Nigeria: Ex-bank chief jailed

  1. Posted on Sunday 10 October 2010 - 15:10
    Samuel
    Image of Samuel
    Samuel Okocha, AfricaNews reporter in Lagos, Nigeria
    A former Chief Executive Officer of a Nigerian bank madam Cecilia Ibru has been sentenced to six months in prison for fraud and ordered to hand over $1.2 billion in cash and assets. The forfeited assets numbering 199 are to be managed by the Assets Management Corporation of the West African populous nation.
    gavel
    The former CEO of Oceanic Bank, who was among a number of bank heads relieved of their positions by Nigeria’s Central Bank Governor in 2009, got the jail term after she pleaded guilty to three of 25 counts of fraud and mismanagement.

    The three count charges that the former bank chief pleaded guilty to reads:

    "That you, Cecillia Ibru whilst being the Managing Director/Chief Executive Officer of Oceanic Bank International Plc on or about 2 August 2007 within the jurisdiction of this Honourable Court approved the grant of a credit facility in the sum of US$20,000,000.00 (Twenty Million United States Dollars) by the bank to WAVES Project Nigeria Limited which sum was above your credit approval limit as laid down by the regulations of Oceanic Bank International Plc and you thereby committed an offence contrary to Section 15(1)(b) of the Failed Bank (Recovery of Debts ) and Financial Malpractices in Banks Act Cap F2 Laws of the Federation of Nigeria, 2004 and punishable under Section 16(1) (a) of the same Act."

    She got three sentences for six months each, but will run concurrently, meaning she will spend only six months in jail. Judge Dan Abutu said the sentence was the result of a settlement agreement after Mrs. Ibru had sought to forfeit her assets in a plea bargain arrangement.

    "This is an indication that we are making progress in the war against graft in the country. But we can still achieve greater results when all stakeholders reinforce their commitment to the crusade” head of Nigeria’s anti-corruption agency, EFCC Farida Waziri, said in a statement.

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