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Dele Oye, one of the persons the Economic and
Finanacial Crime Commission (EFCC) alleged was fronting for Cecilia
Ibru, the former managing director of Oceanic Bank, has returned from
his hideout to Nigeria, without being arrested by the commission.

The EFCC had threatened to move for the
repatriation of Mr. Oye and Nanashetu, the former nanny of Mrs. Ibru,
who is also wanted for her role in the fraud, from their hideouts in
the United Kingdom and the United States of America.

A source close to Mr. Oye said that “the EFCC has dropped all charges against Mr. Oye and he is now a freeman.”

However, Femi Babafemi, spokesperson for the commission, denied that the EFCC has cleared Mr. Oye of the charges against him.

“He was with us for over a week. He was only
granted bail last week,” said Mr. Babafemi. He added that
investigations are still ongoing into the matter.

It was gathered, however, that Mr. Oye may have
entered into a deal with the anti-graft commission to serve as a
prosecution witness in the case.

Sources close to the CBN say however, that the CBN
was unhappy with the agreement reached between Mr. Oye and the EFCC, as
Mr. Oye’s case is criminal in nature.

“It was a clear case of forgery. He forged some of
his former employees’ signature for the company he used to help siphon
Mrs. Ibru’s fund,” the source stated.

Mohammed Abdullahi, the spokesperson for the CBN, refused to comment on the issue, referring enquiries to the EFCC.

Mr. Oye is accused of collecting $110 million from
Mrs. Ibru in the name of Waves Nigeria limited. As at 2006, Waves was
owned by one of the sacked directors of Oceanic Bank and Mrs. Ibru. The
ownership of the company was later handed over to Mr. Oye and
Nana-Shetu. Waves is the company constructing Oceanic Bank headquarters
in Victoria Island, Lagos.

It was alleged that Oceanic Bank, under Mrs. Ibru, had paid a $22
million rent for 10 years, while the edifice was still under
construction.