busINESS ethics AND SOCIal responsibilty
UNETHICAL PRACTICES OF TWO COMPANIES
Oceanic Bank International Plc, Nigeria. The present CEO of Oceanic Bank International Plc is John Aboh. Oceanic bank is one of the most leading financial service institutions in Nigeria. Oceanic bank was incorporated in 1990. Oceanic bank is now twenty-one year old, and has it has grew to be one of his recognized financial service in West Africa. One can classified Oceanic bank as a commercial bank. In October 2010, the bank was faced with an unethical issue which was faced and mismanagement practices. The unethical issue was with Cecilia Ibru who was former CEO of Oceanic bank. She was accused to have granted credit facilities of up to seven hundred thousand and forty-seven thousand billion naira tracing half of it going to her family and also giving credit facilities without using the credit approve limit. During EFCC investigation, it was found that trillions of naira was traced to Mrs Ibru, she was charged to Lagos State Federal High Court and was found guilty for bank and securities fraud and sentenced to eighteen months in prison due to her health issue, she punishment was reduced to six months and she forfeited one hundred and fifty billion naira of cash and asset. The punishment given to her to me didn’t seem adequate but the punishment is till okay, although it shows that on one is above the law and the country is trying to kick out corruption from the economy sector. The case was unethical because as a CEO and icon figure you should show good behaviour, if a CEO of a company is involved in fraud what example is he/she showing his/her employees under him/her and what information is he/she giving her customers who keep their money and...