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Troubled banks: Ibru, Adigwe, Ebong, three others granted bail

Mrs Cecilia Ibru, former Managing Director and Chief Executive Officers of Oceanic Bank; Mr Sebastian Adigwe of Afribank Plc and Bartholomew Ebong of Union Bank of Nigeria and three others, were today granted bail by a Federal High Court sitting in Lagos, in the sum of N1.8billion.

Mrs Cecilia Ibru, former MD of Oceanic Bank leaving the court room after the court proceeding during the trial of Ex-Bank MDs at the Federal high Court, Ikoyi, Lagos today. Photo by Lamidi Bamidele
Mrs Cecilia Ibru, former MD of Oceanic Bank leaving the court room after the court proceeding during the trial of Ex-Bank MDs at the Federal high Court, Ikoyi, Lagos today. Photo by Lamidi Bamidele

Others are Mr Henry Onyemem and Niyi Opeodu, directors of Union Bank and Mr Peter Ololo, a bank debtor standing trial alongside Sebastian Adigwe.

They are all standing trial before the court on three  separate charges, bordering on fraud, concealment and grant of loans without adequate collateral, running into about N625.95billion.

Trial judge in the matter, the Acting Chief Judge of the Federal High Court, Justice Dan Abutu, who ruled on the bail applications of the accused persons, admitted them to bail each in the sum of N100million and two sureties in like sum.

Details later…


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