Sanusi Hails Ibru’s Conviction

Central Bank of Nigeria,(CBN) Governor, Sanusi Lamido Sanusi yesterday hailed the court judgment which pronouncd a six-month jail term on the former Chief Executive Officer of Oceanic Bank, Cecilia Ibru, for fraud.

A Federal High Court sitting in Lagos on Friday ordered the former bank chief to hand over N191 billion in cash and assets, following her plea of guilty to fraud and mismanagement.

In 2009, the Central Bank removed Ibru along with nine other bank executives for alleged reckless lending and fraud.

Speaking to reporters in Washington D.C on the sidelines of the annual meetings of World Bank/IMF, Sanusi said the conviction should serve as a lesson to elites in the country.

“The fact that Ibru has been convicted is a big lesson for the rich, elite and powerful because nobody believed it would happen.

“It’s not a perfect conviction, it’s not ideal, maybe I would have wanted more in the circumstances, but the Justice Ministry has done a very good job.

“I commend the Minister of Justice for holding firm on this and the political support that remains after the transition is also very important,’’ Sanusi said.

Our correspondent covering the meeting, quoted Sanusi as insisting that he had no personal vendetta against the Ibru family or the other banks chiefs standing trial.

“Whoever commits a crime or crosses the line should pay for it.

“You must not forget that the total cost of assets in the books of Oceanic Bank were N191 billion, that is the highest recovery in criminal trial in the history of Nigeria and that is money going to depositors.

“Whatever the Assets Management Company of Nigeria puts on those assets is going back to the bank’s books.

“It is a huge recovery and it has never happened before,’’ the CBN Governor declared.

Sanusi, however, described Ibru’s admission to the three of the 25 counts of fraud and mismanagement against her as “honourable.’’