Last Saturday, March 22, 2025, was the 79th birthday of Dr. (Mrs.) Cecilia Ibru, Nigeria’s first female bank MD/CEO. To mark the birthday, she released two books, one titled “Cecilia: The autobiography of Cecilia Ibru” and the other, a memoir,
“Oceanic Odyssey (1990-2010)”. In this piece, OSA MBONU-AMADI, Arts Editor of Vanguard who attended the event, presents with insightful commentaries a carefully curated portions of the book in which the author tells the gripping story of Oceanic Bank.
According to Dr. (Mrs.) Cecilia Ibru, Oceanic Bank began from a presidential offer made to her husband, Olorogun Michael Ibru, sometime around 1987. This is revealed on page 208 of the autobiography, launched last Saturday at the MUSON Center, Onikan, Lagos:
“One day, during one of our visits to the Aikhomu family,” the author writes, “we had the rare opportunity to meet President Babangida, who had come to visit the Admiral (Augustus Aikhomu, Vice President). As was customary, the men gathered in the study, while the women sat in the dining room or parlour with Mrs Aikhomu.
“At one point, as the President was about to leave, he suddenly turned back, peeked into the study, and asked my husband, “Chief, which is your bank?”
“Surprised by the question, my husband replied, “None, Sir!”
“The President seemed taken aback. He told my husband, “Your many businesses are enough to run a bank. I have three banking licenses left, and I will reserve one for you. Hurry up with your application and come for your licence urgently.”
“That conversation marked the beginning of a new chapter for us. My husband quickly applied, and as promised, we obtained the banking licence.”
If we go a little bit back in time, we can see how Cecilia’s husband, Olorogun Michael Ibru, acquired the many businesses which were “enough to run a bank,” as Babangida pointed out. Cecilia tells the story on page 197:
“My husband had an unrelenting drive to participate actively in Nigeria’s commercial landscape. He saw opportunities in every sector and seized them with a determination that set him apart as a major player in the economy. One of the defining moments of his business career was his significant involvement in the indigenisation of corporate entities in Nigeria. This policy mandated that foreign owned companies relinquish 40% of their stake to Nigerians, opening up massive investment opportunities.
“With his financial strength, my husband acquired substantial shares in various companies, including Elf Oil Company, Zabadne, Boskalis, Aero, Mitchel Farms, Dow Chemicals, Nigerian Hardwood, Flower Shop, W.F Clark, Nitrec, and many others. This diversification of interests expanded the Ibru Organisation tremendously, enabling him to provide opportunities for many members of his family. Each member, including the women, was given a business to head and manage, ensuring that wealth and enterprise ran through the family.
“At some point, it seemed as though I was the only member of the family who was not running a corporate venture.”
Raising the capital for Oceanic Bank
Having been offered a banking
licence, raising the required capital became the first challenge to Olorogun Michael Ibru and his wife, Cecilia. From page 208-210, the author narrates how that first huddle was scaled:
“With the licence secured, the next challenge was raising the required N20 million to deposit with the Central Bank of Nigeria (CBN) as a prerequisite for obtaining the final permit to commence operations.
“My husband, confident in his business connections, believed that securing the funds would be easy. However, to our shock, many of those who had previously promised financial support suddenly became unreachable.
“The timeframe for payment was strict, and the risk of losing the licence due to non-payment loomed over us. Meanwhile, we had turned a large section of our house into a workstation where we strategised and planned the launch of the bank into the Nigerian corporate space.
“As we searched for funding, we also began looking for a suitable location for the bank’s headquarters. Lagos, being the financial hub of Nigeria, was the obvious choice.
“While scouting for a property, we also hired an artist to design the bank’s logo. My husband decided to name the bank Oceanic, inspired by his love for the ocean and his deep-rooted involvement in the fish business. He always believed that the ocean is the greatest source of wealth in the world. During this time, I had to travel to London to be with our children and handle some treasury work for my husband.
“As we struggled to secure funding, we had a cargo shipment on the high seas, which had been purchased by an American Petroleum Company. We had prayed that the profit from this cargo would help fund the bank.
“But then came devastating news — the cargo had been declared distressed and could no longer be sold!
“It was a major setback!
“Determined to find a solution, I suggested that my husband reach out to his contacts in Spain. With renewed hope, he made the call, and to our great relief, his Spanish contact agreed to take the product and paid for it immediately.
