What did she do that was wrong? I remembered one Ofunneka that was f i n g e r e d in the P U $ $ Y a few years ago on BBA by one Richard . Was she worse than Ofunneka? Nigerian girls\ladies and their pretense of morality . Before you start abusing me, I have mother and sisters. I love women, but I detest fake holiness attitude of many (not all) Nigerian ladies.

Your name is LizyL. Your name is Lizard? LOL.

See information on various engineering careers from a United States Government agency below.

http://www.bls.gov/ooh/Architecture-and-Engineering/home.htm

1

A large water tank has two inlet pipes (a large one and a small one) and one outlet pipe. It takes 2 hours to fill the tank with the large inlet pipe. On the other hand, it takes 6 hours to fill the tank with the small inlet pipe. The outlet pipe allows the full tank to be emptied in 8 hours.
What fraction of the tank (initially half-full) will be filled in 0.46 hours if all three pipes are in operation?


Big pipe fills  1/2  tank in 1 hour
Small pipe fills  1/6  tank in 1 hour
Outlet pipe reduces  1/8 tank in 1 hour
Water addition to tank  in 1 hour =(1/2  +  1/6  -1/  =  13/24  tank volume
Water addition to tank in 0.46 hour  = 0.46* (  13/24 )     =  46/100   *  (13/24)   =          598/2400 =  299/1200
Tank   initially half full =1/2 initially full or 600/1200 initially full
Tank fraction full after 0.46 hours  =   (600/1200)  + (299/1200)   =  899/1200.    Ans =899/1200                                

@Kobojunkie

I need to thank you for posting this article. I would say I was 99% introvert and 1% extrovert as a child and teenager. I consider myself to be about 60% introvert and 40% extrovert now.  I need to be an extrovert in order to survive in my career in the corporate world. My experience is that extroverts in general tend to give too much trouble to introverts. This is probably because extroverts do not understand introverts. Many extroverts want introverts to be like them and behave like them. On the other hand, introverts give little or no problem to extroverts. Introverts tend to leave extroverts alone. Introverts do not want extroverts to be like them and behave like them. It will be great for extroverts, if they can just understand that not everyone is like them. Many times, introverts just want to be alone.

@ poster
I totally agree with you. I have a poor background in Nigeria. I am now living a comfortable life in the USA through hard work and luck. Majority of Nigerians whether poor or rich are very corrupt. The poor masses are as corrupt as the politicians.

I am not afraid of getting old or afraid of criticisms or insults. I am not suffering from inferiority complex, if I deserve some knocks, I will accept it in good fate. My submission is that respect should be accorded to all old or young, based only on their exemplary character. Unconditional, respect for elders is one of the weaknesses of African culture and one reason why Africa lacks behind the rest of the world


@passyjango
You hit the nail on the head. The part of African culture that expects younger people to give unconditional respect to elder people irrespective of whether the elders are wrong or right is really bad for Africa.

Nigeria Jega Jega, poor man suffer suffer, gbosa gbosa

The fact that Buhari seated at the popular seat showed his humility. He is probably the only Nigerian former President or Head of States that can sit in a popular seat at Abuja stadium or any other big stadium in Nigeria without being harassed.

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The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has said that more former bank chief executive officers facing trial for criminal offences will go to jail.


Sanusi, while briefing journalists on the sidelines of the ongoing World Bank/International Monetary Fund meetings in Washington DC, United States on Saturday night, said that the CBN had enough evidence to convict the sacked CEOs.


The Minister of Finance, Mr. Olusegun Aganga, who also addressed journalists, said that the Nigerian economy, with a 7.4 per cent growth rate in the first half of 2010 , had been ranked the third fastest growing economy in the world. The top two are China and India.


Sanusi, spoke against the backdrop of the conviction of a former Group Managing Director of Oceanic International Bank Limited, Mrs. Cecilia Ibru, on Friday.


He said, “I have no doubt in my mind that we have enough evidence to convict everybody that we have charged. It’s just that it can take a long time,


“In each of those banks, I know what I saw and I told the public from the very first day. I have no doubt in my mind that every one of those people (sacked bank chiefs) that are being tried for criminal offences will go to jail.”


He commended the Ministry of Justice for doing a good job on the judgment against Ibru.


