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Oh! Remember Cecilia Ibru, The Former Oceanic Bank MD That Was Sentenced to Jail On 8 October 2010?

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Cecelia Ibru was a former managing director of the defunct oceanic Bank Nigeria, who was sentenced to jail on 8 October ,2010 .

She was charged over the loan of about 16 billion naira arrears she gave without a collateral to a company. As a result over 100 properties was confiscated from her. The properties are in Nigeria, Dubai and United States of America. 

On 13 August 2009 Ibru was amongst five bank CEOs who were dismissed. Five replacements were named by the

Central Bank of Nigeria. The deputy governor, Sarah Alade, announced that John Aloh would replace Ibru at Oceanic. Others replaced on the same day included the CEO of the Union Bank of Nigeria , Dr. Bath Ebong, who was replaced by Olufunke Iyabo Osibodu .

Ibru was charged to court alongside three other senior banking executives ,They all denied charges that they were involved in a multibillion-dollar banking scandal. She was sentenced on October 8, 2010 on 25 counts of fraud and ordered to reimburse 1.29bn (approximately one billion Euros, and she was ordered to serve six months in prison.

The economic and financial crime commission had brought criminal charges against executives from five banks rescued in a 400bn naira ($2.6bn; £1.6bn) government bail-out. All the banks were found to have low cash reserves because of bad loans. Ibru had extended credit facilities of 16 billion NAIRA to a company who had no collateral. 

The court confiscated over 100 properties from her in Nigeria, Dubai and the United States.

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