain doesnt fall only in one sector let it rain,

Nigerians like been charged with contempt.
This case is in a competent court of law.
Let the accused defend themselves, BTW, they have the necessary amount of money to secure legal representation.

Let the law decide whether they are guilty or not.

@ moderator(s),
someone should pls quarantine becoomrich! the nuisance value is growing exponentially!!!

the law should take its course on these fellows, thereafter the purging of the politicians should follow.
me thinks, if this tempo is kept up altruistically, 9ja will achieve much more with given resources in the shortest possible time.

BecomeRich dont mind these people o!

They cannot understand the intellegence of these maps and statistics! Its beyond them by far

Please post more!!

If EFCC is really up against corruption and mismanagement,won't people like obasanjo,ibb,ibori be in cage by now?All this noise making is just a tip of the iceberg and a distraction from the real cankerworm,the government itself.

Let's never forget that nigerian government as it is today is illegitimate and lack any atom of credibility to bring even a murderer to justice because they are murderers and rampaging criminals themselves,

Do you still remember HALLIBURTON?How about sixteen billion dollars power generation illusion?

MrCrackles:

EFCC is a monumental failure. . .

They are part of the sickness.They didn't even have diesel to power their generator.

the country is crumbling small small. pple in control are confused

First, why the call to 'kill' becoomuch!  This is a forum and he is entitled to his own opinions.  Pls leaf him alone!!!

Now to the post, I think that if trully the CBN gov is not acting a script, it is  a welcome development.  I would also like the EFCC to go after contractors that fail to perform especially after collecting more than 80%.  If this is done, the problem of bad roads, electricity and health would be solved.  for example, i ve been living in ph for more than 10 years and I have come to realise that every year, the same road is awarded for either construction or repairs becos most of the time, the contractors carry out shabby jobs  that doesn't stand the test of one rainy season!  Yet, these are the so called 'big men' without conscience.  

Finally, then the corrupt military and political cabals such as the evil genuis  called IBB, ibori, igbinedion, anenih, yerima, etc.  If EFCC can go after the untouchables like Ribadu did, then sanity will return to our dear country and only then can meaningful development be achieved.  Shallom

I can't not comment on this developing stories until I have the full satellite image details of the crime scene
becoomrich I guess your expertise is required here
I will be patient

oh yes we need satellite images of the area overseeing the court.

Becomerich, when did the biafra join the Republic of benin?

Where is Becoomrich?

The word  REVOLUTION is the only thing that comes to my mind apart from MIRACLES from GOD.

The evil people are getting more confident on daily basis (including them growing rapidly in churches and mosques) and unless we have a REVOLUTION, we are simply wasting our time and effort because there are no disincentives for bad behaviour, rather the opposite is the case, crimes pays.

All those bank stuff by Lamido Sanusi and Wazero's Efcc are all DRAMA. Unfortunately the last job of a CBN governor is being a comedian. which is now Lamido's middle name. Fools don't have wisdom, and that is why they are called fools. Lamido sanusi despite his education has no asset call wisdom.

Becomerich,hmm this your map thing ehh, The first time I came across it, I felt here is one very intelligent guy and now i get the feeling that this is one crazy guy , you know the type that end up as serial killers or warlords (Who is watching crime and investigation/ the history channel with me?)
Seun your intentions to set up this forum is beautiful but it has also given the mentally unstable a platform to speak.

Becomerich, I believe that the North can do some things better than the south. At least some how contractors there tend to build good roads. Who has been to port Harcourt lately? Some may argue that its the terrain but the question is- do these contractors take into consideration the terrain and their abilities before bidding for a contract .

As a nation if we think like becomerich, no be curse oh but richness shall be far away from us.

Summary becomerich you graphs have become irritating!!!!!!!!!!

Seun pls do something or you might just be breeding another Hitler on your site.

Five targeted banks: Charges against Cecilia Ibru
09.01.2009
Tuesday, September 1, 2009

CHARGE NO: FHC/L/297C/2009

ACCUSED PERSON

DR. (MRS.) CECILIA IBRU

COUNT 1

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank Interna.tional Plc) and others now at large sometime in March, 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N16,000,000,000.00 (sixteen billion naira) to CLOUDY HEIGHTS LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

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COUNT 2

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N5,000,000,000.00 (five billion naira) to PETOSAN OIL AND GAS COMPANY LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 3

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N6,500,000,000.00 (six billion, five million naira) to PETOSAN PROPERTY AND DEVELOPMENT COMPANY LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 4

