How James Ibori bankrupted InterContinental and Oceanic banks
Written by Sahara Reporters, New York
Monday, 17 August 2009 13:23 …Sahara Reporters
New revelations have come to light indicating that James Ibori, the notorious former
governor of Delta State who has been indicted for corruption, is behind the near-collapse
of two banks -- Oceanic and InterContinetal banks - whose managements were dissolved
last week by the Central bank of Nigeria (CBN). Ibori is Nigeria's most powerful political
operative, who has now emerged also as its biggest economic menace.
According to sources at the Central Bank of Nigeria, he is owing InterContinental bank
N40 billion. The debt, which Ibori secured through his buy-over of Willbros Nigeria
Limited, led the bank to fail substantially, leading to the CBN removal of its CEO, Erasus
Akingbola.
The Ibori saga in the banking sector is threatening Lamido Sanusi's bank reforms,
according to reliable sources. Ibori, Saharareporters learnt, has reached out to his friend
and partner -in-crime, federal Attorney-General, Michael Aondoakaa, to get a court
injunction indefinitely restraining the CBN from further auditing the banks. The source
also disclosed that Mrs. Cecilia Ibru is also working on a similar lawsuit in a desperate
effort to regain her management of Oceanic bank.
Ibori borrowed $200 million dollars from InterContinental bank to finance the take-over
of oil services company Wilbross Nigeria Limited from Willbros Group Inc. That
followed its closure of its Nigerian operations in 2007, after the US justice department
fined it heavily over a $6 million bribery scandal which implicated Willbros officials as
well as a sleuth of Nigerian politicians. Ibori bought over the 46-year old company using
Ascot offshore Nigeria Limited, a front company run by his pal, Henry Imashekka and
former classmate, Joe Obue (at whose wedding in Washington DC, Ibori met his only
son's mother, Uju Ononiba). As collateral, Ibori placed Delta State Celtel shares with the
bank, but InterContinental was badly exposed when the Delta State government
reportedly cashed out on substantial part of the shares from the bank when they became
cash-strapped. InterContinental went to court and obtained a receivership of Willbros, but
Ibori prevailed on former CBN governor, Charles Soludo ,to provide InterContinental
bank with soft loans to cover up the exposure.
Ibori, Uju and
Joe Obue
Our sources
said, Ibori had
promised Mr.
Akingbola
that he will
prevail on
Yar'adua to
stop Sanusi
from sacking
InterContineta
l bank
management
last week, but
Sanusi acted
faster than
he'd expected.
Ibori also took close to $200 million loans from Oceanic bank PLC to finance the take
over of Nigeria's premier fertilizer company-National Fertilizer Company of Nigeria
(NAFCON), using O-secul Nig. Ltd., a company owned by Mike Orugbo with an
unsecured loan which is now run as NOTORE chemicals by Ibori's frontman, Najite
Okoloko. Ibori recently bought a jet using Notore Chemical as a front. That loan is also a
non-performing loan that constitutes a huge hole in Oceanic bank's bad assets, but our
source said Yar'Adua has already given Ibori's Notore huge fertilizers contracts to take
care of his non-performing loans at Oceanic.
Ibori cut short a family vacation and abruptly returned from South Africa last week to
confront the CBN governor. "Ibori is fully working with Aondoakkaa and Cecilia Ibru to
stop Sanusi at all cost in the next few days," a source told Saharareporters in Abuja.
Comments (36)
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written by akyn, August 17, 2009
Ibori again> This mf should be eliminated. MEND you have a target. Leave the Oil
Companies alone for now. Focus on the elimination of Ibori and his co-cospirator
Attorney-General, Michael Aondoakaa
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written by okechukwu micheal, August 17, 2009
wonders shall never end.i keep wondering what it takes to develope a country and why
people in high places will not let our dear country nigeria to move forward.
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written by FELIX OWUMI FROM LONDON, August 17, 2009
SHAME SHAME SHAME! WELL DONE SAHARA REPOTERS, YOU VE TRUELY
PROVEN THAT DEMOCRACY AND THE RULE OF LAW CAN STILL SURVIVE
AGAINST ALL ODDS IN A FAILD STATE NIGERIA. KEEP ON WITH THE GOOD
WORK.
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written by Okerhe O., August 17, 2009
Same vicious cycle....
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written by nebuchadnezzar, August 17, 2009
Ibori na sharp man...forget all this lies by sahara..
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written by blackkoriko, August 17, 2009
LIKE I SAY ALWAYS WHAT GOES AROUND COMES AROUND, U CANNOT
RUN AWAY FROM GODS JUDGEMENT...............
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written by remoranger, August 17, 2009
The situation looks extremely hopless
http://www.websitenigeria.com
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written by a5, August 17, 2009
if it is not Dangote,it is Otedola or Ibori. Why cant someone just kill the trio for a start.
Then kill babangida and family, abacha family, abdul salam and family, Obasanjo and his
useless daughter,then they should not touch Yaradua because he is as good as death. but
they need to use Turai mouth for KILISHI and SUYA
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written by sols, August 17, 2009
if Ibori na sharp man, all these exposure no go dey..Abi?...he's a thief and a disgrace!!!
