•Cecilia Photo: The Sun Publishing

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Sacked Managing Director of Oceanic Bank Plc, Mrs Cecilia Ibru, may have moaned, groaned

and carried on like Marie Antoinette being carted off to the guillotine. Investigation has, however, revealed that lack of adherence to basic banking procedures and under-the-table deals earned her the not-so executive position presently as a guest of the Economic and Financial Crimes Commission (EFCC).

Sunday Sun findings revealed a list of Ibru’s many sins, which finally caught up with her when the Central Bank of Nigeria (CBN) Governor yanked the CEO’s seat from under her unceremoniously on August 14.

Many years ago, Mrs Ibru allegedly set up a financial institution called Fine Mortgage Home (FMH) Ltd. It was headed by her husband’s former Personal Assistant, Nanashetu Bedell. FMH Ltd was actually the precursor of Oceanic Bank Plc. When eventually the transformation took place, Nana Bedell, allegedly became a front of sorts for certain business transactions.

According to our source, “Mrs Bedell actually has many aliases as you can see on the list of debtors. Many of the transactions that landed Mrs Ibru in this trouble were done through her. Mrs Ibru knew and that was why her first reaction to her sack was to go underground. Her case is the messiest. When Mr Akingbola returns, Nigerians will also be shocked by the stench he left behind.”

A cursory glance at the CBN list of debtors showed that one Priscilla Bedell is one of the directors of LV Development Company Limited owing Oceanic Bank N2,727,256,000 and further down that same list is Nanashetu Abdulai, whose company, Circular Global International Ltd, owes N12,884748,000. Both loans are non-performing according to the nation’s apex bank.

“Nanashetu Abdulai and Priscilla Bedell are the same person and that is about N16 billion in her hands alone. She is known by many names,” Sunday Sun learnt from the EFCC.
Mrs Ibru is also said to have granted approval for loans way beyond her limits.
“As CEO of Oceanic Bank, Ibru’s approval limit was N1 billion. But she single-handedly approved loans of N3 billion and above without recourse to the bank’s board. She also moved £1.7 billion to the United Kingdom in one fell swoop. The amount was then spread into other foreign accounts. All the documents she sent to the CBN and other regulating agencies were cooked. In fact, I can tell you that the woman left the bank in a very bad shape and her case is the messiest,” our source further disclosed.

EFCC sources said the commission has put in motion mechanism to repatriate the funds the sacked CEOs and their directors have moved abroad. One of the major reasons the EFCC is involved in the CEOs’ scam is the money laundering angle and dirty financial deals behind the banking halls.

Behind EFCC bars, the Oceanic Bank boss, Sunday Sun gathered, is in low spirits.
“She just finished taking akamu (pap) now,” disclosed our source when we called. “She is not happy and that is to be expected. She keeps telling everybody to appeal to Madam (Farida Waziri) to review the bail conditions. She seems to have suddenly lost weight. She even looks darker in complexion. Your heart will go out to her if you see her. It is a pity things have come to this but we have a job to do. Someone has to do what we are doing otherwise there will be no Nigeria to leave to our children.”

Meanwhile, the EFCC chairman has come under tremendous pressure over the stiff bail condition the commission has placed on the detained sacked CEOs in its custody.
A Lagos High Court had on Tuesday granted an order that the two former Managing Directors of Afribank Plc and Finbank Plc, Sebastine Adigwe and Okey Nwosu be released on bail.

The commission had promptly responded by slamming N1 billion bail bond on each of the troubled ex-CEOs. The two sureties they are expected to produce must be serving ministers with landed property on Victoria Island in Lagos, Maitama or Asokoro in Abuja. The properties, EFCC insisted, must be verifiable on the asset declaration forms of the ministers.

As at press time, the bail conditions were yet to be met.
Mrs Ibru was declared wanted last Sunday but surfaced on Wednesday at the offices of the anti-graft commission and has since been detained at its detention centre in Okotie Eboh Street, Ikoyi, Lagos.