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A’Court orders CBN to account for assets recovered from Cecilia Ibru

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Ramon Oladimeji

The Court of Appeal has affirmed the decision of the Federal High Court in Lagos ordering the Central Bank of Nigeria to disclose the total cash and value of properties recovered from a former Managing Director of the defunct Oceanic Bank, Cecilia Ibru, who was convicted of corruption.

The judgment, which was delivered by Justice Mohammed Idris on October 2, 2012, was affirmed by the appellate court in a lead judgment by Justice Biobele George.

Justice George held, “In the result, part of the judgment of the Federal High Court, Lagos Division, Coram: M.B. Idris Justice, in suit  number FHC/L/CS/494/2012, Mr. Boniface Okezie vs the Central Bank of Nigeria delivered on 2/10/2012 wherein reliefs 1(e),(f) and (g) sought by Mr. Okezie were granted is hereby affirmed.”

The reliefs marked, 1(e),(f) and (g), sought by Okezie, a shareholder in the defunct bank, were that, “The total cash and value of properties recovered from Cecilia Ibru; the whereabouts of the money and properties recovered; and what part of this cash and properties has been returned to Oceanic Bank and/or its shareholders,” should be disclosed by the CBN.

Justice Idris had granted the reliefs but the CBN, which was displeased had gone on appeal, which the Court of Appeal dismissed.

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