House of Reps call for Cecilia Ibru and Erastus Akingbola stripped of their national honours.

The House of Representatives Ad Hoc Committee, which investigated the "near collapse of the Nigerian capital market", has 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.

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.

But the CBN removed both chief executives and six others in 2009 after a joint audit conducted by the apex regulator and Nigeria Deposit Insurance Corporation (NDIC) had discovered that their banks' capital was impaired and that they were illiquid.

The Economic and Financial Crimes Commission (EFCC) was later to arrest and prosecute them for running their institutions aground.

Ibru, who pleaded guilty, was convicted in a plea bargain, while Akingbola is still in court.

Source. Thisday Newspaper