Cecelia Ibru, former managing director of Oceanic Bank, is in the news again. This time over the N150 billion assets and cash she forfeited following her conviction for fraud by a court of law. The Senate Committee on Drugs, Narcotics, Financial Crimes and Anti-corruption has summoned the Central Bank of Nigeria, CBN, Asset Management Corporation of Nigeria, AMCON, along with other relevant stakeholders to appear before it over a petition alleging irregularities in the execution of the failed banks’ consolidation.

This is a fallout of a petition addressed to the Senate committee by stakeholders, alleging that the funds and properties recovered by the Economic and Financial Crimes Commission, EFCC, were not remitted to the banks.

Besides, these properties and shares were said not to have been advertised for sales neither were the proceeds remitted to the banks nor released to AMCON, letter of summons addressed to CBN and AMCON was signed by Senator Victor Lar, the committee chairman, who said, “the committee would be particularly interested in the whereabouts of the assets of Ibru which were forfeited under the plea bargain arrangement.”