Sanusi said, “I’m not personally happy at somebody’s misfortune, but I think as a country, we have to make sure that when a law is broken in such a manner, people must pay a price and that is the important lesson.


“The fact that Mrs. Ibru has been convicted is a big lesson for the elite and for the rich and the powerful because nobody thought it could happen.


“It’s not a perfect conviction, it’s not ideal, maybe I would have wanted more in the circumstances, but the Justice Ministry has done a very good job.


“You must not forget that the total cost of assets in the books of Oceanic Bank was N191bn, that is the highest recovery in criminal trial in the history of Nigeria and that is money going to depositors.


“I commend the Minister (Justice) for holding firm on this and the political support that remains after the transition is also very important.


“When people said that the bank chiefs would eventually walk out free after the death of the late President Umaru Yar’Adua, I said I knew President (Goodluck) Jonathan as Vice-President and that it would not happen.


“I think this is a good thing for the country because it has shown that nobody listens to all the talk about somebody is my friend or somebody is from a part of the country anymore.


“Whoever you are, if you commit an offence, if you cross a line, you will pay a price for it.”


The CBN governor, who said the N191bn would go back to depositors, added that whatever value the Asset Management Corporation of Nigeria put on Ibru’s seized assets would go back to the bank’s books.


He , however, described Ibru’s admission to the three of the 25 counts of fraud and mismanagement against her as “honourable.’’


Sacked chief executive officers of Intercontinental Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc, Finbank Plc and Afribank Plc, among others, are currently facing trial for offences ranging from reckless credit management to outright stealing.





On the allegations against him and others by the former Group Managing Director, Intercontinental Plc, Mr. Erastus Akingbola, Sanusi said it was better to wait and see what would happen at the end of the court cases.


On the alleged planned take-over of Intercontinental Bank by Kwara State Governor, Dr. Bukola Saraki, he said, “If you had money and you want to buy a bank, would you acquire a bank with a negative capital of N400bn? Why?


“To the best of my knowledge, Dr. Saraki, has been struggling to get Societe General Bank of Nigeria back on its feet; he doesn’t have enough money to recapitalise Intercontinental Bank. I’ve never had any such discussion with him. But it’s a political time and people make all sorts of comments.”


He also noted that by the end of October, 2010, a significant proportion of the banks would be able to announce the names of their preferred strategic partners in terms of recapitalisation.


On the licences of the 224 microfinance banks that were revoked, Sanusi said the action was taken after thorough investigations.


He added that if the apex bank could verify that any of the MFBs had raised enough capital, its licence would be restored.


Sanusi was named the “Central Bank Governor of the Year, sub-Saharan Africa” by the global business magazine, Emerging Markets.


The organisers of the award said this was in recognition of his radical intervention in Nigeria’s financial sector, which has prevented an “impending bigger collapse” at the height of the Nigerian banking sector crisis last year.


Also speaking with journalists, Aganga described Nigeria’s growth rate as a good development, especially at a time the economies of the developed countries were contracting.


He added that, with new policies being initiated by the Federal Government, “this could be the defining decade for Nigeria.”


The minister also said that the future was bright for the Nigerian economy, which according to him, was yet to fully harness its abundant human and natural resources.


The IMF had in its World Economic and Financial survey made available to journalists in Washingtong DC, on Thursday, said that Nigeria’s output real Gross Domestic Product was expected to accumulate from seven per cent in 2009 to 7.4 per cent in 2010/2011.


The fund, however, predicted slow growth for Nigeria, compared with the Republic of Congo, Botswana and Ethopia, which it said would grow at 10.6 per cent, 8.4 per cent and eight per cent, respectively in 2010.


http://www.punchng.com/Articl.aspx?theartic=Art20101011462873

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Court freezes Ibru’s N500bn bank accounts

Written by Lanre Adewole

A Federal High Court sitting in Ikoyi, Lagos on Wednesday ordered that all bank accounts; both indetified and yet to be identified, belonging to the sacked Chief Executive Officer of Oceanic Bank Plc, Mrs Cecilia Ibru be frozen.

The monies in the identified bank accounts belonging to her stood at a whopping N500 billion.

Justice Akinjide Ajakaye in giving the directive, issued a Mareva order, which is a global order used in preserving subject matters of cases.

The request for the freezing was made by the Economic and Financial Crimes Commission, which had earlier seized 103 properties from her and multi-billion shares in 77 companies.

