₦airaland Forum

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

Y'all should stop blaming Sanusi for the problems in the banking industry, the number one culprit is SOLUDO whom has been feeding fat from all the bank inadequacies
Am sure y'all would like to see whats on the link below,

http://www.saharareporters.com/index.php?option=com_content&view=article&id=1292:chukwuma-soludo-is-living-large-234nextcom&catid=42:exclusive&Itemid=160

bob2039:
it all oceanic people tends to look at, just yesterday(18/12/2009) inter continental sacked over additional 1500 staff, uba sacked over 2000 staffs , last month diamond sack over 1000 staff and zenith sacked 2 weeks ago and no official figure yet, and the are lining up new list, it all oceanic that ppl see and tawk abt, i still cant figure out why, it not just a ngr problem it a world problem, banks in uk,us etc has all retrench workers, if sanusi has come into the scene by being political that doen not mean that it was all fraud fraud fraud that is the cause of all these , melt down itself has being a major factor, for your information no ngr bank is a safe heaven at the moment even first bank, am telling u all these as an insider, so let remove oceanic cos even oceanic as we speak has not done any major salary review or sack as other banks has done even those being cleared by sanusi audit. as a major topic let it be mass sacking in nigeria banks, thanks

where is the source to confirm that of diamond bank

seun0622:
The Intercontinental bank exercise was so crazy, I was personally affected as i was given my disengagement letter just yesterday. The whole thing was far from fair especially for the branches here in the north. Imagine the four of us that were disengaged in my branch here in kano are all yoruba people, even two of us had the best performance in marketing, Everybody wake up ,this is northern agenda, proven. The same thing goes for most branches in the north, i am in d system that is why i have all these facts with me , the most annoying part of the whole show is that the content of the letter reads thus' We regret to inform you that your services to the bank will no longer be required with immediate effect, no reason was given ,too bad, anyhow sha , Baba god still dey oooooooooooo I no dey Shake.

So sad to know that were affected but keep your head up and stand tall.
Am sure if you put your marketing skills & effort with IBPLC into ur personal bizness, the sky will be ur startin point.

Hope dis is nt true
Feb Idahosa must be a complete mess for taking that action, what da heck does he do with the school fees paid by the students in BIU & WOFC

GNBohr:
If it is true it is a painful one but lets stop awhile and objectively look at the whole issue as a single unit. Businesses are established for profit making and business management are not founded on sentiments. Banks are warehouses for secured funds and money kept in banks are in trusts. The day business begin not to make profit and management are tending towards sentimental, the end of that business is in sight.

Lets look at a bank the size of Intercontinental suddenly declared dead and lets begin to imagine the collateral damage consequent on this:

Entire workforce lose their job without notice or payoff --- think of the multiplier effect of that
Suppliers and contractors to the bank would not collect payment for jobs already done --- think of the multiplier effect of that
Investors and shareholders in the bank lose all their investment --- think of the multiplier effect of that
Depositors savings and contributors lose their money --- think of the multiplier effect of that
Families and organisations (public and private) would not meet their needs and obligations
Bank debtors would smile and offer secret thanksgiving for getting away with all our money
Many students would not continue their education or suffer setback one way or the other
Many companies would fold up and lay off workers
Many deaths would be recorded through frustration and suicide
Government would lose tax income and have budget deficit

YOU[/font][/color] will hace to support many families, friends, colleagues and associates who are distressed by the bank collapse
YOU[font=Lucida Sans Unicode][color=#990000] will attend funerals and do commiserations and condolences to the bereaved.

One can go on and on painting pictures of what would happen when any bank fold up. Let me remind you of National Bank, AIB, ACB, Savannah Bank, and others that collapsed even before Soludo's consolidation. We were in the country then and we witnessed first hand the catastrophic losses in human and material at that time. The loss can be safely compared to war losses except it is non-violent, not immediate and non blood-letting. I tell you the effect is the same, it causes disorder in socio-economic life of any country. I tell you the damage is better imagined than experienced.

If pushing about 3000 into the labour market would prevent the abominable scenario, I think it is a more bearable pain. For those of you asking for the head of Sanusi, I will ask to pray that you lose your life savings, or work six months without salary, or be retrenched forcefully without any entitlements, or your business collapse.

The decision to rentrench might be wicked, I want to believe it is in th best interest of the bank and all of us. Tell me you will not be affected if Intercontinental Bank collapse and you find your cousin crying to you that all is life saving is lost to it or his business is collapsing because all his business fund is lost to it. Think and think again.