“While in London, I took the opportunity to visit Christian bookstores to buy children’s Christian books for a holiday camp.
“While browsing, I stumbled upon the New King James Bible, which had just been published at the time. Knowing my husband’s love for Bibles, I decided to buy him a leather-bound copy as a gift, in celebration of successfully raising the capital for the bank.
“When I returned home and presented the Bible to him, he was so pleased that he began reading it immediately.
“The next morning, he excitedly told me that he had found the logo for the bank in the first chapter of the Bible.
“Curious, I sat down with him as he sketched the design, explaining the inspiration behind it.
“From that day on, every time I saw the logo of Oceanic Bank, I would be reminded of the story of creation — a divine revelation that became the foundation of our vision for the bank.”
New challenges, betrayal, triumph
As with every big business, fresh challenges emerged after the initial huddles were scaled. Enemies, both external and internal, also began to operate. Dr. (Mrs. Ibru), from page 211-214, details what those traitors did and how they were defeated:
“With the N20 million capital secured, our next challenge was finding the ideal property for the bank’s headquarters. The location had to be strategic, highly visible, and in a prime business district. After careful consideration, we zeroed in on Ozumba Mbadiwe Avenue in Victoria Island, Lagos, a hub for many of the new-generation banks at the time.
“Once we secured the property, we moved swiftly to set up the banking hall and office spaces. We engaged a reputable joinery company to handle the teller cubicles and cash counters. They did an excellent job, transforming the banking hall into a masterpiece, with elegant marble finishes and a high ceiling that gave the space an air of sophistication.
“The office layout was meticulously planned. The executive wing housed the boardroom, corporate banking operations, treasury and retail banking offices. The managing director and four general managers had their offices on the first floor, while the treasury and
IT departments were positioned at the far end. The junior officers worked in an open floor space, ensuring collaboration and efficiency.
“Everything was falling into place, and the team spirit among the staff was remarkable. Everyone was eager to contribute to making Oceanic Bank a bank of reference in Nigeria.
“Just as we were settling into operations, a shocking fraud was uncovered. Among the top management staff, including the head of treasury, a massive financial fraud was being perpetrated.
“At the time, foreign currency exchange rates were fluctuating daily, creating opportunities for manipulations. The head of treasury and his accomplices would sell dollars at a lower rate than the actual market price, pocketing a difference of N1-2 naira per dollar. These illicit profits were then funnelled into a private account in another bank.
“Given the scale of these transactions, they were siphoning millions of naira daily. If they sold $2 million in a single day, they could illegally amass N1-2 million — while using Oceanic Bank’s foreign exchange reserves.
“For a while, the scheme remained undetected, but when the naira stabilised, it exposed a massive hole in the bank’s balance sheet — a staggering $2 million loss! This revelation shook the very foundation of the bank, eroding a significant portion of our share capital.
“At the time, I was the General Manager of Administration and Personnel, responsible for overseeing operational logistics but not directly involved in profit generation. I attended our weekly Monday meetings, where each general manager presented their departmental reports. These sessions allowed me to learn a lot about the bank’s financial health, even though my primary role was ensuring the smooth running of the headquarters and branches.
“After the fraud was uncovered, the board had to act swiftly. It was a defining moment for Oceanic Bank. Decisive action was necessary to restore confidence in the institution.
“Following an internal investigation, we had irrefutable documentation proving the fraudulent activities. As a result, the staff involved, including the managing director, were dismissed. Only two senior executives remained untouched by the scandal: the General Manager of Corporate Banking and myself.
“However, within a month, my colleague was offered a managing director position at another bank. That left me as the only remaining top executive at Oceanic Bank.”
The making of Nigeria’s first female bank CEO
Having been forged in the crucible of betrayals and intense learning experiences through serving as the General Manager of Administration and Personnel of Oceanic Bank, and attending management meetings, an unscheduled defining moment arrived for Dr. (Mrs.) Cecilia Ibru to take charge as the MD/CEO of Oceanic Bank International Plc., thus making history as Nigeria’s first female bank CEO. The author shares her story on page 213-214 of her autobiography:
“During this period, Nigeria’s banking sector was turbulent, and the Nigeria Deposit Insurance Corporation (NDIC) had become known as the “undertakers of banks”, swooping in to liquidate struggling financial institutions.
