March 31, 2023

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Oba Otudeko Buys Cecilia Ibru’s Property

1 min read

Prominent billionaire, Oba Otudeko, chairman of the Honeywell Group, Airtel Limited and Radisson Hotel, has just acquired a plot of land formerly owned by the demoted erstwhile managing director of the defunct Oceanic Bank International Plc, Cecilia Ibru for his hotel car park.

The business mogul took over the said undeveloped land situated at No. 1B, Ozumba Mbadiwe Street beside Radisson Blu Hotels and Resorts after paying a whopping sum of N900 million to the owners.

Investigation revealed that Cecilia Ibru selfishly and fraudulently converted the land which rightly belongs to Oceanic Bank to her own while she sat atop the bank. The property was later taken over from her during her prosecution and conviction as part of the settlement during her plea bargain with the law enforcement agencies and subsequently transferred to Asset Management Company of Nigeria (AMCON), which sold it at the open market value to Radisson Hotel.

According to findings, Radisson Hotel long ago had discussions with the defunct bank to acquire the property but its efforts proved abortive. But after CBN’s intervention, the hotel persisted in its bid to acquire the land.

A reliable source confirmed to that the property was acquired to enhance the efficiency and operations of the hotel. It was said that the hotel intends to expand its franchise and develop a multi-storey car park on the plot of land.

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