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Ibru seeks reversal of Oceanic Bank sale

Ibru seeks reversal of Oceanic Bank sale
June 24
07:25 2014
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Former managing director of the defunct Oceanic Bank International, Mrs Cecilia Ibru, on Monday prayed an Abuja federal high court to reverse the sale of the bank to Ecobank.

Ibru also asked the court to reverse the takeover of Aero Contractors Ltd. by the Asset Management Corporation of Nigeria (AMCON).

Ibru’s counsel, Dr Ted Iseghohi-Edwards, argued that the bank and airline were not among the assets she forfeited to the federal government during her 2010 plea bargain with the government.

The former managing director joined the attorney-general of the federation and the AMCON as co-defendants in the suit.

She is seeking a court order compelling the federal government to implement her plea bargain as specified in the agreement she signed with it in 2010.

A Lagos federal high court had on October 9, 2010 sentenced Ibru to 18 months in prison under a plea bargain agreement.

The sentence followed her pleading guilty to three-count charge bordering on negligence, reckless grant of credit facilities and mismanagement of depositors’ funds.

In line with the agreement, assets valued at over N191 billion were seized from her and her companies.

AMCON on November 12, 2013 obtained an ex-parte order from the court to take over the property.

However, Ibru, challenged the ex-parte order, arguing that AMCON “mischievously” obtained the ex-parte order without disclosing material facts in the plea bargain agreement.

But AMCON’s counsel, Mr Ademuyiwa Balogun, in his submission, urged the court to dismiss the suit for lack of jurisdiction.

Justice Ahmed Mohammed adjourned the case until July 10 for hearing.

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3 Comments

  1. sunne dee
    sunne dee June 24, 07:57

    The whole deal was fraudulent in nature by forcefully selling a Nigeria Big Bankers to a small Regional Bank called Eco Bank.
    We in the sector knows all entity will fight back because it is not a good process at all.
    Smaller Bank like Access Bank acquired Bigger Bank.
    This is a wolf.

    Reply to this comment
  2. justice
    justice June 24, 10:16

    Very fraudulent. Sanusi had ulterior motive as at then. Ecobank directors have been stripping Oceanic Bank assets. The records can be investigated. That was the game plan from the beginning. The 191 billion recovered where did it go? Private pockets. The truth will always prevail!

    Reply to this comment
  3. Megemu
    Megemu June 24, 14:58

    It is a sad period in our history for a convicted person to be claiming the subject of conviction after serving the terms of conviction!
    Very Sad indeed
    Where is the protection of our values? Even what are the values we uphold as a society? No sense of shame at all.
    Our people our suffering because of the misconduct of our trustees. Yet the cheat is claiming to have been cheated. It is traumatic to our sensibility.

    Reply to this comment

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Exchange Rates

March 18, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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