With the order granted in Wednesday, the commission, according to its spokesperson, Mr. Femi Babafemi, would start the sealing up of the properties already identified as belonging to her.

http://tribune.com.ng/index.php/news/218-court-freezes-ibrus-n500bn-bank-accounts-.html

Set him up!!!!! Make sure you have evidence against him.

1

http://www.punchng.com/Articl.aspx?theartic=Art201001043351645

Indications emerged on Sunday that a fresh N20bn contract scam may have been uncovered by security agencies in Oceanic Bank International Plc.

Our correspondent gathered that the bank under its former management allegedly financed contracts executed for companies owned by the former Managing Director, Mrs. Cecilia Ibru, and her close associates, which were not in any way connected to the bank.

A document obtained by our correspondent showed that the bank, under the new management, was required to settle an outstanding balance of N20bn owed contractors on the inherited list.

It was, however, gathered from reliable sources at the bank that when the Central Bank of Nigeria-appointed Managing Director, Mr. John Aboh, took over the affairs of the bank, the management summoned contractors to verify their payment claims and give proof of service delivery.

A top official of the bank, who spoke on the condition of anonymity, said, “The bank asked the contractors to come and show where services were delivered or the structures in place in any of the Oceanic Bank branches to verify the contracts. But they could not show where they delivered their services.

“Out of the N20bn contract payment outstanding, the bank could only pay a little above N200m, which was about the worth of contracts found to have been actually executed for the bank. Meanwhile, these contractors had received huge sums of money from the bank, when in actual fact they had worked for other companies.”

According to the document, many of the contracts, including those relating to logistics, were also allegedly handled by companies owned by Ibru or her family relations.

The documents show how Dwellings International Limited had an outstanding balance of N40m; Felly Best (N70m); MACC (N105.6m); Tale Construction (N88.Cool; Munavic (N76.8m); COPEN (N128.5m); and Homefront (N34.8m) among others.

The logistic vendors, according to the document, are Artee Industries Limited, Melake Technologies and the African Flower Company Limited, which are suppliers of air conditioners and furniture; laptops and computers; as well as staff uniforms respectively. The contact person for the three companies is Mrs. Hirut Ibru, the former MD’s daughter-in-law.

Others include Yunico Communications Limited and Backlink Technologies Limited. The companies handle the maintenance of armoured vehicles and air conditioners and bulk SMS alert respectively, and are both linked to Ibru’s son-in-law, Mr. Aleksandar Stankov.

Investigations by our correspondent had revealed that Oceanic Bank paid about N5.6bn for branches and unutilised guest houses owned directly by Ibru or her associates.

It was also learnt that the bank maintained 115 guest houses across the country, including an “executive guest house” at 20, Queens Drive, Ikoyi, Lagos, alleged to be Ibru’s personal residence.

For Ibru’s residence, the total amount paid for a five-year lease, beginning from October 25, 2008 was N88m. It was paid to Ogekpo Estate Managers and Ibru was also said to have received a hefty housing allowance during her tenure.

The document obtained by our correspondent also showed that the bank paid N137.5m to Casi Properties Limited, for another five-year period, for the former managing director’s residence. This began from October 25, 2012 to September 25, 2017, bringing the total amount to about N225m.

When contacted on Sunday, the Head, Corporate Affairs, CBN, Mr. Muhammed Abdullahi, said the apex bank was aware that after Aboh took over the affairs of the rescued banks, a lot of startling discoveries were made.

He said there had been disregard for risk management practices and the code of corporate governance.

“Indeed, the investigations carried out by the Economic and Financial Crimes Commission have also revealed a lot of clear cases of criminal actions bordering on money laundering, and in some cases, outright stealing,” he said.

https://www.nairaland.com/nigeria?action=post;board=20.0

Indications emerged on Sunday that a fresh N20bn contract scam may have been uncovered by security agencies in Oceanic Bank International Plc.

Our correspondent gathered that the bank under its former management allegedly financed contracts executed for companies owned by the former Managing Director, Mrs. Cecilia Ibru, and her close associates, which were not in any way connected to the bank.

A document obtained by our correspondent showed that the bank, under the new management, was required to settle an outstanding balance of N20bn owed contractors on the inherited list.

It was, however, gathered from reliable sources at the bank that when the Central Bank of Nigeria-appointed Managing Director, Mr. John Aboh, took over the affairs of the bank, the management summoned contractors to verify their payment claims and give proof of service delivery.

