A controversy is currently brewing over the manner of disposal of choice properties recovered from former Managing Director of Oceanic Bank, Mrs Cecilia Ibru in Dubai, United Arab Emirates by the Economic and Financial Crimes Commission (EFCC).
According to reports, the assets which include 16 mansions, 41 shops and four park towers, were sold off for about $7 million but less than 50 percent of the amount was remitted to the Federal Government of Nigeria through the Asset Management Company of Nigeria.
Specifically, an EFCC crack team sent to Dubai to trace looted funds was said to have discovered that $4,522,413.20 of the funds remain unaccounted for since the June 2011 sale of the properties while only $3,278,238.69 have been remitted.
A fact sheet of the case compiled by the EFCC and published by The Nation read: “About 61 assets were traced to Mrs. Ibru in Dubai ( UAE). And from the information from AMCON, 41 of the assets were shops, 16 were other types of houses/mansions and four park towers. Some of the towers (A2005, A2008,A 2203) have been linked with two persons.
“While one of the park towers was paid for, three others had not been fully paid for but they have been de registered. Due to non-payment of full purchase price, a Dubai firm, DAMAC, has refused to refund the deposits.
“A registered Nigerian company with one banker as alter ego, was engaged by AMCON in June 2011 to provide legal services for the sale of the assets.
“A UK-based lawyer was given the power of attorney which was notarised in Dubai.
“Findings indicated that the attorney engaged allegedly received over $7million but about $4,522,413.20 remained unaccounted for.
“The EFCC detectives discovered that AMCON only received $3,278,238.69 from the proceeds of the sale of the assets.
“Investigation showed that some of the proceeds of the sales were wired from Dubai into the accounts of some individuals and companies.
“The EFCC team has interacted with four officials of AMCON including a former staff, the ex-Head of the transactions, who is now with a bank.
“More officials of some banks have been invited to come and give us information on third party accounts where the proceeds were deposited.”
A Federal High Court sentenced Ibru to prison for 18 months on October 9, 2010, and she was also ordered to forfeit assets worth N191 billion to the Federal Government through AMCON.