Date Published: 01/06/10

Like Akingbola, like Ibru By Sheyi Folarin  

The assumption had been rife in Nigerians that once someone is prominent in a particular industry such a person is untouchable. With EFCC on board and doing a great deal to eradicate crime and corruption, no matter how highly placed you think you are, you are not above the law. Nobody is too big to be held accountable, be she/he an Ibru or an Akingbola.

The former CEOs of Oceanic Bank, Cecilia Ibru and Intercontinental Bank Plc, Erastus Akingbola amongst others were in August 2009 declared wanted by the Economic and Financial Crimes Commission EFCC, in connection with fraudulent abuse of credit process, insider trading, capital market manipulation and money laundering running into billions of Naira.

Akingbola, buoyed by soaring oil prices and a bubbled stock market, decided to invest heavily in high risk sectors such as downstream oil marketing and margin trading, using customer’s funds without their knowledge and also borrowed his friends and relatives ‘money without collateral. Now that the house of cards has collapsed, and the bubble burst, Intercontinental Bank is trying to shift the blame to businessmen and a convoluted legal system.

The case of one Alhaji Shehu Badamasi's is a good example. The oil and gas man used 600,000 shares of a small insurance company to borrow 17 billion naira from the bank and then used the money to buy luxury houses. What sort of bankers would sign off on such a glaring case of diversion?

Ibru in her case was paying commission to herself for the house she was living in and owned by her through the bank. She also decided to get an overdraft of billions of naira for her nanny using the bank, only God knows for what reason.

The EFCC’s investigators are currently working hard to link alleged missed funds to the vast property traced to the former bank boss.

Her assets in shares, allegedly bought through proxies and companies traced to her are well in excess of one trillion Naira.
Such companies include Cloudy Heights , Bliss Bloss and Circular Global which she used to acquire over 275 million shares in First Bank Nigeria Plc (275,795,139). The companies also bought over 64 million shares in Union Bank of Nigeria (64, 218,000); over 93 million shares in the United Bank for Africa (93,750,000); while in her bank, Oceanic Bank Plc, the companies went over the billion shares mark (1,076,220,421).

Others companies traced to her, Velvox, bought over 13 million shares in Oando (13, 200,000) and other shares put at 388 million. Yet another company, Enifor, bought 600 million shares in BGL Plc.
The list continues. Yet another company believed to be owned by her, Prisky Gold bought 48.8 million shares in Access Bank Plc, over eight million (8,140,500) in Dangote Flour, over 12 million (12,480,000) in Dangote Sugar Refinery and  12.5 million in Fidelity Bank.

The others by Prisky Gold are over 27 million shares (27,434,791) in First Bank; more than 25 million (25,316,400) in Japaul Oil; 10, 280,000 in Zenith Bank and ... wait for it .... 200 million shares in Transcorp Plc. Her Africa Lloyd bought another set of shares well above 400 million (431,201,702) in her Oceanic Bank.

A list of 11 of such buildings in Maryland shows that for any property to stand a chance of attracting her attention it must be in the average of $400,000. “Many more are being discovered daily in California ,” the EFCC source disclosed. The ones currently discovered in Maryland , U.S.A. include 4155 Chariot Way , Upper Marlboro, bought for $452, 508, 00 on March 12, 2009 with the name Anita Dasilva Ibru; 4145 on the same Chariot Way for $440,105.00 also by Anita Dasilva Ibru a month after (April 14, 2009).

The lists also include the property on 4139 on the same Chariot Way , bought with the name Edesiri Onatejerohene Ibru on April 21, 2009 for $451,629.00. Three more houses have been traced to her on Chariot Way . They are 4149 bought in the names of Obaro and Hirut Ibru for $473,657.00 also on April 21, 2009; 4141, bought for $441, 790 in the names of Cecilia Ibru on April 13, 2009; and 4143, also in her names, again on April 13, 2009, for $439,362.00. It may therefore not be an overstatement to say that she owns almost the entire stretch of Chariot Way .

Four others, bought in the names of Janet Ibru are on Upper Malboro . They are House Number 14605 on Hawley Lane, Upper Malboro, Maryland, which was bought for $399,990.00.00 on July 22, 2008 and the property on Number 14630 also on Hawley Lane, which was acquired for $460,703.00 on May 17, 2008. The rest are House number 14721 on Argos Place , also in Upper Malboro, bought on October 28, 2008 for $457,950.00; 14719, again on Argos Place , bought for $451,840.00 on November 26, 2008 and the one 11300 Dappled Grey Way , also on Upper Malboro , acquired by Cecilia Ibru on October 7, 2008 for $987,949.00. Haba! Madam Ibru, you want to owe the world?