I agree criminals like Erastus Akingbola needs to be given the Madoff's treatment but the naughty person ran with his tail in his anus before even the distress was announced and has decided to live the life of a fugitive. Nemesis would one day catch up with him. Meanwhile the damaged bank must be repaired.

When your car has accident, to repair it many parts would have to go and be replaced with new ones, even if they are tokunbo for it to be back on the road. In this case, the parts are the workers. Any person sound in quality management practises would know and expect this lay off. Downsizing and rightsizing would definitely replaced a consolidation ( mergers and acquisition) that is badly managed as we experienced in our banks' cases. Your Havard Professors must have pointed this out to you.

How do you explain the rationale behind opening branches that end up becoming cost centres. If such branches were to be folded up where do you think the workers in those branches would go --- their various homes of course. That is the stark reality of sound business decisions not mixed with sentiments and unsustainable factors.

Cry as much as you would want, the reality is that this is the just the beginning. The bank workers are not in any way endangered, the industry is only entering a new phase in its development. WELCOME TO THE ERA OF DOWNSIZING AND RIGHTSIZING.  Dont shriek, for those who go to Economics School, they it is sometimes a necessary evil in CORPORATE REORGANISATION AND RESTRUCTURING. Have you not heard of it before.

So ,  Everything is in transition, including our lives,  so be prepared!!!!!!!!!!!!!!!

100% Gospel, plzz tell them again & again & again (applauded)
When will Nigerians start thinking like literates ?

HIROSHI:
@ Finecat

Please go beyond quoting Vanguard. Please state what edition and possibly show link.

This is because of your known antecedence as Bank hating.

http://www.vanguardngr.com/2009/12/08/intercontinental-bank-sacks-another-1500-workers

Enjoy

@post

9ja has really refined all y'all thinking, wats the fuss about been old enuff for marriage @ 30yrs.
Most pple realise their dreams late in Nigeria thats why y'all are pegging 30yrs as the right age for marriage,

afrika:
I wish I cud speak out to u all so that those looking for the bank job shud look sometin else. They ARE SACKING PEOPLE IN THE BANK, GRADUATES oOOO: nO bE ONDs. ITS SOMETIN ELSE now in THE BAnKINg ENVIRONMENT. HIGH BP, AND SO ON GRIPPING ALL MAN, OMO, BONE OOO

Please tell them
Our educational system has made our youths think that once u leave school there is a white collar job out there waiting for you, thats why most of them end up spending 5yrs searching for a job (very ironical). They gradute without learning a skill, coupled with the fact that our educational system is theory based most times no practical at all.

Finecat:
Did anybody remember these clowns that were lieing for intercontinental bank? Now the whole country knows better that intercontinental is a failed bank.

Finecat, plz ignore these ignoramus. They will always want to defend injustice without thinking critically & logically because thats wat put food on their table
Not until the so called working class & literates in 9ja startin to think str8 nothing will change in that country.
Ignorance is really expensive

@ All


The crisis in the nation's banking industry has begun to take its toll on the employees of the banks, as many of them have lost their jobs. Investigation by LEADERSHIP showed that no fewer than four banks have laid off a good number of their staff, while others are threatening to embark on massive retrenchment as part of measures to cut down operating cost. Consequently, it was gathered that an old generation bank that received a clean bill of health from the apex bank with head office in Marina, Lagos, recently sacked 400 workers for their inability to meet set target, while a new generation bank with its head office in Adeola Hopewell in Victoria Island, Lagos, has sacked 700 staffers, mostly marketers, due to liquidity crisis. It was also gathered that another new generation bank, after reducing staff salary by 30 per cent, has compiled names of about 900 workers to be sacked before the end of November, while another new generation bank that was among the five banks that failed the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation’s stress test, last week reduced its staff strength by 30 per cent. It was also gathered that others are still compiling lists of staff to be thrown into the labour market. Other reasons given by the banks for the sack, according to investigations, ranged from low productivity, inability to meet set targets, to the need to save cost in the face of the prevailing circumstances in the sector. However, a banker who pleaded anonymity said that some banks (names withheld) used outrageous targets as benchmark to determine who should be sacked and failure to meet the target would lead to automatic sack. The source said that all staff that were close to the former management fired by the CBN were either sacked or posted to their remote branches. Sources close to the banks told Leadership that most of the banks are doing everything possible to slash their overhead cost, to enable them recover from their exposures to both the capital market and the oil and gas sector. They also explained that following the tight monitory policy of the CBN, in terms of adopting risk management structure, most banks have taken steps to reduce cost by quietly downsizing staff, especially those who are unproductive and unable to meet their target. Although inside sources in the four banks denied news of the sack, LEADERSHIP gathered that their managements are still prepared to sack any staff that is found incompetent. It was also gathered that anxiety is mounting in some banks, whose new managements plan massive sack over what the workers regard as frivolous excuses such as staff indebtedness to the bank and failure to meet targets.


