Nigerian Banker Cecilia Ibru Jailed and Fined For Fraud

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Updated Trends: Nigerian Banker Cecilia Ibru Jailed and Fined For Fraud

Cecilia Ibru, an ex Chief Executive Officer (CEO) of a Nigerian Bank called Oceanic Bank, has been arrested and sentenced to a six months jail term for fraud.

Nigeria

The officer has been charged for fraud and financial mismanagement. In addition to the charges, she has to pay a fine of $1.2bn in cash and assets.

Reports state that Ibru is one of those executives who are responsible for the downfall of as many as nine banks in 2009. However, Farida Waziri, the Nigerian Anti- Corruption Head said, “This is an indication that we are making progress in the war against graft in the country.”

Reuters reports, “Ibru and the other bank chiefs were pillars of a corporate establishment long considered untouchable. Critics of Nigeria’s anti-corruption fight say too few cases are actually prosecuted and that when they are, penalties are too lenient.”

Ibru comes from an elite family, which deals with many businesses all over the country. The officer is well known for her jewellery and corporate jets.

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