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AMCON opposes Ibru’s move to regain forfeited assets

04 June 2014, 13:08

Abuja - The Asset Management Corporation of Nigeria (AMCON) has asked a Federal High Court in Abuja to dismiss a suit by Cecilia Ibru, a former Managing Director of the defunct Oceanic Bank Plc, seeking to regain the assets she forfeited to the federal government upon her conviction in 2010.

The suit was filed by Ibru,on behalf herself, Ibru group and three others asked the court to stop AMCON, the Attorney-General of the Federation from further taking any steps towards implementing the terms of the plea bargain and settlement agreement leading to her conviction, reports The Nation.

A Federal High Court sitting in Lagos had on October 9, 2010 convicted and sentenced Ibru to 18 months imprisonment after she pleaded guilty to three counts of negligence, reckless grant of credit facilities and mismanagement of depositors’ funds.

She forfeited assets worth N191 billion comprising 94 properties across the world including the United States of America, Dubai and Nigeria to AMCON.

Read more at The Nation.

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