By Cecilia Ibru
Yesterday, I narrated how Babangida offered my family a banking license and how Oceanic Bank was established. Today, I share how the then Governor of the Central Bank of Nigeria (CBN) destroyed Oceanic Bank and led a campaign that landed me in prison.
The Beginning of the Banking Crisis
The appointment of a new Governor of the Central Bank of Nigeria (CBN) under President Umaru Musa Yar’Adua marked the beginning of turbulent times for many of us in the banking industry. His radical reforms aggressively targeted top bankers, accusing them of financial mismanagement and misappropriation. Several of us suddenly found ourselves hunted under the guise of “cleansing the financial sector.”
Many of us hoped that a new administration would reverse some of these draconian measures, but we soon realized that any official appointed by a previous government would remain in office unless they were found wanting. The stage was set for what would become a brutal takedown of Oceanic Bank and my personal downfall.
My Husband’s Illness and a Distress Call
At the height of these unfolding events, I was in the United States, tending to my husband, who was battling Parkinson’s disease and its complications. Our lives had already been thrown into chaos due to his health when I received a frantic call from Dr. Erastus Akingbola, the Founder and Managing Director of Intercontinental Bank PLC. His voice was urgent.
“The CBN is coming for our banks. You need to return immediately.”
I was stunned. “On what grounds?” I asked.
Akingbola explained that the CBN Governor and his allies were determined to take over our institutions—by any means necessary.
I was torn between my duty as a wife and my duty as a banker. My husband needed me, but my entire life’s work was under siege. In the end, I had no choice. I called my eldest daughter, asking her to fly in immediately to take care of her father while I returned to Nigeria to fight for my bank.
A Chilling Conversation with the Attorney General
Upon my return, I made several attempts to see President Yar’Adua, but he was already in Germany for medical treatment. I turned to Vice President Goodluck Jonathan, who directed me to Mohammed Adoke, the Attorney General of Nigeria at the time.
I believed Adoke would be sympathetic. He had previously worked as Oceanic Bank’s lawyer in Kano and the North and had even convinced us to employ his wife, placing her in the legal department at our headquarters.
However, when I finally met Adoke, his response was something I could never have imagined.
In our last conversation, he gave me a long, unexpected lecture. Then, he looked me in the eyes and asked:
“Who killed Jesus?”
I remained silent.
Then, he answered his own question:
“The Government.”
With that, his message was clear—the government had the power to destroy me if it wished.
He then advised me never to take my case before President Goodluck Jonathan again.
I left his office shaken. My cousin, who had accompanied me, was so disturbed that she went straight to bed upon our return home and shivered for the rest of the day. The next morning, we flew back to Lagos.
Desperate Attempts to Reach the Presidency
Upon arriving in Nigeria, I tried to reach Akingbola again, but he was unreachable. Suddenly, I realized—I was on my own.
Still determined to stop the looming disaster, I reached out to First Lady Hajia Turai Yar’Adua, hoping she could help me secure an audience with the President.
She refused to take my calls.
With no other choice, I went directly to Aso Rock, where I had always been warmly received in the past. But this time, the atmosphere had changed.
The staff ignored me.
When I insisted, they coldly told me, “Your name is not on the President’s visitor list.”
I pleaded with them to at least inform the First Lady of my presence, but they refused.
I then tried to meet with Vice President Goodluck Jonathan, but I was told he had traveled. Frustrated and out of options, I decided to go directly to CBN headquarters to confront the CBN Governor himself.
I was blocked at every turn.
His staff refused to relay my messages. Even the deputy governor, whom I knew personally, declined to meet with me.
The Role of the First Bank Chairman
In my desperation, I contacted a woman who had close ties to the CBN Governor. I begged her to speak to him on my behalf.
She was blunt:
“The Governor believes you and Akingbola wanted the governorship of the CBN. I told him he is the Governor now, not you. So, leave her alone.”
Her advice was to approach Alhaji Umaru Abdul Mutallab, Chairman of First Bank, who had played a role in the Governor’s initial appointment as Managing Director of First Bank.
I met with Mutallab, who looked deeply troubled, almost as if he carried a heavier burden than mine. After listening to me, he simply said:
“Pray to God to take absolute control of your situation.”
The Banking Tsunami Begins
At the time, as Managing Director, I had presented Oceanic Bank’s 2008 audited report to the CBN Governor for approval. He signed it, and it was to be presented at our Annual General Meeting (AGM) in Tinapa, Calabar.
A major highlight of the AGM was to announce the Custodial Arrangement—an initiative involving 25 Nigerian banks that had successfully met the N25 billion capitalization requirement. Each bank was allocated $1 billion to deposit with their foreign banks.
Oceanic Bank partnered with Commerzbank of Germany to secure a $6 billion import facility, using the $1 billion deposit as collateral. This facility was meant to fund petroleum product imports across Nigeria.
Everything was set.
Then, on Monday, August 5th, the bombshell dropped.
The Governor’s Press Conference: The Final Blow
That week, all Managing Directors and Chairmen of Nigerian banks were summoned for a critical meeting with the CBN Governor at the old CBN office in Lagos.
We arrived on time. We had no idea what was coming.
We waited for over an hour when rumors began to circulate that the Governor was holding a world press conference about Nigerian banks.
Then, we saw the live broadcast.
The Governor declared Nigerian banks “toxic.”
In an instant, all foreign banks, trading lines, and Letters of Credit associated with Nigerian banks were cut off. International partners immediately severed ties, halting all transactions. The entire Nigerian financial sector was plunged into crisis.
This was not banking reform—it was a deliberate takedown.
Under normal circumstances, if a bank was in distress, the CBN would engage the Managing Director to discuss solutions, granting a six-month window to fix the issues. Instead, the Governor bypassed these procedures and publicly humiliated the industry.
The whispers grew louder. The Governor had an agenda.
But by the time we understood it, it was too late.
A Military-Style Coup Against the Banks
After the press conference, the CBN Board was assembled at the CBN Lagos Conference Hall.
The Governor divided the banks into groups—some were told to return to their offices, others were to undergo re-examination, while the rest were summoned for a closed-door meeting with the CBN Board.
What followed next would change the Nigerian banking industry forever.
