The Chartered Institute of Bankers of Nigeria (CIBN) has struck out the name of former chief executive officer (CEO) of Oceanic Bank International Plc, and an Honorary Fellow of the Institute, Mrs. Cecilia Ibru, from its register of members.
According to the CIBN, the development is in furtherance, maintenance and observance of ethical standards and professionalism among practitioners of the banking profession in Nigeria.
The institute had earlier removed its former president and former CEO of Intercontinental Bank Mr. Erastus Akingbola, from the board. This follows the outcome of the special examination carried out by the Central Bank of Nigeria (CBN) in the country.
The first vice-president of CIBN, Mr. Laoye Jaiyeola, was then appointed as the acting president.
According to a statement from the CIBN, the decision to bar Ibru was taken in line with the CIBN’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, comprising eminent members of the banking profession with a retired Justice of the Supreme Court as an Assessor, in a unanimous decision, granted the CIBN’s request that: the name of Cecilia Ibru be struck out of the list of members of the Chartered Institute of Bankers of Nigeria (as provided by S 14(2) of CIBN Act), and that Cecilia Ibru should cease from being a member of the banking profession (as provided by S. 22(1) of CIBN Act).
Also, Cecilia 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 had been struck out of the registered of members of the institute and hence, banking profession. She had also ceased to be a member of the banking profession and should not hold herself out as a member of the banking profession.
A competent source within the institute informed LEADERSHIP last night that Ibru was invited severally to face the disciplinary committee but was unable to honour the invitation as a result of ill-health.
She was however represented by her lawyers before the decision was taken. According to the source, the committee took the decision based on the judgment of a competent course.
Ibru had been convicted and sentenced to six months imprisonment just as she was made to forfeit over N150 billion in assets and cash.
The former CEO was convicted of bank and securities fraud by a former chief judge of the Federal High Court by Justice Dan Abutu in Lagos.
?