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

Is it a crime to be rich if na hausa man get am dem go talk bleep you bloody fula animals.

it happens in all our banks

Beaf!!!

i ain't even mad. there's nothin to be mad at, we should be grateful that peeps in Naija have this kinda money! Cecilia, i ain't mad at cha.

this is money. the woman try wella.

She owns the buildings that the bank operates from.

The bank pays her to live in her own house.

The bank is homeless, she has many homes, yet the bank pays for her home.

Naija!

I am not supporting greed, but whenever I contributed to any threat, it is because I am convinced that I can make an intelligent contribution and not simply swim along the tide of popular opinion. Concerning the topic of discussion, I am not sure if most of the folks making comments on this thread actually know how Oceanic Bank came into existence. Prior to going public, Oceanic Bank was 100% the exclusive property of the Ibru family. If anything, it is the corrupt system that permitted an individual or a family to own 100% stake in an enterprise of great monumental importance to the economy and the society that is to blame.

EEEWO Ole

pple, pple leave this woman alone naww! for heavensakes is she the only one that stole money?? what of the rest bank m.d`s, na wa oo

this EFCC is acting like a soft sell journal.
what is the essence of all these bits of revelation every two days?
complete the investigation, sort out the woman in court and match her to jail.
until then stop disturbing our already traumatized minds.
but i am not holding my breath.

mbulela:

this EFCC is acting like a soft sell journal.
what is the essence of all these bits of revelation every two days?
complete the investigation, sort out the woman in court and match her to jail.
until then stop disturbing our already traumatized minds.
but i am not holding my breath.

thank you very much, all they keep telling us is story.

mbulela:

this EFCC is acting like a soft sell journal.
what is the essence of all these bits of revelation every two days?
complete the investigation, sort out the woman in court and match her to jail.
until then stop disturbing our already traumatized minds.
but i am not holding my breath.

God bless you.

In the US, this EFCC action would have been labelled jury tainting or jury poisoning, but in Nigeria and other systems based on the British legal system, it is probably called a term that suggests that commenting on a case before the court is prejudicial.

Then again, if they can't convict her in a court of law, they want to at least convict her in the court of ignorant public opinion.

I'm not suprised at these sundry revelations. The truth is these CEO's devise satanic ways of defrauding the shareholders. I have great issue with

the phylosophy which informs our business outlook in Nigeria and other psedo capitalist and capitalists societies. The honest truth is that this is

what capitalism preaches and that's how you get rich in the wall street and broad street. What we are seeing are just symptoms of a greater problem.

samorijack:

I'm not suprised at these sundry revelations. The truth is these CEO's devise satanic ways of defrauding the shareholders. I have great issue with

the phylosophy which informs our business outlook in Nigeria and other psedo capitalist and capitalists societies. The honest truth is that this is what capitalism preaches and that's how you get rich in the wall street and broad street. What we are seeing are just symptoms of a greater problem.

Capitalism is not the problem, implementation and obeying the rules are the problem. Just for your information, socialism and communism have been shown to be worse than even the worst form of capitalism.
All over the World, some of the best and strongest banks either started as one-man/family bank, or are still one family owned. Why should some religious zealot suddendly decree that one family ownership of a bank in Nigeria is a sin?

I'm not advocating Socialism or any other social economic model. However when you look again you see that capitalism trumps other models of

allocating resources, you'll find that capitalisms trumps other models because it provides for, more than any other system the question of incentive.

Capitalism incentivizes profit making on a personal level and not much emphasis is give to profiting for the larger society.

Too much grama dey murder thread, bros!

Ethically,i think its wrong to rent out your own buildings to a public company in which you are the CEO.Assuming that sort of practice is allowed,the rate at which she rented these buildings,were they the going market prices for rent?i believe the prices were over inflated and the money which she paid for rent for those houses would have bought them outright with some change.That woman is a crook and over 70% of the loans oceanic bank gave out were to companies linked to her.Its a shame.Soludo should be in jail and Sanusi i hail thee.And before anybody tries to put a tribal twist to my comment,am igbo from anambra state and i think Soludo knew alot about all these evil deals so he should be in jail.

omo, you go fear the ibru family,can you imagine, this is sheer corporate greed,i concur with what sanusi lamido is trying to do

I av always known these. its no news to me.

So what happens to Cecilia at the end?

^^^^^The Drama is still enfolding

chinedu78:

Ethically,i think its wrong to rent out your own buildings to a public company in which you are the CEO.Assuming that sort of practice is allowed,the rate at which she rented these buildings,were they the going market prices for rent?i believe the prices were over inflated and the money which she paid for rent for those houses would have bought them outright with some change.That woman is a crook and over 70% of the loans oceanic bank gave out were to companies linked to her.Its a shame.Soludo should be in jail and Sanusi i hail thee.And before anybody tries to put a tribal twist to my comment,am igbo from anambra state and i think Soludo knew alot about all these evil deals so he should be in jail.

Well talk, nobody will crixify for saying the truth.

Somebody should tell Farida that Mrs Ibru is not the first person. What of all the governors and ministers who never
knew what a balance sheet is and today they have raped this country? Cecilia is a fresh case, what of the older ones?
If it is open season for exposure, let us go to the bottom of the pit. DISCLOSE EVERYONE YOU HAVE ON YOUR CASE FILE.

EFCC is behaving as if the Ibru's never had a penny before Oceanic bank. What could they have done with their old money?
Flush them into the lagoon at Ibafo? or incinerate the money?

i hope she will take all this money along with her when she dies, vanity upon vanity is vanity.cecilia ibru u have disgraced the women folk. u used to be a model for a lot of people, but am sorry to say u have lost the respect of all your fans.i hope u are repentant now.