Here now comes Cecelia Ibru's response to CBN governors attack on her bank and her reputation.


[size=28pt]Sanusi Plans To Sell Oceanic Bank To Friends, Ibru Tells Court[/size]

[size=18pt]• Critics Query Inclusion Of Akintola Williams, KPMG As Bank Advisers[/size]

CecIlia Ibru has alleged at the Federal High Court in Lagos that her sack as Oceanic Bank Managing Director (MD) on August 14 is part of an elaborate design by Central Bank of Nigeria (CBN) Governor, Lamido Sanusi, to sell the bank to his friends under the guise of “core investors.”

She stressed in an affidavit in support of the suit challenging her removal that the appointment of John Aboh to replace her was part of Sanusi’s design to sell the bank to his nominees.

Ibru, who was fired along with four other bank MDs over alleged financial impropriety, noted that Aboh was instrumental to the transfer of the ownership of Wema Bank to a new group of core investors when he acted as Wema Bank MD.

She argued that Sanusi acted hastily and in bad faith in getting rid of her.

“Neither Sanusi nor officials of the CBN gave any report of special examination to me in my capacity as the CEO (Chief Executive Officer) of the bank or in my private capacity for the purpose of enabling me defend myself and the bank prior to my removal from office,” she narrated.

Ibru wants the court to determine, among others – in the light of Section 36(1) of the Constitution and Section 35(d) of the Banks and other Financial Institutions Act (BOFIA) – whether Sanusi and the CBN were bound or not bound to observe the rules of natural justice and fair hearing by hearing her side of the story before sacking her.

But the CBN has countered that Ibru lacks the locus standi to institute the suit, and the court also lacks jurisdiction to entertain it.

No date has been fixed for hearing of the suit.

Meanwhile, controversy continues to trail last weekend’s appointment of seven advisers by the CBN for 10 troubled banks.

A statement issued last Friday by CBN Spokesman, Mohammed Abdullahi, listed the advisers as Deutsche Bank, Chapel Hill Denham (managed by Bolaji Balogun, son of Subomi Balogun, First City Group Chairman), Stanbic IBTC Bank, law firms Olaniwun Ajayi and Kola Awodein & Co, KPMG Professional Services, and Akintola Williams Deloitte.

They are expected to “explore all possibilities for institutionalising best practice and good corporate governance at each of the banks, in furtherance of the CBN’s desire that the interests of all stakeholders are respected,” said Abdullahi.

But critics riposted that KPMG and Akintola Williams Deloite “were the same auditors who saw nothing wrong in the books of the same banks they are now asked to advise and help out of the mire.”

The advisers are to work with Afribank, Bank PHB, Equitorial Trust, Intercontinental, FinBank, Oceanic, Spring, Union, Unity, and Wema Bank.

Akintola Williams Deloitte audits the books of Afribank, Equitorial Trust, FinBank, Spring, Unity (jointly with Pernell Kerr Forster), and Union.

KPMG audits Wema Bank, while PriceWaterHouse is external auditor for Bank PHB, Intercontinental, and Oceanic.

Chris Enyinnanya, a professional bank and public affairs analyst, reiterated that, “The major problem with the banks is the breach of corporate governance by their Directors and management. It is not the function of the consultants to enforce it. The CBN has rightly removed the corrupt Directors.

“Let the new Directors tackle liquidity and capital adequacy problems not those same auditors that couldn’t identify the problems in the course of their audit.”

Gbadebo Olatokunbo, a shareholder rights activist, said the job requires people who are familiar with the problems, to make the task of solving them  easier. He said these same auditors know where the problems lie.

However, Samuel Nzekwe, former President of the Association of National Accountants of Nigeria (ANAN), insisted that the audit firms cannot absolve themselves of the mess

http://www.nigeriamasterweb.com/paperfrmes.html

Ibru, who was fired along with four other bank MDs over alleged financial impropriety, noted that Aboh was instrumental to the transfer of the ownership of Wema Bank to a new group of core investors when he acted as Wema Bank MD.

Was Aboh the CEO of Wema Bank when the bank was sold to the new Wema Bank investors? Was it not Mr. Mahmoud Lai Alabi, who is now the CEO of Intercontinental Bank . I know Aboh was only acting MG for a few days or weeks before handing over to Alabi who was in charge of selling the bank to the new investors.

Lai Alabi takes over at Wema Bank

http://www.sunnewsonline.com/webpages/news/national/2008/sept/09/national-09-09-2008-009.htm

Mrs Ibru is alleging that Mr. Aboh seems to be an expert at preparing big companies(banks) for sale to other investors, and she implies that was the reason for his appointment to take over her bank----- just my layman's opinion. Attorneys in the forum are welcome to jump in here.

naijaking1:

Mrs Ibru is alleging that Mr. Aboh seems to be an expert at preparing big companies(banks) for sale to other investors, and she implies that was the reason for his appointment to take over her bank

duh. . . . the banks ARE for sale!

naijaking1:

Mrs Ibru is alleging that Mr. Aboh seems to be an expert at preparing big companies(banks) for sale to other investors, and she implies that was the reason for his appointment to take over her bank----- just my layman's opinion. Attorneys in the forum are welcome to jump in here.

How is he an expert, how many banks has he sold?

According to El Rufai "should he sell them to his enemies?"

Where are madam oceanic evidences to her claims. Though, as a person i dont trust this sanusi man. Well, we should just continue praying.

realmen:

Where are madam oceanic evidences to her claims. Though, as a person i dont trust this sanusi man. Well, we should just continue praying.