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written by Rommel, August 17, 2009
Sleep with Dogs & you wake up with fleas. That's a lesson Nigerian rogue bankers
should have long learnt. I always knew these criminals cannot reason beyond the cheap
antics of 419ers. They spend millions on adds on CNN interrupting programmes, when
we all know that they have no concrete portfolios to showcase. Ibori can run but cannot
hide, the day of reckoning is surely around the corner. Yar'Adu & the silly Attorney
General are on borrowed time & so is Ibori. This is just a preview of coming attractions;
God has earmarked this year for destroying the saboteurs in Nigeria. So stay tune my
fellow Country people(lol)
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written by Odide Alem, August 17, 2009
Ibori the dare devil in nigeria just like Mangal. Please, let revolutionise this country for
goodness sake. What is MEND waiting for? We can't invite the military to take over
because they are the worst ever. This country is dead, let somebody help! They destroyed
the foundation layed by our nationalists; the likes of Awo, Zik, Saduana of sokoto name
them. God help us.
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written by Dunge, August 17, 2009
Only in 9ja things like this can happen. in western world, people like ibori and partners
in crime should have gone to kirikiri to book for a room and tender an apology to 9jas
and niger delta people. the man has once boasted that his present wealth can server 3
generations of his. for the attorney general, dat one is a known thief. their days are
numbered as the revolution day is counting down on them sooner.
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written by CFA, August 17, 2009
Commit a crime and you must pay for it.... Ask Adolf Hitler or come home Ask
Abacha.... Ibori and AGF be warned, judgement is coming....
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written by AARON DOBOR, August 17, 2009
HHHHHHHHHHMMMMMMMMMMMMMMMM
NIGERIA WILL HAIL THEE
OUR OWN DEAR NATIVE LAND
THOUGH TRIBE AND TONGUE
MAY DIFFER, ON CORRUPTION
OUR LEADERS STAND.
OH GOD OUR FATHER, DELIVER
NIGERIA AND NIGERIANS FROM
THESE ?????????????????????ANIMALS?
NIGERIA DESERVE A BETTER DEAL
AARON DOBOR............SPAIN
thinkingnigeria@yahoo.com
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written by concernednig, August 17, 2009
I think MEND should use this Amnesty break to embark on the killing of all this thiefing
leaders,such action will make Nigerians love them more.They should start such action
with leaders with our thiefing leaders in Niger delta.Very shameful crooks
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written by Tala, August 17, 2009
Ha ha ha ha..Na wah OO!! this Country sef..lets see if Ibori is bigger than the banking
industry..The 'Vanguard should just pay off his bad loans O jare and buy himself more
time in the corridors of Nigerian power! lol
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written by toks sotomi, August 17, 2009
why is everyone complaining im happy for all these guys enjoying the money.
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written by john jones, August 17, 2009
the billions given by sanusi to shore up the banks is nigeria's money ,the reason for
having to do this is the likes of ibori. now my question - what is yar adua going to do to
get this money back from the rogues that looted the banks or are we to believe that no
questions will be asked anybody - nigeria we hail thee
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written by aremu, August 17, 2009
Which james onanefe ibori are you guys referring to? The one I know is a pentecostal
pastor and cannot harm a fly nor even steal a farthing!!
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written by CAPONE, August 17, 2009
ibori AGAIN KAI.......
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written by Mike Nwajagu, August 17, 2009
Very pathetic and disheartening to hear of such an unbelievable stories from the ones that
supposed be called elder-statesmen and women. Greediness leads to self destruction and
untimely death of many and will still be the cause of many in our own time. The Holy
Bible made it clear by saying,quote: What shall it profit a man to gain the whole world
but loose his/her soul? Now i have come to realise why The Holy Bible again said,quote;
It's easy for a camel to go through the eye of a needle than a rich man to enter into the
Kingdom of the Almighty GOD. God's words are been fulfilled in so many ways in the
life style of Obori and his collaborators alike. Baba God pls save your children from these
devils,and kindly reward all them wicked souls one by one a million fold,amen. Weep for
your soul Ibori and co
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written by Foluso Olusola, August 17, 2009
Why? why?? why????? are they doing all this........black man with black sence.
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written by KIKI, August 17, 2009
This is an eye sore! Shame on James Ibori and others. Now, management in banks and
insurance companies are jeopardising the inocent souls by enforcing them to look for
money where they can't find. Most ladies that works in the above mentioned industries
are turning to stripers in the name of getting money for some idiot to spend lavishly. No
actual production, no salary!
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written by Edi tonedo, August 17, 2009
NIGERIA, What a shame, ooh Kaima!
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written by Isioma, August 17, 2009
The painful angle to the whole thing is tat they will soon do to the CBN Governor what
they did to Nuhu Ribadu. James Onanefe Ibori, no worry na wetin dey sweet person pass
dey kill am. Your days are numbered, the fact that your name is on everybodys lips is all
the sign we need.
