The House of Representatives Ad Hoc Committee, which investigated the "near collapse of the Nigerian capital market", Tuesday recommended that Mrs. Cecilia Ibru and Erastus Akingbola, former Managing Directors of the defunct Oceanic Bank International Plc and Intercontinental Bank Plc, respectively, be stripped of their national honours.
This formed part of the recommendation of the committee’s report, which was submitted at the close of plenary by its chairman Hon. Tukur El-Sudi, weeks after the investigation was concluded.
The report also came down hard on key financial system regulators and its past and present officials.
The committee advised that all former bank executives, who are recipients of national honours and are currently being prosecuted for crimes and unethical practices, which led to the collapse of their banks, be stripped of the honours.
Of the eight bank CEOs that were sacked by the Central Bank of Nigeria (CBN) in 2009, Ibru was awarded the national honours, Member of the Federal Republic (MFR) and Officer of the Federal Republic (OFR), while Akingbola was conferred with an OFR for services to banking and the country.
Also, the committee said that it had established that N8 billion got missing during the recapitalisation of Union Bank Plc through a public offer, concluding that investors’ funds were fraudulently diverted after the offer.
The report recommended that the past board and management of the bank, the CEO of the issuing house to the offer, the present members of the board and management including the managing director of the bank, "be investigated by the Economic and Financial Crimes Commission with a view to establishing the facts and recovering the missing funds."