Law News
Senate summons CBN, AMCON over Ibru’s N150bn assets

The Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-Corruption, has summoned the management of the Central Bank of Nigeria and the Asset Management Company of Nigeria, to appear before it over a seized asset worth N150bn.

The two federal government agencies seized the asset, in property and cash, which belonged to the erstwhile Managing Director of the defunct Oceanic Bank Plc, Mrs. Cecilia Ibru,  upon her conviction of bank fraud by the court of law.

A member of the committee, who preferred anonymity, confirmed to our correspondent on Sunday that management of CBN and that of AMCON, amongst others, would  appear before it on Monday to respond to a petition.

The source said the petition alleged certain irregularities perpetrated in the execution of the failed bank consolidation.

He added that the Committee is also interested in the recovery of assets from loan defaulters and convicted managing directors of the then Oceanic Bank Plc,  Intercontinental Bank Plc, Union Bank Plc, Afri Bank Plc and Bank PHB.

He explained that a correspondence from the Senate committee to the two federal government agency specified that the petition before it alleged that the funds and properties recovered by the Economic and Financial Crime Commission were not remitted to the banks.

Ha also said that the properties and shares were never advertised for sales nor the proceeds remitted to either the banks nor AMCON.

He said, “The letter of invitation by the committee which was signed by the Chairman,  Senator Victor Lar, said of particular interest are the assets of Cecilia Ibru under the plea bargain with the EFCC which was alleged to have never been accounted for.”

The  former MD was convicted of bank and securities fraud by a federal high court judge presided over by Justice Dan Abutuin in Ikoyi, Lagos.

She forfeited two aircrafts worth $100m, properties in Dubai, South Africa, London and abridged shares In listed Nigerian Companies.

The committee investigative hearing which is billed to take place on Monday, at the hearing Room 438, also summoned the Managing Director of Ecobank Plc, formerly Oceanic bank, to come along with statements of account from AMCON, NDIC or CBN under the bank consolidation from 2009 till date.

The MD of Ecobank is expected to also show proof of transfer of assets/shares/cash from AMCON to Ecobank plc.

Also expected at the hearing are the Ag. Director General of the Security and Exchange Commission, Munir Gwarzo, and the Chairman of the EFCC, Ibrahim Lamorde.

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