http://www.leadershipnigeria.com/index.php/news/cover-stories/8142-sack-fever-grips-banking-industry

THE MEDIA ALL CAN'T BE TELLING LIES

@ All


The crisis in the nation's banking industry has begun to take its toll on the employees of the banks, as many of them have lost their jobs. Investigation by LEADERSHIP showed that no fewer than four banks have laid off a good number of their staff, while others are threatening to embark on massive retrenchment as part of measures to cut down operating cost. Consequently, it was gathered that an old generation bank that received a clean bill of health from the apex bank with head office in Marina, Lagos, recently sacked 400 workers for their inability to meet set target, while a new generation bank with its head office in Adeola Hopewell in Victoria Island, Lagos, has sacked 700 staffers, mostly marketers, due to liquidity crisis. It was also gathered that another new generation bank, after reducing staff salary by 30 per cent, has compiled names of about 900 workers to be sacked before the end of November, while another new generation bank that was among the five banks that failed the Central Bank of Nigeria and Nigeria Deposit Insurance Corporation’s stress test, last week reduced its staff strength by 30 per cent. It was also gathered that others are still compiling lists of staff to be thrown into the labour market. Other reasons given by the banks for the sack, according to investigations, ranged from low productivity, inability to meet set targets, to the need to save cost in the face of the prevailing circumstances in the sector. However, a banker who pleaded anonymity said that some banks (names withheld) used outrageous targets as benchmark to determine who should be sacked and failure to meet the target would lead to automatic sack. The source said that all staff that were close to the former management fired by the CBN were either sacked or posted to their remote branches. Sources close to the banks told Leadership that most of the banks are doing everything possible to slash their overhead cost, to enable them recover from their exposures to both the capital market and the oil and gas sector. They also explained that following the tight monitory policy of the CBN, in terms of adopting risk management structure, most banks have taken steps to reduce cost by quietly downsizing staff, especially those who are unproductive and unable to meet their target. Although inside sources in the four banks denied news of the sack, LEADERSHIP gathered that their managements are still prepared to sack any staff that is found incompetent. It was also gathered that anxiety is mounting in some banks, whose new managements plan massive sack over what the workers regard as frivolous excuses such as staff indebtedness to the bank and failure to meet targets.


http://www.leadershipnigeria.com/index.php/news/cover-stories/8142-sack-fever-grips-banking-industry

THE MEDIA ALL CAN'T BE TELLING LIES.
FINECAT CARRY GO

Wat information do u want to know
1. street hawking
2. drug peddling
3. prostitution
4. men & sugar mummy cohabitation

Dnt be too anxious because more than 9o% failed the test, u will be called if you passed. Keep ur calm

Finecat:
It is not Oceanic Bank going through this mess. Intercontinental bank is near collapse, inter treat their staff like slaves. They don't make noise anymore since the reality has beaten them in the butt. Can you imagine inter slashing about %30 from their staff salary. Some rumors even claim that inter and some other banks are contemplating lay-offs or cutting their staff salary to a little bit above civil servant pay scale but the level of work stress will also reduce. FCMB, Afribank, Union Bank etc are going through the same problems as oceanic. My heart beat for Nigerian bankers.

I know you dnt base ur inputs on mere speculations, so sad if this is TRUE

WHAT A COUNTRY

http://www.guardian.co.uk/world/2009/jul/27/boko-haram-nigeria-attacks

Just reported now on CNN to be 400 feared DEAD and still counting

@poster
Am sure you dont want to forfeit this opportunity mate, u have to go alone 1st then later file for reunion with your wife. It would have been possible only if u had categorically stated it that you were married when filling your application for the lottery.
Goodluck mate

If i may ask, when and how were u notified about it.

Plz stop ur speculations intercontinental is nt building any 40 branches bunch of liarssss
All those that have commented on this thread so far must be IBPlc stafffssss anoda marketing technique, make una shurrrup


I just spoke with the ED in one of your branches.

Wonders shall never end, dis our country 9ja sef . I feel sorry for my country 

RIBADUS's DISMISSAL LETTER