First Bank

Thursday, May 20, 2010


Sacked bank chief, Cecilia Ibru has been fingered as the catalyst of the growing debts crippling the operations of popular air line Aero contractors.
The Airline which is presently struggling hard to meet it debt obligations is said to in great debt to financial institution Oceanic Bank Plc.
The debt folio is said to be in the region of seventy million dollars and growing by the day.
Taken in the form of loan to be repaid over a specified period of time and stipulated rates the fund was meant to enhance the services of the Airline.
It has been discovered that the gargantuan debt could have been done away if prudency had been employed by the facilitators of the business arrangements between Oceanic Bank and Aero Contractor.
The deal which placed the Airline in this economic tight spot was said to have been put together by former bank Managing Director Cecilia Ibru while she was the head person of Oceanic Bank and also doubled as the Chairman of Aero Contractors.
The Ibrus own substantial portion of both businesses- but recent findings revealed that Cecilila Ibru might have acted more out of personal than corporate gains in setting up the business.
This discovery was unearthed by Central Bank of Nigeria’s investigations into the books of Oceanic bank as part of moves to turn around the precarious economic situation the leadership of Cecilia Ibru placed the bank before she was booted out along with her board of directors.
Among new discoveries that indicted Cecilia Ibru in the deal that is threatening to cripple the operations of Aero Contractors is the purchase of five units of boeing 737- 500 series aircraft at the alleged inflated cost of 12.5million dollars each. Further investigations revealed that similar purchase could be obtained for 7million dollars in the open market.
Oceanic Bank under Cecilia Ibru had gone ahead to lease the obscene acquisition to Aero Contractor at another unheard of monthly rate 280,000 dollars per month.
Oceanic Capital, another subsidiary of Oceanic Bank served as the go between in the deal experts claimed is obtainable in the United States of America- or Europe for 80,000 dollars.
Aero Contractor is said to be finding it hard to be meet the terms of payment of the deal based on it current level of patronage.
Further investigations revealed that in order to protect it survival- and safe guard the job security of the about one thousand two hundred staffers on it pay role and the handful of foreigners helping to pilot the ship of it success informers explained that the management of Aero Contractors have started balking over the terms of agreement in the loan- they are said to have started making spirited moves to renegotiate a more favourable terms.
The management of Oceanic bank are said to be passionately kicking against the move.
According to a source ‘they need all the cash to turn around the bank- and if Aero Contractor get away with it agitation there will be an unavoidable shortfall in their expected income, so for them the move by Aero is a no no’
Further investigations revealed that there are strong indications that the former Bank M.D catalyst of the deal might be brought in for fresh charges in the case.
According to a source ‘the harm she has done to the operations of Aero Contractor is great’
Industry news has it that should the Airline fail to wiggle out of the strangling loan arrangement with Oceanic Bank- against the background of it other debt commitment- it should be considered liquidated except of course reprieve come from an unexpected angle.

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