Ex Oceanic Bank MD ‘still in custody’ of forfeited Properties,Says Dino Melaye



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Executive Secretary of The Anti-Corruption Network, Mr  Dino Melaye has  pilloried the FG and its anti corruption agencies over the handling of the more than  $1.2billion properties allegedly forfeited to the Federal Government by the former Managing Director and Chief Executive Officer (MD/CEO) of Oceanic Bank Plc, Mrs Cecilia Ibru.

Dino Melaye,who spoke with  journalists in Abuja said his  anti corruption network  has found out that  Ibru was still “directly or indirectly” in-charge of the  purportedly forfeited properties.

In particular,Melaye alleged that the former Oceanic Bank boss has since transferred some of the assets to her cronies through Powers of Attorney.

“The Economic and Financial Crimes Commission (EFCC) claimed that they have recovered all the properties, so fraudulently acquired  with shareholders funds and the aircraft and monies.

“If actually these properties, monies and aircraft were recovered they are supposed to be deposited with the Nigerian Deposit Insurance Corporation (NDIC) and the Asset Management Corporation of Nigeria (AMCON) for onward transfer  to the shareholders of the Oceanic Bank.

“Our investigation and physical visits to some of the properties in the United States of America and United Kingdom reveal that some of the properties claimed to have been forfeited are still in her custody directly or indirectly.”

The assets involved include 11 houses in the United States of America , 50 houses in Nigeria, 19 houses in Dubai, real estates in South Africa, two aircraft worth $100million with Aero Contractors and shares in 53 companies among others.


In an answer to a question, Melaye said: “We have discovered that very, very reasonable percentage of the properties forfeited by Cecilia Ibru are still in her custody.

“I do not want to go further but I want to assure the media  that we have substantial evidence from competent courts of United States of America and the United Kingdom to buttress our arguments.

“I want to assure you that we are aware that through Power of Attorney there have been transfer of assets from Cecilia  Ibru to her cronies and these are properties that supposedly have been seized by the EFCC, the Office of the Attorney General of the Federation, and the Special Fraud Unit of the Nigeria Police.

“So if actually she is still I possession of those properties then why was all the drama about?”

Melaye alleged that the unfolding  event with  regards to the Ibru assets is an indication that the much touted fight against corruption by the President Goodluck Jonathan administration is a “mere lip service  and fallacy.”

Melaye noted ,”You will all recall how many ministers we have published their evidentially supported corrupt practices and they are still sitting comfortably in the Federal Executive Council meetings under the wasteful eyes of Mr. President.”

The  ex lawmaker turned NGO boss said this is the time to ask that “the Special Fraud Unit of the Nigeria Police and the Economic and Financial Crimes Commission (EFCC) should give account of all properties, cash, shares and business recovered from Mrs Cecilia Ibru including the aircraft.

“An independent body should be constituted to verify these properties and their present status. This will require physical investigation and visit to the countries mentioned above.

“The recovered properties should be published, advertised and sold and the proceeds and funds deposited with NDIC and AMCON. These should include the shares and aircraft.

“We call on the Federal Government to thoroughly investigate this case urgently and make public their findings and failure to do so will make nonsense of the government’s avowed commitment to fight against corruption and guarantee a better future for Nigerians.


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