There are other pictuers posted on airliners.net with the "Ceiba" part missing, so the livery might have been modified.
While
Cebu is indeed an island of the Philippines, the aircraft's registration 3C-LLS belongs to
Equatorial Guinea. Also, there is a
PPrune thread in African Aviation on Ceiba International.
I have no clue if they operate scheduled flights, but several european airlines (Lufthansa, Air France) have started flights to Malabo to serve the oil industry, whose taxes may have helped pay for this 777.
To tell you the truth, I was just as startled to see this aircraft sitting in HAM when I landed here.