The Chartered Institute of Bankers of Nigeria has removed the name of a former Managing Director and Chief Executive Officer of Oceanic Bank International Plc, Mrs. Cecilia Ibru, from its register of members.

A statement made available to our correspondent by the institute on Monday announced the removal of Ibru, who was also an Honorary Fellow of the body.

It stated that the action was towards the furtherance, maintenance and observance of ethical standards and professionalism among practitioners of the banking profession in Nigeria.

The statement, which was signed by the Head, Corporate Affairs Department, CIBN, Mr. Ben Igbokwe, said, “The action was taken in line with the decision of the institute’s Disciplinary Tribunal on Monday, December 12, 2011, which was confirmed by the Governing Council of the institute, at its meeting of Tuesday, December 13, 2011.”

The Disciplinary Tribunal, according to the statement, is made up of eminent members of the banking profession with a retired justice of the Supreme Court as an assessor.

The statement said, “In a unanimous decision granted, the CIBN requests that- the name of Ibru be struck-out of the list of members of the CIBN (as provided by S 14(2) of CIBN Act); Ibru should cease from being a member of the banking profession (as provided by S. 22(1) of CIBN Act); and Ibru should cease to hold herself out as a member of the banking profession (as provided by S. 16 of CIBN Act).

“With this development, the name of Ibru has been struck-out of the register of members of the institute and hence, banking profession. She has also ceased to be a member of the banking profession and should not hold herself out as a member of the banking profession.”

A Federal High Court, held last year sentenced the former managing director to 18 months imprisonment.

The sentence came after Ibru pleaded guilty to counts 14, 17 and 23 of the 25 amended charges brought against her by the Economic and Financial Crimes Commission. Although she got six months on each of the charges, totalling 18 months, the sentence ran concurrently.

Ibru was eased out by the Central Bank of Nigeria along with five other bank chief executives, in line with the recommendations of a special audit team of the apex bank and the Nigeria Deposit Insurance Corporation that reviewed the financial status of Nigerian banks in 2009.

She was accused of using some companies to acquire over 64 million shares in Union Bank of Nigeria Plc valued at N64. 218m and 93 million shares in the United Bank for Africa Plc for N93.75m. Ibru was also accused of granting bad loans running into N100bn.

Source: Punch/Ademola Alawiye