The Federal High Court in Lagos on Friday sentenced the immediate past Chief Executive Officer of Oceanic International Bank Plc, Cecelia Ibru, to 18 months’ imprisonment.
Ibru, prosecuted by the Economic and Financial Crimes Commission (EFCC), is to forfeit assets worth N191 billion.
The Chief Judge of the court, Justice Dan Abutu, sentenced Ibru after she pleaded guilty to a three-count charge of recklessly granting credit facilities.
Ibru, who was arraigned for the third time on Friday, admitted granting an illegal credit facility of USD 20 million to WAVES Project Nig. Ltd. and two billion naira unlawful credit to Petosan Farms.
Abutu also convicted Ibru of failure to ensure that the 2009 balance sheet of the bank was a true view of the state of affairs of the bank.
The judge sentenced the former bank chief to six months on each count but directed that the sentence should run concurrently.
The judge also directed that Ibru should within two hours after the judgment be taken back to a hospital treating her heart ailment.
She should be released to the prisons after her doctor certifies her fit to continue her jail sentence, Abutu said.
Assets forfeited include 94 landed property scattered in Nigeria, Dubai and the U.S. as well as shares in about 100 firms both listed and unlisted in the Nigeria Stock Exchange.
She is to lose to the assets to the Asset Management Corporation of Nigeria.
Ibru agreed with the prosecution on this before her re-arraignment on Friday.
Ibru was arraigned first in August, 2009. She was re-arraigned in January this year on a 25-count charge.
No comments:
Post a Comment