“With the fraud scandal severely affecting Oceanic Bank, many industry insiders predicted our collapse. The future looked uncertain, and I faced immense pressure.
“Despite the odds, I knew I had no choice but to take charge. With three years of experience in banking, I stepped up as the Managing Director, determined to steer Oceanic Bank through the crisis.
“Despite the betrayal and financial loss, Oceanic Bank survived. What many thought would be the end of our institution turned into a new beginning. By navigating strategic partnerships, adapting to economic reforms and building public trust, we regained our stability.
“Stepping into the leadership role was not easy, but it taught me the importance of resilience, adaptability, and vision. Oceanic Bank emerged stronger, proving that even in the face of adversity, with the right leadership and determination, success was still possible.
“During my tenure as Group Managing Director of Oceanic Bank International Plc and its subsidiaries, I recognised the critical role that training and staff development played in building a high-performance financial institution. To ensure that our staff maintained the highest banking standards, we decided to establish three training schools across different regions of Nigeria.”
Olusegun Obasanjo and the Ibrus
From page 241-244, the author discusses former President Olusegun Obasanjo’s economic reforms, describing it as an era of “bold reforms, high political tensions, and significant economic restructuring.” She highlights the debt forgiveness achievement as a milestone, but frowned at the power struggles and economic battles that attended the administration:
“Towards the latter half of President Olusegun Obasanjo’s first term, Nigeria’s economy experienced significant changes. The privatisation programme was in full swing, led by Vice President Atiku Abubakar, who had been entrusted with the responsibility of overseeing the sale of government-owned assets. While Atiku managed this process, President Obasanjo was frequently travelling, visiting Western nations to negotiate for loan forgiveness and to repair Nigeria’s tarnished financial image. At that time, Nigeria was widely regarded as a debtor nation, heavily burdened by loans with no clear path to repayment.
“However, it wasn’t long before tensions emerged between Obasanjo and Atiku. Allegations surfaced that Atiku had sold many of the country’s assets to himself or his associates. As their relationship deteriorated, Atiku became increasingly absent from Aso Rock, appearing only at Council meetings. By the time Obasanjo secured his second term in office, the rift between the two had grown deeper, and Atiku had become politically alienated.
“As Obasanjo prepared for re-election, he was faced with an uncomfortable reality: Atiku commanded the loyalty of a majority of Nigeria’s governors, making him a formidable political force. This realisation reportedly shook Obasanjo, as it posed a serious threat to his chances of securing a second term.
“According to political insiders, Obasanjo went as far as kneeling before Atiku to seek his support for re-election. Eventually, Atiku agreed, and with his backing, Obasanjo won his second term. However, their relationship never fully recovered, and Atiku remained sidelined for much of Obasanjo’s second tenure.
The debt forgiveness victory
“One of the most remarkable achievements of Obasanjo’s presidency was Nigeria’s successful negotiation for debt forgiveness. This feat was largely driven by Dr Ngozi Okonjo-Iweala, who worked tirelessly with international financial institutions to secure significant relief from Nigeria’s crippling foreign debt. This marked a turning point in Nigeria’s financial stability and economic restructuring.
“During his second term, Obasanjo became increasingly assertive, taking a hard stance on individuals and corporations that he believed had gained too much economic influence. He targeted several high-profile business moguls, including Mike Adenuga, over issues related to oil bloc allocations.
“Others who found themselves on the receiving end of Obasanjo’s aggressive policies included General Theophilus Danjuma and Folorunso Alakija, both of whom had significant interests in the oil sector. In a bid to reclaim their oil blocs, Obasanjo pressured them excessively, leading to legal battles. In the end, the courts ruled in favour of Danjuma and Alakija, allowing them to retain control over their assets.
“The events of this period demonstrated the complex interplay of politics, power and economic control in Nigeria. The privatisation efforts, while aimed at fostering efficiency and reducing government expenditure, also led to accusations of cronyism. At the same time, the aggressive economic policies of Obasanjo’s second term raised questions about the balance between state control and private enterprise.
Looking back, this era was one of bold reforms, high political tensions, and significant economic restructuring. The debt forgiveness achievement was a milestone, but the power struggles and economic battles revealed the deep-rooted challenges of governance in Nigeria. (Vanguard)