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written by mekky, August 17, 2009
Apart from Ibori CNN is a major factor
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written by Akpos, August 17, 2009
Where exactly do I start from.My heart bleeds,My soul mourns.What a hopeless situation
has nature furnish nigeria with? What can I say,and what can I not say.Should blame God
for creating me a nigerian? or should I start regreting coming into these world as a
nigerian?Where does the future of nigeria lies.Is it in the hands disgruntled and
stupendously criminal minded animals with porous brains, or will it continue to be in the
hands of these crude and crooked elements that heaven will rain fire on and their
generations yet unborn.The level of criminality and corruption that's perpetrated and
celebrated by the people who are suppose to be entrusted with running of our country is
not what an encyclopedia can contain.Who can one trust in Nigeria,not Government,not
even ordinary citizens that has been infected by the corruption syndrome.What pains me
the most is the level of wastefulness and recklessness with which these Government
criminals spends stolen funds abroad where-as over 80% of our population are wallowing
in abject poverty. In conclusion, I pray that God will destroy these people.the likes of
Ibori,IBB,Abacha even in death,Obasanjo,Atiku Abubakar,Igbinedion,Aodoakaa, and
every other persons or group of people that have destroyed and are still destroying
Nigerian. I curse all of them. they will never know happiness and peace in their lives.the
damage they are doing to Nigeria will boomerang on them even up to their generations
indefinite.They will die miserable death unless they repent.
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written by Junior Marvin, August 17, 2009
They own MEND and the boys..the next few days will be interesting...may we not invite
THEM ooh!!
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written by kanmi ogundipe, August 17, 2009
You need to realize that this country is being run by a CABAL and even though some
faces may change and some remain, its still the same force behind all the evil. Dont be
deceived by this seeming crusader at the CBN office. Same CABAL...same CABAL...
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written by Taiwo Femi G., August 17, 2009
IBORI IS A PHENOMENON,WHO CAN TAME HIM
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written by Frank O. Ijege, August 17, 2009
May God save and protect us from these hungry vultures. They barely care about the
masses and common people who strive daily in order to earn a living. What would have
happened to these peoples monies if these banks have been allowed to kiss the dust? It is
said that conscience is an open wound that only truth can heal. But the likes of James
Ibori have sold their's for materialism. May God reward them for their conduct towards
Nigerians.
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written by Ben Ben, August 17, 2009
These people are so retarded it is not funny. Until our men and women stop respecting
these type of Men they will not stop. A person who steals is not earning money but we
glorify this type of behaviour with songs like Yahooze and Maga Don pay. then we call
them business barons when they do not deserve to even be in their presence. niger loves
this so ride on until your currency is 500 to 1 dollar.
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written by Bemi, August 17, 2009
my question is: how come people including saharareporters has been castigating jame
Ibori for looting delta stae money to acquire these same so called wealth, and swiftly...
this same media is now saying he borrowed 4oo million us dollars to purchase his
business empire... pls pls u guys should stop misinformin the public.. because if he
borrowed from the banks that means saharareporters has be a medium of lies just to spoil
the names of our leaders.....
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written by oc, August 17, 2009
Abracatabra.Abracatabra.abracatabra....I am shot of words.
this is the consiquens when the leader are not choosing by the people...meaning they are
not answerable to the people, they live their world ,they decide and split anything
resources withing the fuedel community.Is a hopeless situation but i can tell every nigeria
want to be recognise in the mist of a nation they are earger for a change.LOOK fellow
nigerias to clean this state of it mess, We must start to organise killer squard in every
community to go after this basterd and thier first burn. here is this list of the bastered.
OBASANJOR(OBJ)
BABANGIDA
ABACHA
ABUBAKAR
GOWON
IBORI
IGBINADION
AGF
ALL SERVING GOVERNORS DURING OBJ and PRESENT TIME EXCEPT LAGOS
STATE.
I believe 99.9% this open the way for developement. because the present police, navy and
military are comletly infected with corrucption so the can only head to thier capriot .
Goodday.
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written by Sawyerr, August 17, 2009
Why is everyone calling for the extermination of Ibori, Otedola and Dangote? These
folks are not to blame. Why would a bank, expose its risk position by giving out thse
types of loans in a messed up place like Nigeria? Moreso, why did Soludo turn a blind
eye to thses activities. He was there as governor of the Cental Bank, monitoring these
banks for 2 terms(8 years). Was he also on the take?
Kudos to Sanusi for a lovely job. I don't see any northern agenda in his effort, i only see
the right agenda.
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written by olaolu, August 17, 2009
JAMES ONANAFE IBORI,KASAA AOOONDAKA AND CO.PLC WILL ONLY
RUIN NIAJA.UMORU THE SLLEEPING PRESIDENT,KEEP SLEEPING OOOOO.
I KNOW CHANGE IS COMING REAL SOON.HOW SOON I CAN'T TELL.BUT AM
SURE CHANGE IS COMING SOOOON.