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52 Oceanic Bank’s buildings belong to Ibru - EFCC

Posted by Paul "EFCC" Hawk Adams on January 4, 2010 at 4:25am
52 Oceanic Bank’s buildings belong to Ibru - EFCC Lanre Adewole, Abuja Sunday, January 3, 2010 Sustained investigation by the Economic and Financial Crimes Commission (EFCC) into the alleged activities of former Group Managing Director and Chief Executive Officer of Oceanic Bank, Mrs Cecilia Ibru while at the helm of the bank, has revealed her alleged ownership of about 52 of the property being used by the bank as its branches nationwide. In the document detailing the property already traced to her, the embattled banker was said to be the landlord to the bank in which her family owns substantial interest. About N29 billion was said to have been accruing to her annually from the deal. Ibru, who is facing prosecution by the anti-corruption commission, according to investigation, collected five years’ rent upfront on some of the property at choice locations, attracting as much as N1.3 billion on each of such property. Others were said to have gone for minimum of N210 million a year. One of the property that reportedly attracted N1.3 billion was the one in Marina, Lagos, known as MarineView. The branch at Adetokunbo Ademola, Victoria Island, Lagos was said to have attracted N210 million a year. Her alleged property at No 270 Ozumba Mbadwe Avenue, Lagos was said to have gone for N288 million, while another portion of the same building got her another N75 million from the bank. A property at 154 Ikorodu Road, Palmgrove, Lagos, reportedly fetched her N825 million for a year. In Abuja, the property on Herbert Macaulay, Wuse Zone 6, reportedly fetched her N270 million. The popular high-rise known as Metro Plaza, which was said to have been traced to her, was said to have fetched her N216 million from the bank, while she is also landlord to the British High Commission which has its Abuja visa section there. Sunday Tribune gathered that the commission was still compiling other properties said to be belong to her.
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