Editorial
Beyond Ibru’s Conviction
At long last, Nigeria recorded a landmark conviction in the attempt at fighting corruption in all strata of society, particularly the banking sector. This followed last Friday’s ruling by Justice Dan Abutu of the Federal High Court in Lagos which sentenced Mrs. Cecilia Ibru, former managing director of Oceanic Bank International plc, to 18 months in jail on a three-count charge and ordered a forfeiture of her assets worth over N191 billion.
Nigerians, who have hailed this judgement are, however, disappointed that Mrs. Ibru will spend only six months in prison as her jail term runs concurrently. But they also appear to be consoled by the fact that she would give up a large chunk, if not all, of her loot.
Trouble started for the matriarch of the Ibru business empire when on August 14, 2009, the Central Bank of Nigeria (CBN) released the names of five big banks which, it said, were in deep financial mess. These included Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank.
The subsequent sacking by the CBN of the chief executives of these distressed banks and their relentless hounding by the Economic and Financial Crimes Commission (EFCC) made some of them (Mrs. Ibru inclusive) to go underground. She was later nabbed by security agents while attempting to flee the country in her private jet.
Although the banking dame entered a plea bargain for which reason she was convicted on only three charges and given what appears to be a mild jail sentence, the EFCC’s initial charge list was said to have contained about 25 counts, all of which bordered on fraud and mismanagement.
In fact, the Oceanic Bank chief was accused of approving bank loans well above the authorised limits; siphoning funds to local and offshore accounts using names of cronies (including her nanny’s); converting official property to her private residence; owning a private jet worth $100 million; owning over 94 properties in the United States and Dubai; and having proprietorship of about 100 companies in Nigeria, among others.
For a woman who appeared to have held her own in the midst of many professional male bankers, Mrs. Ibru was easily seen as a perfect role model for the younger generation of female bankers. There was certainly no shortage of admirers even outside the banking sector. But where has all that led everyone given the recent turn of events?
Even though most Nigerian and foreign investors would have expected a lot more than the soft landing granted the ex-bank chief, The Tide thinks that her sentencing alone provides fresh hopes that those in whose hands public funds are entrusted do not convert them for their personal usage. The loot which is to be recovered from her and given to the newly established Asset Management Corporation of Nigeria (AMCON) should serve as enough warning to others that the days are gone when bank executives became too lawless in the management of investors’ funds.
We also agree with the CBN Governor, Lamido Sanusi, that it is not a perfect conviction because if both the EFCC and the Federal Ministry of Justice had prepared a water-tight case against her, a plea bargain that handed down a mere six months jail term on each of such offences wouldn’t have been necessary.
This is why The Tide insists that the trial of all others should be pursued by both the EFCC and the Justice Ministry in a manner that provides no loopholes for such soft landing. They should be thorough, patriotic and, above all, open-minded knowing that the outcome of subsequent trials will play a key role in boosting investors’ confidence in the economy.
It is also instructive to salute Justice Abutu for summoning the strong judicial will of identifying an immediate useful channel for the forfeited loots. This is quite different from previous experiences where, the EFCC was allowed a percentage of any recovered loots while the remainder is hardly accounted for. The huge sums confiscated from the accounts of late Head of State, Gen. Sani Abacha, former Inspector General of Police, Tafa Balogun, and former Governor of Bayelsa State, Chief Diepreye Alamieyeseigha, readily come to mind.
Furthermore, we urge Sanusi to pursue, even harder, his latest reforms which seek to safeguard shareholders and depositors funds while also working towards ensuring that no bank executive remains in office beyond a ten-year tenure as a means of checking corruption in the sector.
Lofty as the intentions are, we are afraid that little will be achieved if the apex bank fails to recharge its Inspectorate Unit. Our apprehension is based on the fact that any fraudulent mind would hardly require as much as 10 years to ground a finance house. Only regular inspection and close monitoring by CBN officials can help to check such wanton theft from the banks.
When Rivers State Governor, Sir Siminalayi Fubara, received the Board and Management of the Nigerian Ports Authority (NPA), led by its Chairman, Senator Adeyeye Adedayo Clement, his message was unmistakable: Rivers’ seaports remain underutilised, and Nigeria is poorer for it. The governor’s lament was a sad reminder of how neglect and centralisation continue to choke the nation’s economic arteries.
