23 February 2013

Nigeria: Amcon Takes Over Cecilia Ibru's Property

As controversy trails the seizure and sale of the property of convicted former governors, civil servants and bankers by the Economic and Financial Crimes Commission (EFCC), the Asset management Company of Nigeria (AMCON) has taken over the confiscated assets of the convicted managing director of distressed Oceanic Bank Plc, Mrs. Cecilia Ibru.

An investigation by LEADERSHIP Weekend on the physical state, sale and ownership of the confiscated property in some parts of the houses and business places, showed that apart from the property of Mrs. Ibru, the former owners of others seized by the anti-graft agency have surreptiously bought back the property using their surrogates.

Some of the houses are also being occupied by serving officials of the states, whose former governors fraudulently acquired them with public funds.

The affected property were seized from former Edo State governor, Chief Lucky Igbinedion, one-time Bayelsa State governor, Chief Diepreye Alamiayeseigha and Dr. Sani Teidi Shuaibu, a former federal director of pension administration.

LEADERSHIP Weekend investigations revealed that property seized from former Edo State givernor Chief Lucky Igbinedion, one-time Bayelsa State governor Chief Diepreye Alamieyeseigha, former managing director of Oceanic Bank plc Mrs. Cecilia Ibru, and Dr. Sani Teidi Shuaibu, a former federal director of pension administration, were being occupied by some lawmakers and other state officials.

At the premises of one of the houses confiscated from Mrs. Ibru on Sani Abacha Way, Government Reserved Area (GRA), Port Harcourt, the Assets Management Corporation of Nigeria (AMCON), which took over the now wrested bank, placed a signpost with the inscription, "Trespassers will be prosecuted."

The property, which contains three residential towers, is located on F22 Sani Abacha Road in GRA, Phase Two, Port Harcourt.

The AMCON sign reads, "This property belongs to AMCON with reference to FHC/L/297/C/2009. Trespassers will be prosecuted."

A peep into the expansive compound revealed that, apart from two night guards, the buildings were not occupied by people; grasses and reptiles had taken over the greater part of the compound.

It was also observed that while two of the residential towers were already completed and ready to be rented out, one was still under construction as at the time the EFCC arrested her and confiscated the property.

For Igbinedion's property in Benin City, LEADERSHIP Weekend noticed that it was business as usual at the multi-million naira Chicken Republic located on Sapele Road, which was seized from the former governor. Customers trooped in their numbers with their families to have their delicacies at the eatery. Private guards were on hand controlling traffic.

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