That's for the court to find out.

hehehehehe! madam ibru don begin play de role of tarot card reader    she dey accuse sanusi of attempting to sell oceanic to his friends. wow, what a lady!!

i go appreciate when naijaking and cecilia help us clarify these issues. make una try only 2 issues out of the 72 charges wey dey for court.

Issue involving the building of Oceanic Bank's corporate headquarters on Victoria Island in Lagos in active collaboration with the operators of Waves Nig Ltd, a company formerly owned by one of the sons of Ibru 

Oceanic bank gave Waves Nigeria Ltd a loan facility of $110million and N6billion to construct the corporate headquarters of the bank.
Waves Nig Ltd allegedly paid the sum of $10million into the personal account of the former Managing Director (ie cecilia) from the supposed facility of $110million

The bank also paid a ten year rent of $22million to Waves Nig Ltd while the corporate headquarters construction was on-going


Cecilia's housemaid got a N14billion loan from Oceanic bank without collateral!!


All these activities happen because sanusi wants to sell oceanic bank to friends!   i don laugh tire.  e be like say bode george go soon get girl friend for jail. 

ndu_chucks:

hehehehehe! madam ibru don begin play de role of tarot card reader she dey accuse sanusi of attempting to sell oceanic to his friends. wow, what a lady!!

i go appreciate when naijaking and cecilia help us clarify these issues. make una try only 2 issues out of the 72 charges wey dey for court.

Issue involving the building of Oceanic Bank's corporate headquarters on Victoria Island in Lagos in active collaboration with the operators of Waves Nig Ltd, a company formerly owned by one of the sons of Ibru

Oceanic bank gave Waves Nigeria Ltd a loan facility of $110million and N6billion to construct the corporate headquarters of the bank.
Waves Nig Ltd allegedly paid the sum of $10million into the personal account of the former Managing Director (ie cecilia) from the supposed facility of $110million

The bank also paid a ten year rent of $22million to Waves Nig Ltd while the corporate headquarters construction was on-going


Cecilia's housemaid got a N14billion loan from Oceanic bank without collateral!!


All these activities happen because sanusi wants to sell oceanic bank to friends! i don laugh tire. e be like say bode george go soon get girl friend for jail.

The principle of equity and fair play dictates that all the above write-up are simply rumors until proven by the court. So, you can continue your rumor mongering with Sanusi, it should have no influence on the outcome of justice.

naijaking1:

The principle of equity and fair play dictates that all the above write-up are simply rumors until proven by the court. So, you can continue your rumor mongering with Sanusi, it should have no influence on the outcome of justice.

i expected dis ya response and i generally agree with it. some of us don read court papers and believe you me, de ting no look good for cecilia.

naijaking, promise me say, when dem present evidence of de tings wey i post, you go call for cecilia to rot for jail. de request dey simple enough, ko?

Unfortunately, you think it's funny to make fun of our rights in this country just because you're supporting Sanusi. Nobody should be condenmed without trial and due process.

One thing I know is that Sanusi has done great harm to the economy with his foolish utterances,borne more out of seeming score to settle with the former bank CEOs,now confidence in the economy is fully eroded

@naijaking

are you saying Cecilia Ibru is not getting a fair hearing in court?

Where else could she have a fair hearing? At the Oceanic Bank Headquarters?

My friend, her rights are not being infringed on. If she's still in detention, it is because the CBN has strong evidence that there's a chance that some of these CEOs may flee the country or possibly resort to suicide. That is why they have to be in protected custody. As for the issue of fair hearing, as long as she's allowed to defend herself in court and she's allowed to have her own lawyers, and she's allowed to present any evidence she wishes, then she's being given fair hearing. I don't know what else Nigerians believe fair hearing is these days.

Sanusi does not own the media. When he says Cecilia did this and the media spreads it everywhere, Cecilia also says that Sanusi did this and the media carries the headline everywhere. I really don't know what else this woman means by fair hearing.

Naijaking1, you are taking this Ibru thing to personal and hereby descending to ridiculous arguments to vent your anger.

Now who had been condemned without trial? from available information, Cecilia Ibru was given conditions for bail by the court and i think she had been able to meet the bail conditions. So who had infringed on her rights? Sanusu removed her from the bank according to relevant laws, and that is where his powers stop. It is other government agencies(EFCC) that is prosecuting her. if she feels her removal was illegal, she  has the rights to seek redress at the courts as is being done by Akingbola (although in absentia).

naijaking1:

The principle of equity and fair play dictates that all the above write-up are simply rumors until proven by the court. So, you can continue your rumor mongering with Sanusi, it should have no influence on the outcome of justice.

So what will you call your own accusations? prediction? The allegations against Ibru is in court and you feel that violate the principle of equity and fair play? But you feel your prediction of who sanusi will sell Ibru's bank to should be the most important factor in the case, and that is your idea of equity and fair play? amazing.

ndu_chucks:


All these activities happen because sanusi wants to sell oceanic bank to friends!   i don laugh tire.  e be like say bode george go soon get girl friend for jail. 

cant remember when last i had such a 10 minutes laugh

What a cold-blooded criminal!

Propriety? If Sanusi had approached this matter with common sense, we wouldn't have all these tit for tat press statements.

nex, wirenet, ndu-chucks, jarus, and all Sanusi praise singers out there; Cecilia Ibru and any other accused individual in Nigeria is INNOCENT until proven otherwise, gaskiya!

naijaking1 and all Cecelia's praise singers; Sanusi is[b] foreseen [/b]guilty until proven innocent.