The perfect mix: Ibru, Sanusi, Farida, Abutu
As a banker, her goodwill in her salad days is un-quantifiable. She was a comely face in every distinguished gathering. Her carriage was a signature of beauty, her opinion on issues were regarded beyond mere matronly precepts; her piety was a gospel reference and her charm, the infectious appeal that even her detractors could not […]
As a banker, her goodwill in her salad days is un-quantifiable. She was a comely face in every distinguished gathering. Her carriage was a signature of beauty, her opinion on issues were regarded beyond mere matronly precepts; her piety was a gospel reference and her charm, the infectious appeal that even her detractors could not deny! Ibru was an icon and she really deserved to be so adored. But there was a fly in the ointment of this suave banker– she learnt all things but failed to learn that a man (and a woman) is as strong as their integrity! She erred on the side of integrity and now the mighty Amazon fell to the sweet suicide of greed!
Ibru’s present state is not a slip, it is a fall. And it took the truly vigilant Central Bank of Nigeria (CBN) and the steely resolve of the Economic and Financial Crimes Commission (EFCC) to save her bank from falling with her. The CBN’s lingo is amusing: huge non-performing loans, poor credit risk management, depleting liquidity and all that. But the sum and substance of all this is simple: Cecilia Ibru did not do well. In 2009 when the EFCC arraigned her, charges ranging from granting credit facilities in the sum of $20million to Waves Project Limited which surpassed her credit approval limit against CBN’s regulations; failing to take reasonable steps to ensure her bank’s monthly bank returns to the CBN and granting a credit facility in the sum of N2billion to Petoson Farms Limited without adequate security as laid down by the bank, were brought against her. Both the CBN and the EFCC made public the newsy fact that most of the companies that lifted the credit facility from Oceanic Bank are companies where Ibru had personal interests. It is therefore, not surprising that Justice Dan Abutu slammed a concurrent prison term of 18 months on Ibru and forfeiture of assets worth N191billion!
Taking a closer look at Ibru’s conviction, one cannot but commend the CBN, EFCC, judiciary and all well-meaning Nigerians who have taken conscientious and dispassionate positions regarding her trial. The CBN has acquitted itself well as the regulator of the banking industry. By sounding the first alarm and ensuring that the rot and graft in the industry are not allowed to continue. Sanusi Lamido has written himself in the hearts of many Nigerians who would have been left clutching at straws should Oceanic Bank and other troubled banks go under. More significant is the seriousness, professionalism and courage which the EFCC has demonstrated in its investigations and prosecution. No matter what anyone may say to the contrary, the EFCC has shown that it is a reliable, socially-relevant, vibrant and extremely resilient anti-graft agency.
I’m sincerely amazed at how the EFCC was able to trace Ibru’s staggering assets spread across Dubai , United Kingdom , United States of America , Nigeria and other countries. But for its in-depth investigations, it would have been difficult to lay a finger on any asset fraudulently acquired by the fallen icon.
In another breath, EFCC’s investigation and prosecution of Ibru have made it possible for a colossal N191billion in assets to be recovered. I read in media reports that this is the largest single recovery ever made from a convict in the history of law enforcement in Nigeria. Whatever the money is used to achieve is good for the nation. The recovery is also an eye-opener to the kind of evils Ibru’s ilk being tried have foisted on their respective banks.
The EFCC should follow up on these crooks. They should be made to forfeit all the assets they criminally acquired and face the music, no matter how long it takes. In fact, it needs not take any long time again. All other former bankers on trial should take a cue from Ibru and save everybody’s time.
The judiciary has shown that it is a strong ally in the war against corruption. The speed with which Justice Abutu worked, the no-fine option contained in the judgment and the clarity of the ruling are worthy of commendation .Other judges handling EFCC’s cases should borrow a leaf from Justice Abutu. Endless legal gymnastics on cases that are clear to everyone are unnecessary dissipation of energy. Counsel that are wont to employ delay tactics on the more than 60 high-profile cases the EFCC has instituted against all these corrupt elements should be discouraged from such antics. Nigerians are eagerly awaiting other convictions on the heels of Ibru’s imprisonment.
Anti-corruption war in Nigeria has never been a child’s play. The EFCC that many of us have been criticizing to no end still remains the most vibrant and robust anti-graft agency around. I just imagine how much ground the agency would have covered if we can just lend a hand in our little ways to make the war more fierce. For a personality of the mould of Mrs. Ibru to be imprisoned, only the EFCC can say what influences it has succeeded in spurning. And this is quite instructive. Other influential Nigerians towing the path of dishonesty should be more circumspect.
What Ibru’s ordeal has shown is that no longer will the wheel of justice move in the direction of shadiness. Political office holders should also take a cue from this. Serving bank managers need to steer clear of what did Ibru in. Together we can make Nigeria a nation we will all be proud to call our own.
Olayinka wrote from Abeokuta, Ogun state