Posted by: searchafrica | October 25, 2010

HOW CECILIA IBRU USED JIMOH IBRAHIM TO DEFRAUD OCEANIC BANK

cecilia Ibru

Mrs. Cecelia Ibru had good helping in her N191billion looting of Oceanic Bank Plc under her watch. A joint Economic and Financial Crimes Commission and Central Bank of Nigeria investigation have revealed how Ibru used various fronts to defraud and divert money from the bank.

One of the identified fronts used by Ibru in the looting of Oceanic Bank was Barrister Jimoh Ibrahim. According to the report of the investigation, Ibrahim was used as front to buy and hold 181,818,272 shares of Oceanic Bank. The illegally acquired shares are part of the assets Ibru would be forfeiting to the Assets Management Company that would manage the assets for returns to augment Oceanic Bank’s capital base.

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