Court jails Cecilia Ibru six months, seizes N190b assets

Posted by Fraser Trevor Saturday, 9 October 2010

Court jails Cecilia Ibru six months, seizes N190b assets: "what may be regarded as a slap on the wrist, former Managing Director of Oceanic Bank Plc, Mrs Cecilia Ibru was yesterday sentenced to an 18-month imprisonment on a three-count charge which would, however, run concurrently.
She is also to be kept in a hospital for the well-heeled and will not be in prison until the hospital gives consent to that effect.
Mrs Ibru will however forfeit a long list of assets valued at N191 billion.
The property and assets are spread across Nigeria, the United States of America and the United Arab Emirates (UAE). By the judgement, she has also lost to the state, shares in over 100 firms listed and not listed on the Nigeria Stock Exchange (NSE).
The development was as a result of a plea bargaining agreement between Mrs. Ibru and the Economic and Financial Crimes Commission (EFCC) which had arraigned her before the court on August 31, 2009 on a 25-count charge. The charges were, however, reduced by the commission to three, apparently on the basis of the plea bargain."

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