N191bn assets: Ibru seeks reversal of Oceanic Bank sale
(Nigeria) Mrs Cecilia Ibru, former Managing Director of the
defunct Oceanic Bank International, on Monday prayed an Abuja Federal High
Court to reverse the sale of the bank to Eco Bank Plc.
Ibru also urged the court to reverse the takeover of Aero
Contractors Ltd. by the Asset Management Corporation of Nigeria, AMCON.
Ibru’s counsel, Dr Ted Iseghohi-Edwards, argued that the
bank and airline were not among the assets she forfeited to the Federal
Government during her 2010 plea bargain with the government.
The former managing director had joined the Attorney-General
of the Federation and AMCON as co-defendants in the suit.
The plaintiff is therefore seeking a court order compelling
the Federal Government to implement her plea bargain as specified in the
agreement she signed with the government in 2010.
It will be recalled that Lagos Federal High Court had on October
9, 2010 sentenced Ibru to 18 months in prison under a plea bargain agreement.
The sentence followed her pleading guilty to three-count
charge bordering on negligence, reckless grant of credit facilities and
mismanagement of depositors’ funds.
In line with the agreement, assets valued at over N191
billion were seized from her and her companies.
AMCON on Nov. 12, 2013, obtained an ex-parte order from the
court to take over the said property accordingly.
However, Ibru, challenged the ex-parte order, arguing that
AMCON `mischievously’ obtained the ex-parte order without disclosing material
facts in the plea bargain agreement.
But AMCON’s counsel, Mr Ademuyiwa Balogun, in his
submission, urged the court to dismiss the suit for lack of jurisdiction.
Justice Ahmed Mohammed adjourned the case until July 10 for
hearing.
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