Daud Olatunji
Sixteen years after the dramatic fall of Oceanic Bank, its former Managing Director and CEO, Dr. Cecilia Ibru, has finally spoken out, shedding light on the controversial events that led to the bank’s downfall.
Ibru, Nigeria’s first female bank MD, recounted her journey at the helm of one of the country’s biggest financial institutions in two newly launched books—Cecilia: The Autobiography of Cecilia Ibru and Oceanic Odyssey.
She unveiled the books on Saturday at the MUSON Centre, Lagos, marking her 79th birthday with revelations about Oceanic Bank’s rise and its eventual collapse during the 2009 banking crisis.
In her memoir, Ibru disclosed that Oceanic Bank was established following a direct offer from former military president, General Ibrahim Babangida.
She narrated how, during a visit to then-Vice President Admiral Augustus Aikhomu’s residence in 1987, Babangida surprised her husband, the late Olorogun Michael Ibru, with a pivotal question:
“Chief, which is your bank?”
Taken aback, her husband replied, “None, Sir.”
Babangida then made a striking proposition
“Your many businesses are enough to run a bank. I have three banking licenses left, and I will reserve one for you. Hurry up with your application and come for your licence urgently.”
That conversation, Ibru said, set in motion the establishment of Oceanic Bank, which grew into a major player in Nigeria’s financial sector.
Ibru’s revelations take a dramatic turn as she recounts the events that led to Oceanic Bank’s collapse in 2009.
She explained that she had personally met with the Central Bank of Nigeria (CBN) Governor to present the bank’s audited 2008 accounts, which were approved and ready for presentation at the Annual General Meeting in Calabar.
At the time, the Yar’Adua administration had introduced a ₦25 billion capital threshold for banks.
To meet this, Oceanic Bank had partnered with Germany’s Commerzbank to secure a $6 billion import facility, using $1 billion in government deposits as collateral to finance petroleum imports.
However, on August 5, 2009, the situation took a drastic turn.
Ibru recalled how all bank MDs and chairmen were summoned to the CBN’s Lagos office for a crucial meeting. Instead of discussions, they were left waiting for hours, only to be blindsided by a shocking press conference where the CBN Governor declared that Nigerian banks were “toxic.”
According to Ibru, the announcement sent shockwaves through the financial sector. Foreign financial institutions immediately cut ties with Nigerian banks, plunging the industry into panic.
“What should have been a routine regulatory process turned into a calculated takedown,” she wrote, alleging that the CBN bypassed standard banking procedures in handling the crisis.
Traditionally, struggling banks were called in for discussions and given time to address their financial issues.
However, in Oceanic Bank’s case, Ibru claimed the CBN skipped due process and opted for what she described as “public humiliation of the banking industry.”
“The whole approach was like a military coup,” she stated.
The aftermath was swift and brutal. While some banks were given a chance to rectify their situation, Oceanic Bank was placed under immediate regulatory intervention, leading to Ibru’s eventual exit and the bank’s absorption by Ecobank.
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