Six years after the erstwhile Managing Director of the defunct Oceanic Bank, Mrs. Cecilia Ibru, was removed and later convicted for alleged diversion of shareholders’ funds, the last appears not to have been had over the N150 billion that she reportedly forfeited in assets and cash following her conviction for fraud by a court of law.
At the weekend, Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-corruption had summoned the Central Bank of Nigeria (CBN), Asset Management Corporation of Nigeria (AMCON) along with other relevant stakeholders to appear before it over a petition alleging irregularities in the execution of the failed banks’ consolidation.
The committee, it was also learnt, would beam its searchlight on the recovery of assets from loan defaulters as well as convicted managing directors of the then Oceanic Bank Plc, Intercontinental Bank Plc, Union Bank Plc, AfriBank Plc and Bank PHB.
This fresh development over the matter is the fallout of a petition addressed to the Senate committee by stakeholders, alleging that the funds and properties recovered by the Economic and Financial Crimes Commission (EFCC) were not remitted to the banks.
Besides, these properties and shares were also said not to have been advertised for sales neither were the proceeds remitted to the banks nor released to AMCON.
A letter of summons addressed to CBN and AMCON and signed by the Committee Chairman, Senator Victor Lar, said the committee would be particularly interested in the whereabouts of the assets of Mrs. Ibru which were forfeited under the plea bargain arrangement.
The assets said to be in custody of EFCC have not been allegedly accounted for since the forfeiture. (Thisdaylive)
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