Court gives 72hrs to CBN over the N191bn forfeited by Cecila Ibru

A Federal High Court, Lagos on Tuesday gave the Central Bank of Nigeria 72 hours to declare the whereabouts of about N191bn asset forfeited by the convicted former Managing Director of Oceanic Bank Plc (now Ecobank Plc), Mrs. Cecilia Ibru.
Justice Mohammed Idris gave the order in a judgment on Monday.

read more

The judgment was on a suit instituted by the President of Progressive Shareholders Association, Mr. Boniface Okezie, seeking to compel the apex bank to release the information under the Freedom of Information Act. In granting part of the reliefs sought in the suit, Idris also ordered CBN to declare “the total cash and value of properties recovered from Cecilia Ibru.”

 He ordered the apex bank to declare “the whereabouts of the money recovered from Cecilia Ibru; and what part of this cash and properties has been returned to Oceanic Bank and/or its shareholders.” He said the order must be complied with “within 72 hours.”