The governor, in his remarks at Government House, Port Harcourt, expressed concern that the twin seaports — the NPA in Port Harcourt and the Onne Seaport — have not been operating at their full potential. He underscored that seaports are vital engines of national development, pointing out that no prosperous nation thrives without efficient ports and airports. His position aligns with global realities that maritime trade remains the backbone of industrial expansion and international commerce.
Indeed, the case of Rivers State is peculiar. It hosts two major ports strategically located along the Bonny River axis, yet cargo throughput has remained dismally low compared to Lagos. According to NPA’s 2023 statistics, Lagos ports (Apapa and Tin Can Island) handled over 75 per cent of Nigeria’s container traffic, while Onne managed less than 10 per cent. Such a lopsided distribution is neither efficient nor sustainable.
Governor Fubara rightly observed that the full capacity operation of Onne Port would be transformative. The area’s vast land mass and industrial potential make it ideal for ancillary businesses — warehousing, logistics, ship repair, and manufacturing. A revitalised Onne would attract investors, create jobs, and stimulate economic growth, not only in Rivers State but across the Niger Delta.
The multiplier effect cannot be overstated. The port’s expansion would boost clearing and forwarding services, strengthen local transport networks, and revitalise the moribund manufacturing sector. It would also expand opportunities for youth employment — a pressing concern in a state where unemployment reportedly hovers around 32 per cent, according to the National Bureau of Statistics (NBS).
Yet, the challenge lies not in capacity but in policy. For years, Nigeria’s maritime economy has been suffocated by excessive centralisation. Successive governments have prioritised Lagos at the expense of other viable ports, creating a traffic nightmare and logistical bottlenecks that cost importers and exporters billions annually. The governor’s call, therefore, is a plea for fairness and pragmatism.
Making Lagos the exclusive maritime gateway is counter productive. Congestion at Tin Can Island and Apapa has become legendary — ships often wait weeks to berth, while truck queues stretch for kilometres. The result is avoidable demurrage, product delays, and business frustration. A more decentralised port system would spread economic opportunities and reduce the burden on Lagos’ overstretched infrastructure.
Importers continue to face severe difficulties clearing goods in Lagos, with bureaucratic delays and poor road networks compounding their woes. The World Bank’s Doing Business Report estimates that Nigerian ports experience average clearance times of 20 days — compared to just 5 days in neighbouring Ghana. Such inefficiency undermines competitiveness and discourages foreign investment.
Worse still, goods transported from Lagos to other regions are often lost to accidents or criminal attacks along the nation’s perilous highways. Reports from the Federal Road Safety Corps indicate that over 5,000 road crashes involving heavy-duty trucks occurred in 2023, many en route from Lagos. By contrast, activating seaports in Rivers, Warri, and Calabar would shorten cargo routes and save lives.
The economic rationale is clear: making all seaports operational will create jobs, enhance trade efficiency, and boost national revenue. It will also help diversify economic activity away from the overburdened South West, spreading prosperity more evenly across the federation.
Decentralisation is both an economic strategy and an act of national renewal. When Onne, Warri, and Calabar ports operate optimally, hinterland states benefit through increased trade and infrastructure development. The federal purse, too, gains through taxes, duties, and improved productivity.
Tin Can Island, already bursting at the seams, exemplifies the perils of over-centralisation. Ships face berthing delays, containers stack up, and port users lose valuable hours navigating chaos. The result is higher operational costs and lower competitiveness. Allowing states like Rivers to fully harness their maritime assets would reverse this trend.
Compelling all importers to use Lagos ports is an anachronistic policy that stifles innovation and local enterprise. Nigeria cannot achieve its industrial ambitions by chaining its logistics system to one congested city. The path to prosperity lies in empowering every state to develop and utilise its natural advantages — and for Rivers, that means functional seaports.
Fubara’s call should not go unheeded. The Federal Government must embrace decentralisation as a strategic necessity for national growth. Making Rivers’ seaports work is not just about reviving dormant infrastructure; it is about unlocking the full maritime potential of a nation yearning for balance, productivity, and shared prosperity.
