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