Senate faults sale of Ibru’s property despite owing N16.1m

The Senate on Monday expressed dissatisfaction with sale of the confiscated property of the Managing Director of the then Oceanic Bank Plc, Cecilia Ibru, by the Asset Management Corporation of Nigeria.

The Senate said the procedure was not open.

This was even as AMCON disclosed that Ibru was still owing about N16.1 billion.

The Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption had summoned the management of the Central Bank of Nigeria, AMCON, the Economic and Financial Crimes Commission, the Securities and Exchange Commission as well as Eco Bank Plc on the issues regarding sale of Ibru’s property.

The decision of the committee to probe the sale was sequel to a petition filed by an undisclosed person alleging that Ibru was still in control of some of the confiscated property.

Reading the petition in part, the Chairman of the Committee, Senator Victor Lar, said the petitioner alleged that the handling of the plea bargain was fraught with anomalies.

The handover of assets and shares by Ibru to AMCON as well as transfer of shareholders to ECO Bank Plc never took place, the petitioner wrote, adding: “Also, due to poor administration of recovered assets and implementation of the plea bargain, Ibru still controls most of the assets and shares recovered under the plea bargain.”

The petitioner also alleged that Ibru converted Oceanic Bank’s assets and cash worth over 15 million Pounds for her personal use.

The petition said further: “She changed the name of Oceanic Bank in UK to Premier European Capital and transferred all Oceanic Bank assets and cash to the new company without the knowledge of the previous shareholders and directors of Oceanic Bank.

“She opened a Trust Fund and converted properties recovered from her to the Trust Fund. “She owns about 11 properties in the US, 51 in Nigeria, four in Dubai and one in South Africa. She has shares in various companies and two aircraft.” In her own reaction, Acting Managing Director, AMCON, Foluke Dosunmu, explained to the lawmakers that Ibru has never recovered any of the seized assets either through purchase or under any guise.

Dosunmu said: “The assets of Cecilia Ibru were forfeited to AMCON. “The interest in those assets were invested and ownership were passed to AMCON.” In terms of the liquidation of the assets in question, Dosunmu informed the senators: “We are not liable to render these accounts to Oceanic or Eco Bank. “Also, AMCON did not get airplanes or cash from Oceanic Bank as publicly peddled. “In terms of evidence of sales of properties, we have a list of assets we have sold out of the properties that were forfeited. “However, recovery of shareholders’ fund was not part of AMCON’s responsibility.”

SOURCE: The Eagle Online