Cecilia Ibru

EX-Chief Executive Officer, Oceanic Bank

Date of Birth: 22/03/1946
Place of Birth: Otota, Delta State

Career: Project director, Ibru Organisation, 1978-88; International finance coordinator, 1988-90; General Manager, Oceanic Bank International, 1990-97; Managing Director and CEO, Oceanic Bank International, 1997-09

Commentary: The fall of the First Lady of Nigerian banking, Cecilia Ibru, has been as spectacular as her ascent. At her arraignment in court on 31 August, she collapsed after a weekend in custody. Cecilia is the second of five wives of Olorogun Michael Ibru, patriarch of one of the wealthiest families and founder in 1990 of Oceanic Bank.

Cecilia's supporters say she saved the bank she is now accused of undermining. When in 2004 the Central Bank of Nigeria (CBN) required all banks to have a capital base of N25 billion (US$200 million), she took Oceanic Bank from fledgling family bank to the top. Oceanic was ninth biggest in terms of market capitalisation on the Nigerian Stock Exchange. In 2000, it had 12 branches, by 2007, 320. Corners were cut. It had bad loans of about N1 bn., many extended to friends and relatives. Though close to its former Governor Charles C. Soludo, Cecilia has few friends at the CBN today. She led an unsuccessful campaign to stop Lamido Sanusi replacing Soludo. Babatunde Lemo, whom she fired from Oceanic, is now CBN Deputy Governor.

The first of nine children, Cecilia Ibru was born on 22 March 1946 to Chief Edward Sido, a barrister, and Chief Victoria Sido in Otota, Delta State. She has a BSc in Sociology from London University and an MPhil. from North East London University. Returning home in 1978, she joined the Ibru Organisation as a project director in manufacturing. In 1993, she became Oceanic's Executive Director, Finance and Administration, and in 1997, its Chief Executive Officer.