Former Managing Director of Oceanic Bank Plc, Mrs. Cecilia Ibru, is to lose 28 properties in  Dubai, the United Arab Emirate, to the anti-graft agency, the Economic and Financial Crimes Commission (EFCC) over alleged financial impropriety.

P.M.NEWS learnt that the EFCC has uncovered the houses, though there was no confirmed report of when Mrs. Ibru acquired the properties.

A source close to the EFCC informed P.M.NEWS that the agency was able to trace the properties located at the Al Warsan region of Dubai, along the Dubai-Hatta Road, between Interchange 5 and 6 of Emirates Road, Opposite the Dubai Central Fruit and Vegetable Market.

The anti graft agency has vowed to mount surveillance on Mrs. Ibru who last Friday won a legal battle to travel abroad.

Ruling on a motion filed by Mrs. Ibru, the presiding judge, Mr. Justice Dan Abutu said the former Oceanic Bank boss could travel to the US for medical attention but she must return to the country and appear in court on 26 January, 2010.

Governor of Central Bank of Nigeria, Mallam Sanusi Lamido Sanusi, had in an interview with the influential Financial Times of London, accused Mrs. Ibru of contributing immensely to the problems of the bank.

Sanusi disclosed that Mrs. Ibru and members of her family cornered about 70 per cent of the total loans the bank granted to customers, before her removal from office.

He added that Mrs. Ibru and her family obtained loans from Oceanic Bank to purchase property in Lagos Island, Ikoyi, Victoria Island, Abuja, Port Harcourt and Dubai.

“About 70 per cent of the loan in the bank is non accrual. At least, 70 per cent of that is somehow or other tied to the Chief Executive Officer or her family,” Sanusi said.

Sanusi said the EFCC was mandated to go after the properties and assets acquired by the former bank CEO, adding that the EFCC was cooperating with the CBN in locating the properties and assets which will be forfeited to the government.

Mrs. Ibru, 63, and four other banks chief executives were sacked by the CBN on 14 August, 2009 when the five banks failed the audit exercise conducted by the apex bank.

http://thepmnews.com/2009/12/22/cecilia-ibru-to-lose-28-houses-in-dubai


Empire built with other peoples’ sweat will definitely collapse in your lifetime, Amen!!!
This is really GROSS