Cecilia Ibru
Cecilia Ibru | |
|---|---|
| Born | Cecilia Sido 22 March 1946 |
| Occupations | Managing director, chief executive officer |
Criminal charges | 25 counts of corporate fraud |
| Spouse | Michael Ibru |
Cecilia Ibru (born 22 March 1946) is a Nigerian banker who served as chief executive officer of Oceanic Bank until she was removed and convicted of corporate fraud in 2010.[1] She is Nigeria's first female bank CEO and was dubbed the "first lady of banking".[2]
Early life and education
Born to Edward and Victoria Sido, Ibru attended Saint Margaret's Grammar School in Ilesa from 1960 to 1965 and studied at University Tutorial College in London from 1967 to 1968.[3] She graduated from the University of London in 1971 with a BS in sociology.[3] Ibru pursued her graduate studies at the university and received a Masters of Philosophy from the SOAS University of London in 1977.[4]
Career
Cecilia Ibru joined the Ibru Organization, led by her husband Michael Ibru, as project director in 1978. After two years in this role, Ibru went on to serve as international finance coordinator, a position she held until 1990.[4]
Ibru began working with Oceanic Bank in 1990 as general manager.[3] After seven years with Oceanic, she was promoted to managing director and CEO.[3] Oceanic began as a small family-owned bank, but grew into one of Nigeria's largest publicly quoted institutions during Ibru's stewardship.[4]
Banking scandal
On 13 August 2009 Ibru was among five bank CEOs who were dismissed. Five replacements were named by the Central Bank of Nigeria. The deputy governor, Sarah Alade, announced that John Aboh would replace Ibru at Oceanic.[5] Others replaced on the same day included the CEO of the Union Bank of Nigeria, Dr. Bath Ebong, who was replaced by Olufunke Iyabo Osibodu.[6]
Ibru appeared in court alongside three other senior banking executives in Nigeria. They all denied charges that they were involved in a multibillion-dollar banking scandal.[7] Anti-corruption police brought criminal charges against executives from five banks rescued in a 400bn naira ($2.6bn; £1.6bn) government bail-out. All the banks were found to have low cash reserves because of bad loans. It was alleged that Ibru extended credit facilities of N16B to a company that had no collateral. On 8 October 2010, Ibru was convicted on 25 counts of corporate fraud, and sentenced to six months of prison.[8] She was ordered to reimburse $1.2B (£786m) in cash and assets to the authorities. The court confiscated over 100 properties from her in Nigeria, Dubai and the United States.[9]
Honors and philanthropy
Ibru and her husband co-founded the Michael and Cecilia Ibru University in 2015 in Agbara-Otor, Delta State. She became a member of the Order of the Federal Republic in 2004, and an officer in 2008.[10][11] She has been a trustee of the United Nations Development Fund for Women and a board member of the United Nations Global Compact.[12] [13]
References
- ↑ Online Nigeria, "Cecilia Ibru" Archived 2012-09-20 at the Wayback Machine, Online Nigeria, Accessed December 9, 2012.
- ↑ olufemiajasa (2026-03-02). "Cecilia Ibru: Trailblazer, philanthropist, beacon of resilience". Vanguard News. Retrieved 2026-08-12.
- 1 2 3 4 Aitec Africa, "Dr. Cecilia Ibru, Oceanic Bank, Nigeria", Aitec Africa, Accessed December 9, 2012. Archived February 11, 2012, at the Wayback Machine
- 1 2 3 McKinsey Quarterly, "Leading a developing-market bank: An interview with the CEO of Nigeria’s Oceanic Bank", McKinsey Quarterly, Accessed December 9, 2012. Archived December 2, 2010, at the Wayback Machine
- ↑ vanguard (2009-08-16). "New Oceanic MD, Aboh assures customers of safety of deposits". Vanguard News. Retrieved 2026-08-12.
- ↑ CBN sacks 5 Banks Directors Archived 2016-02-14 at the Wayback Machine, Gabriel Omoh and Babajide Komolafe, 14 August 2009, VanguardNGR, Retrieved 23 February 2016
- ↑ Banking investigation, OnLineNigeria. Archived September 18, 2009, at the Wayback Machine
- ↑ "Former Nigeria bank CEO Cecilia Ibru jailed for fraud". October 9, 2010. Archived from the original on November 22, 2023. Retrieved April 12, 2024 – via www.bbc.co.uk.
- ↑ BOLAJI AKINOLA (25 July 2012). AUTHORITY STEALING: How Greedy Politicians and Corporate Executives Loot the World's Most Populous Black Nation. AuthorHouse. pp. 92–99. ISBN 978-1-4772-1891-4.
- ↑ www.segundawodu.com https://www.segundawodu.com/award2004.htm. Retrieved 2026-08-12.
{{cite web}}: Missing or empty|title=(help) - ↑ "allAfrica.com: Nigeria: Gani, Service Chiefs, 271 Others Bag National Honours". allafrica.com. Archived from the original on 2012-10-15. Retrieved 2026-08-12.
- ↑ Edet, Hope (2017-02-28). "IBRU, Chief (Mrs.) Dr. Cecilia Emuakpo Ochuko (neeSido)". Biographical Legacy and Research Foundation. Retrieved 2026-08-12.
- ↑ "allAfrica.com: Nigeria: Cecilia Ibru Radiates at 63". allafrica.com. Archived from the original on 2010-10-13. Retrieved 2026-08-12.