Wednesday, 4 January 2012

Nigeria: Ibru struck from register

The Chartered Institute of Bankers of Nigeria (CIBN) has struck out the name of a former managing director/chief executive officer of Oceanic Bank and honorary fellow of the Institute, Cecilia Ibru , from its register of members.

A statement from the body yesterday said the decision was in furtherance, maintenance, and observance of ethical standards and professionalism among practitioners of the banking profession in Nigeria. The CIBN explained that the action was taken in line with the decision of its disciplinary tribunal on 12th December, which was confirmed by the governing council of the Institute, at its meeting of 13th December.

The tribunal, made up of eminent members of the banking profession with a retired justice of the Supreme Court as an assessor, in a unanimous decision granted the CIBN's request, indicating that Ibru 'should cease to hold herself out as a member of the banking profession (as provided by s. 16 of CIBN Act). With this development the name of Dr. (Mrs.) Cecilia Ibru has been struck out of the Register of Members of the Institute and hence, Banking Profession. She has also ceased to be a member of the banking profession.'

On 14th August 2009, the Central Bank of Nigeria (CBN) sacked Ibru alongside four other bank CEOs, after an examination revealing that the institutions they controlled had high level of non-performing loans, poor corporate governance practices, lax credit administration processes and an absence of or non-adherence to credit risk management practices, among other problems.

For more news and expert analysis about Nigeria, please see Nigeria Focus and Nigeria Politics & Security.

© 2012 Menas Associates

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