Cecilia Ibru: EFCC uncovers assets worth N800bn
30 January, 2010 04:15:00 PATIENCE AKPURU
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Dr. Mrs. Cecilia Ibru, former boss of Oceanic Bank Plc
The Economic and Financial Crimes Commission (EFCC) has disclosed that it has so far uncovered assets worth N800billion belonging to the former Managing Director of Oceanic International Bank Plc, Mrs. Cecilia Ibru.
This came as a Federal High Court in Lagos presided by Justice Akinjide Ajakaiye, yesterday, refused an application by the former bank chief, seeking to stop the commission from further seizing her property.
The judge held that there was no basis to restrain the commission by granting an interim order because the EFCC has completed the execution of an earlier order of the court, empowering it to confiscate Ibru’s assets.
The court also held that it lacked the powers to restrain the commission from continuing its investigation of the former Oceanic Bank boss and identifying new assets suspected to be owned by her.
The judge also refused to stop EFCC from seizing the newly identified property because there was no evidence before the court relating to the newly discovered property.
Justice Ajakaiye had last week granted an order ex-parte, for temporary forfeiture of assets and freezing of Ibru’s accounts.
The court’s decision, yesterday, was sequel to an oral application by Ibru’s lawyer, Professor Taiwo Osipitan (SAN), for an interim order, restraining the EFCC from further seizing Ibru’s assets.
He told the court, yesterday, that the application was informed by his realisation that even after he had filed and served the EFCC with an application for stay of execution of the court’s order, the commission was still executing the said order.
Prof. Osipitan urged the court to stop the EFCC from further executing the said order pending the hearing and determination of his two pending applications by either granting an interim order or extracting an undertaking from the commission’s lawyer, Konyisola Ajayi (SAN).
He stated that his client has filed two applications one seeking a stay of execution of the court of temporary forfeiture pending appeal, and the other seeking to invoke the coercive powers of the court against the EFCC for persisting in the execution of the said order, despite being aware of an application for stay of execution.
Responding, Ajayi said he was not sure the court has the power to stop an agency from exercising its statotury powers to investigate and identify asset belonging to an individual being tried for alleged criminal conducts.
He said after the court’s order, empowering EFCC to confiscate Ibru’s assets, the commission has uncovered new set of property belonging to Ibru.
Such property, he said, are No 30A, B, and C Lugard Street, Ikoyi, Lagos, No 1 Ozumba Nbadiwe Street, Victoria Island, Lagos and some funds recently transferred to accounts in Dubai.
Ajayi declined to give an undertaking to stop his client from further confiscating Ibru’s identified assets. He said the commission has completed the execution of the court’s last order and that there was no need for a stay of execution of the order.
He said the amount involved in the crime allegedly committed by Ibru has been estimated at N800billion. Ajayi told the court that since Mrs. Ibru’s last application was served on him late, he needed time to respond.
The court subsequently adjourned to February 11 for the adoption of parties’ written addresses.
The commission stated that from the information it received from the incumbent Managing Director of the bank, Mrs. Ibru’s apartment on 20 Oyinkan Abayomi Drive, Ikoyi, Lagos was leased for a cumulative term of eight and half years until 2017 at the sum of N225million paid in full.


http://www.champion.com.ng/index.php?news=27031

Are they saying she is worth $5.3 billion? Thats got to be a lie!

This is looking like a stitch up, they better come up with credible numbers.

The EFCC should go get a life! How much did O B J steal? That is the info we need, not the colours of Ibru's panties!

the issue is not what they recovered from CECILIA IBRU but wat they have not and refused to recovered from all members of PDP, that led the ex-chairman for year programme and still haven 't return , OBJ is to be QUESTIONED

Again, why this spotlight on Ibru? Did the Ibrus refuse to finance some projects of someone up there. . . . . .?

Ibru surely did commit some malpracties as oceanic MD, but it goes without saying that the Ibru family was very wealthy even before young Cecilia married into the family. Now how are they going to distinguish the family wealth from Oceanic money ?

What a Nation,
    if they recovered N800B from Ibru, 
Then OBJ's loot sould be close to N20 trillion.
   Who ever has laid a curse on Naija should do so, so we can appeals the gods, 

do you guys know where this money goes at the end of the day.they keep recovering all the time.maybe a capital punishment should be included the way it is done in china etc.

@tundewoods

must you direct any issue to me? Pls discuss on the issue at hand and lets be more hard-nosed and i do not need any of your assurance,