News, Wellness

Cecilia Ibru Pleads Guilty to Three Counts of Fraud and Mismanagement

LAGOS, Nigeria, Oct. 9 (UPI) — A former Nigerian bank official has been jailed for fraud and ordered to surrender $1.2 billion in cash and assets, officials said.

Cecilia Ibru, former chief executive officer of Oceanic Bank, pleaded guilty to three counts of fraud and mismanagement, and is one of a large number of executives held in connection with the near-collapse of nine banks in 2009, the BBC reported.

“This is an indication that we are making progress in the war against graft in the country,” said Farida Waziri, head of Nigeria’s anti-corruption agency.

The Nigerian government removed Ibru and several other executives from a number of financial institutions in 2009, the report said.

Nigeria’s central bank had to bail out the nine banks on the brink of collapse because of fraud and reckless lending, the BBC said.

Ibru belongs to an elite family that controls massive business interests in Nigeria, and she was famous on the country’s party circuit for her jewelry and taste in corporate jets, the report said.

~Reuters AP

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1 Comment

  1. Lovely Princess says:

    I want to know the court conclusion about this matter, i want to know if she is guilty or not, i also want to know her pleads, the charges against her, how she mismanage the bank. please send me the answers to this questions as soon as possible.

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