Home Business N191bn assets: Ibru seeks reversal of Oceanic Bank sale

N191bn assets: Ibru seeks reversal of Oceanic Bank sale


ABUJA – Mrs Cecilia Ibru, former Managing Director of the defunct Oceanic Bank International, on Monday prayed an Abuja Federal High Court to reverse the sale of the bank to Access Bank Plc.

Ibru also urged the court to reverse the takeover of Aero Contractors Ltd. by the Asset Management Corporation of Nigeria (AMCON).

Ibru’s counsel, Dr Ted Iseghohi-Edwards, argued that the bank and airline were not among the assets she forfeited to the Federal Government during her 2010 plea bargain with the government.

The former managing director had joined the Attorney-General of the Federation and the Assets Management Corporation of Nigeria (AMCON) as co-defendants in the suit.

The plaintiff is therefore seeking a court order compelling the Federal Government to implement her plea bargain as specified in the agreement she signed with the government in 2010.

A Lagos Federal High Court had on Oct. 9, 2010 sentenced Ibru to 18 months in prison under a plea bargain agreement.

The sentence followed her pleading guilty to three-count charge bordering on negligence, reckless grant of credit facilities and mismanagement of depositors’ funds.

In line with the agreement, assets valued at over N191 billion were seized from her and her companies.

AMCON on Nov. 12, 2013, obtained an ex-parte order from the court to take over the said property accordingly.

However, Ibru, challenged the ex-parte order, arguing that AMCON `mischievously’ obtained the ex-parte order without disclosing material facts in the plea bargain agreement.

But AMCON’s counsel, Mr Ademuyiwa Balogun, in his submission, urged the court to dismiss the suit for lack of jurisdiction.

Justice Ahmed Mohammed adjourned the case until July 10 for hearing. (NAN)

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