Nigerians have reacted variously to Friday’s jailing of top Nigeria banker Cecilia Ibru for abuse of office and mismanagement of depositors’ fund, after she reversed her non-guilty plea and cut a deal with the anti-corruption Economic and Financial Crimes Commission (EFCC) through plea-bargaining.
Mrs. Ibru, the sacked Chief Executive Officer of Oceanic Bank, was sentenced to 18 months in prison by a Federal High Court in Lagos, after she pleaded guilty to a three-count charge that replaced a 25-charge amended charge filed against her by the EFCC in February.
Ibru, who was arrested by the anti- corruption agency 26 August 2009, forfeited all assets and properties estimated at 191 billion Naira (US$1=N150), in addition to the 18-month jail term.
The sentence by Justice Daniel Abutu (six months imprisonment per count) will run concurrently, meaning she will end up serving only six months, minus the months for which she has been detained.
The assets forfeited by Mrs. Ibru will be taken over by the newly established Federal Government owned Assets Management Corporation of Nigeria (AMCON).
The assets include 82 houses across Nigeria, the United Kingdom, Dubai, the United Arab Emirate (UAE), shares in 19 companies not quoted on the Nigerian Stock Exchange (NSE) and in 199 quoted companies.
While some commentators condemned the plea-bargaining process, others said the judgment was good as it will send a positive signal to the international community about the country’s serious at tackling corruption.
‘I think we are misusing the plea-bargaining process. As long as we continue to use it, it will continue to have a negative impact on the society, and the war against corruption in the public and private sectors will not be won,’ Gbenga Gbesan, a communication expert, told PANA.
Even though some analysts endorsed the plea-bargaining process, they expressed reservations about the sentence, describing it as too insignificant, considering the gravity of the offence, while others felt it was in order.
‘As much as that is what the law says, I think the sentence is commensurate with the offence. To me the important thing is that some of her assets and properties have been confiscated. It will serve as deterrence to others in the industry,’ Kehinde Adeaga, a financial journalist, said.
‘The judgment is a way of telling the operators the days of infraction, mismana gement of depositors funds and financial indiscipline is gone. The war on corruption must be sustained in order to earn the confidence of foreign investors,’ Adeaga added.
In her reaction, EFCC’s boss Farida Waziri said: ‘I wish to commend the teams that handled the investigation and prosecution of Mrs Ibru’s case. I wish to charge every stakeholder involved in the country to enforce their commitment so that there can be greater results.’