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 Appeal Court Orders CBN To Account For Cecilia Ibru’s Assets

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PostSubject: Appeal Court Orders CBN To Account For Cecilia Ibru’s Assets   2017-05-17, 08:14

The Court of Appeal, Lagos division, on Monday affirmed the 2012 verdict of a Federal High Court, Lagos, ordering the Central Bank of Nigeria (CBN) to disclose the total value of cash and assets recovered from the former Managing Director of the defunct Oceanic Bank of Nigeria, Mrs. Cecilia Ibru.

The High Court had ordered the apex bank to disclose the whereabouts of the money and property.


It also directed the CBN to disclose what part of the cash has been returned to Oceanic Bank and its shareholders.

The ruling followed a suit filed by a Lagos-based lawyer, Mr. Chuks Nwachkwu, on behalf of Mr. Boniface Okezie, a shareholder of Oceanic Bank.

The lawyer, in an affidavit filed before the court, averred that Mr. Okezie had asked the apex bank to make the information available to him, in a letter titled: Request for the Information Under the Freedom of Information Act 2011, addressed to the Governor of CBN.

He said the CBN refused despite acknowledging the receipt of his letter.

Affirming the lower court judgment, the Appeal Court, in a lead judgment delivered by Justice Biobele Abraham George, said: “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 Versus 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.


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