A top official of the bank, who spoke on the condition of anonymity, said, “The bank asked the contractors to come and show where services were delivered or the structures in place in any of the Oceanic Bank branches to verify the contracts. But they could not show where they delivered their services.

“Out of the N20bn contract payment outstanding, the bank could only pay a little above N200m, which was about the worth of contracts found to have been actually executed for the bank. Meanwhile, these contractors had received huge sums of money from the bank, when in actual fact they had worked for other companies.”

According to the document, many of the contracts, including those relating to logistics, were also allegedly handled by companies owned by Ibru or her family relations.

The documents show how Dwellings International Limited had an outstanding balance of N40m; Felly Best (N70m); MACC (N105.6m); Tale Construction (N88.; Munavic (N76.8m); COPEN (N128.5m); and Homefront (N34.8m) among others.

The logistic vendors, according to the document, are Artee Industries Limited, Melake Technologies and the African Flower Company Limited, which are suppliers of air conditioners and furniture; laptops and computers; as well as staff uniforms respectively. The contact person for the three companies is Mrs. Hirut Ibru, the former MD’s daughter-in-law.

Others include Yunico Communications Limited and Backlink Technologies Limited. The companies handle the maintenance of armoured vehicles and air conditioners and bulk SMS alert respectively, and are both linked to Ibru’s son-in-law, Mr. Aleksandar Stankov.

Investigations by our correspondent had revealed that Oceanic Bank paid about N5.6bn for branches and unutilised guest houses owned directly by Ibru or her associates.

It was also learnt that the bank maintained 115 guest houses across the country, including an “executive guest house” at 20, Queens Drive, Ikoyi, Lagos, alleged to be Ibru’s personal residence.

For Ibru’s residence, the total amount paid for a five-year lease, beginning from October 25, 2008 was N88m. It was paid to Ogekpo Estate Managers and Ibru was also said to have received a hefty housing allowance during her tenure.

The document obtained by our correspondent also showed that the bank paid N137.5m to Casi Properties Limited, for another five-year period, for the former managing director’s residence. This began from October 25, 2012 to September 25, 2017, bringing the total amount to about N225m.

When contacted on Sunday, the Head, Corporate Affairs, CBN, Mr. Muhammed Abdullahi, said the apex bank was aware that after Aboh took over the affairs of the rescued banks, a lot of startling discoveries were made.

He said there had been disregard for risk management practices and the code of corporate governance.

“Indeed, the investigations carried out by the Economic and Financial Crimes Commission have also revealed a lot of clear cases of criminal actions bordering on money laundering, and in some cases, outright stealing,” he said.

https://www.nairaland.com/nigeria?action=post;board=20.0

Sustained investigation by the Economic and Financial Crimes Commission (EFCC) into the alleged activities of former Group Managing Director and Chief Executive Officer of Oceanic Bank, Mrs Cecilia Ibru while at the helm of the bank, has revealed her alleged ownership of about 52 of the property being used by the bank as its branches nationwide.

In the document detailing the property already traced to her, the embattled banker was said to be the landlord to the bank in which her family owns substantial interest.

About N29 billion was said to have been accruing to her annually from the deal. Ibru, who is facing prosecution by the anti-corruption commission, according to investigation, collected five years’ rent upfront on some of the property at choice locations, attracting as much as N1.3 billion on each of such property.

Others were said to have gone for minimum of N210 million a year. One of the property that reportedly attracted N1.3 billion was the one in Marina, Lagos, known as MarineView.

The branch at Adetokunbo Ademola, Victoria Island, Lagos was said to have attracted N210 million a year.

Her alleged property at No 270 Ozumba Mbadwe Avenue, Lagos was said to have gone for N288 million, while another portion of the same building got her another N75 million from the bank.

A property at 154 Ikorodu Road, Palmgrove, Lagos, reportedly fetched her N825 million for a year.

In Abuja, the property on Herbert Macaulay, Wuse Zone 6, reportedly fetched her N270 million. The popular high-rise known as Metro Plaza, which was said to have been traced to her, was said to have fetched her N216 million from the bank, while she is also landlord to the British High Commission which has its Abuja visa section there.