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N2,000,000,000.00 (two billion naira) to PETOSAN FARMS LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 5

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdi.ction of this Honourable Court recklessly granted a credit facility in the sum of N15,000,000,000.00 (fifteen billion naira) to BLISS-BLOSS INTEGRATED LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 6

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N8,100,000,000.00 (eight billion, one hundred million naira) to MIDWESTERN OIL AND GAS PLC without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 7

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N15,000,000,000.00 (fifteen billion naira) to CIRCULAR GLOBAL INTERNATIONAL LIMITED without adequate security contrary to the accepted practice and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 8

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N36,000,000.00 (thirty six million naira) to one IBRU EDESIRI ONATEJI without security contrary to the bank's regulations and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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.

COUNT 9

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court recklessly granted a credit facility in the sum of N8,757,947.26 (eight million, seven hundred and fifty seven thousand, nine hundred and forty seven naira, twenty six kobo) to one IBRU EDESIRI ONATEJI without security contrary to the bank's regulations and you thereby committed an offence contrary to Section 15 (1) (a) of the Failed Banks (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

COUNT 10

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others (now at large) sometime in March 2008 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N16,000,000,000.00 (sixteen billion naira) to CLOUDY HEiGHTS LIMITED which sum was above your 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 Banks (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.

COUNT 11

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N5,000,000,000.00 (five billion naira) to PETOSAN OIL AND GAS COMPANY LIMITED which sum was above your 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 Banks (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.

COUNT 12

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N6,500,000,000.00 (six billion, five million naira) to PETOSAN PROPERTY AND DEVELOPMENT COMPANY LIMITED which sum was above your 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 Banks (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.

COUNT 13

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N2,000,000,000.00 (two billion naira) to PETOSAN FARMS LIMITED which sum was above your 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 Banks (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.

COUNT 14

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2009 within the jurisdiction of this Honourable Court approved the grant of credit facility in the sum of N15,000,000,000.00 (fifteen billion naira) to BLISS-BLOSS INTEGRATED LIMITED which sum was above your 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 Banks (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.

COUNT 15

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in April 2008 within the jurisdiction of this Honourable Court approve the grant of credit facility in the sum of N8,100,000,000.00 (eight billion, one hundred million naira) to MIDWESTERN OIL AND GAS PLC which sum was above your approval limit as laid down by the regulations of Oceanic Bank International Plc contrary to Section 15 (1) (b) of the Failed Banks (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.

COUNT 16

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others now at large sometime in March 2008 within the jurisdiction of this Honourable Court approved the grant of credit faCility in the sum of N15,000,000,000.00 (fifteen billion naira) to CIRCULAR GLOBAL INTERNATIONAL LIMITED which sum was above your 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 Banks (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.

COUNT 17

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th October, 2008 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 18

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th November, 2008 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the November 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 19

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th December, 2008 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 20

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th January, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 21

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 28th February, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 22

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th March, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 23

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) on or about 29th April, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004.

COUNT 24

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International PIc) on or about 29th May, 2009 within the jurisdiction of this Honourable Court failed to take all reasonable steps to ensure the correctness of the October 2008 Oceanic Bank International Plc's Monthly Bank Return to the Central Bank of Nigeria and you thereby committed an offence punishable under section 50 of the Banks and Other Financial Institutions Act, Cap 83 Laws of the Federation of Nigeria, 2004.

COUNT 25

That you Dr. (Mrs.) Cecilia Ibru (the former Managing Director of Oceanic Bank International Plc) and others (now at large), sometime in 2007 within the jurisdiction of this Honourable Court without the prior approval of the Central Bank of Nigeria granted credit facilities in the sum of N25,054,481,701.00 (twenty five billion, fifty four million, four hundred and eighty one thousand and seven hundred and one naira) only to STAFF SAVINGS AND INVESTMENT TRUST FUND against the security .of Oceanic Bank International Plc's shares and you thereby committed an offence contrary to section 20 (b) of the Banks and Other Financial Institutions Act, Cap B3 Laws of the Federation of Nigeria, 2004 and punishable under section 20 (7) of the same Act.

Dated this 31st Day of August, 2009.

M.S. Hassan

(Asst. Chief State Counsel)

For: The Honourable Attorney General of the Federation/Minister of Justice

and

The Executive Chairman, Economic and Financial Crimes Commission


T

Port Harcourt is in a terribly bad shape. AMAECHI gave most of the contractors to politicians who just took off with the money. The roads are a daytime nightmare and the hold ups at rush hours are simply monumental.