Sunday Tribune gathered that the commission was still compiling other properties said to be belong to her.

http://tribune.com.ng/03012010/news/news1.html

A widely traveled and highly refined personality, Dr Erastus Akingbola is essentially a peace-loving, kind-hearted motivator. [size=8pt][size=8pt]He is God-fearing indeed a practicing Christian, theologist and Pastor of the Redeemed Christian Church of Nigeria.[/size][/size]

http://erastusakingbola.com/


THIS GUY IS A CRIMINAL!!!!!!!!!!!!! WOLVES IN SHEEP SKIN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mekusxyz, you are a very smart investor. I never imagined Oceanic Bank ex-MD (Cecilia Ibru) could be a fraud. Oceanic Bank was getting many awards. Adegbola was a Pastor!!!!!!. I thought I was investing safely. If these people had committed these frauds in China, they will surely be executed.

I have also about 2 MILLION Naira now worthless in Oceanic Bank. I hope Pastor Akingbola and Madam Cecilia Ibru will be made refund all the money they looted to the last kobo. Kudos to Sanusi for exposing their smelly "yansh"

I have 400,000 shares (worth about 8 Million Naira) when I bought them. They are now almost worthless. PASTOR AKINGBOLA!!!!!! OLE!!!!!!!!!!!!!!!!!!!!!!!!!!!

A Federal High Court in Lagos on Thursday froze N346bn and £11m in six Nigerian banks allegedly belonging to the former Chief Executive Officer of Intercontinental Bank Plc, Mr. Erastus Akingbola.

Justice Tijani Abubakar also placed an interim forfeiture order on Akingbola‘s alleged assets and choice properties in Lagos, the United Kingdom, Dubai and Accra, Ghana.

The six banks in which the said amount was domiciled and frozen include Intercontinental Bank Plc (including accounts with numbers 0001200000029420, 0001210000005334, 0111-001-000352735 and 0111001000-352745); Access Bank Plc; Zenith Bank Plc; Skye Bank Plc; Fidelity Bank Plc (including account with number 027-4020-1003714); and Intercontinental Bank (UK) Limited.

The judge also granted the application of the Economic and Financial Crimes Commission for Mareva Injection to temporarily freeze Akingbola‘s assets all over the world.

But the judge granted a reprieve to the embattled former bank MD who is said to be in England, saying that he should be allowed access to N1. 4m per month as living expenses and retention of legal advisers being equivalent to his lost take- home pay as the CEO of the bank.

The judge also ordered that the interim order would be in force, pending the trial of the ex-bank chief.

He added that the court order should be served on Akingbola through a courier service, DHL, at his known residence at No 26, Chester Terrace, London, England NW14ND.

The EFCC had filed three ex-parte applications in which the anti-graft agency urged the court to freeze the bank accounts and forfeit the assets of the ex-bank chief.

It also alleged that it had filed a 28-count charge against Akingbola while its lawyer, Dr. Konyinsola Ajayi (SAN), argued the application on Thursday.

Ajayi told the judge that his client had applied for interim forfeiture of assets worth N346bn, saying that the allegations against the ex-CEO were weighty.

The EFCC had claimed that its investigation revealed that Akingbola had allegedly perpetrated serious economic and financial crimes including money laundering, theft, capital market manipulation, tax fraud, obtaining money through false pretences, criminal granting of loans and facilities, insider abuse, insider trading and abuse of office.

It added that further investigation of the amount involved was N346bn and 11 pounds sterling, saying that Akingbola absconded and had been declared wanted.

The agency also alleged that Akingbola and his associates were trying to remove assets from Nigeria, adding that he had attempted to move N2bn out of the country after he was declared wanted.

Ajayi also told the court that Akingbola moved 10million pound sterling out of Nigeria.

Justice Abubakar subsequently ordered the seizures.

The schedule of the seized properties include: property at Milverton Road, Ikoyi, Lagos; Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island, Lagos; No. 2, Bedwell Road, Ikoyi; No. 26 Chester Terrace, London, England, NW1 4ND; No. 65 Gove-End Road, London NW8 9NH, England, No. 8 Connaught Street, London W2 2AH, England; properties in Accra, and Dubai (suspected to be owned directly or indirectly by Dr. Erastus B.O. Akingbola).

The court also seized his shares in 11 companies, as well as a number of luxury cars.



http://www.punchng.com/Articl.aspx?theartic=Art2010010154962