Oceanic Bank

Oceanic Bank International, commonly referred to as Oceanic Bank, was a bank in Nigeria that provided individual, commercial and corporate banking services.[2]

"Oceanic bank" redirects here. For the geographic term, see Ocean bank.
Oceanic Bank International Plc.
TypePublic limited company
IndustryFinance
FoundedMarch 26, 1990 (folded = 2010)
FounderIbru Family
Headquarters
Herbert Macaulay Way, Wuse Zone 6, Abuja, FCT
,
Nigeria[1]
Key people
Hayford Kponmwonsa Alile, Chairman
John Aboh, Managing Director & CEO
ServicesBanking
RevenueIncrease ₦74.9 billion
Increase ₦17.1 billion
Total assets₦1.3 trillion
WebsiteWebsite shut down after closure

History

Oceanic Bank was incorporated on March 26, 1990, as a private limited liability company with 100% equity ownership by Nigerian citizens, and licensed on April 10, 1990, to carry on commercial banking. The bank commenced business on June 12, 1990, at the Waterfront Plaza, Plot 270, Ozumba Mbadiwe Avenue, Victoria Island, Lagos. It was listed on the Nigerian Stock Exchange on June 25, 2004.[3] In October 2010, Cecilia Ibru, the former head of Oceanic Bank, was sentenced to eighteen months and ordered to forfeit over US$1 billion for fraud.[4]

Following the sentencing of Mrs Ibru after she pleaded guilty to three-count charge bordering on negligence, reckless grant of credit facilities and mismanagement of depositors’ funds, the Bank was put into administration and subsequently acquired in 2011 by a rival bank, Ecobank.[5] In June 2014, Mrs Ibru filed a motion at the Abuja Federal High Court asking the court to reverse the acquisition of Oceanic Bank.[6]

Global presence

As of May 2009, Oceanic Bank had subsidiaries in the following countries:[7]

Subsidiaries

The bank had the following subsidiary companies:[10]

  • Oceanic Registrars Limited - Lagos, Nigeria
  • Oceanic Trustees Limited - Lagos, Nigeria
  • Oceanic Custodian Limited - Lagos, Nigeria
  • Oceanic Insurance Limited - Lagos, Nigeria
  • Oceanic Homes Limited - Lagos, Nigeria
  • Oceanic Securities Limited - Lagos, Nigeria
  • Oceanic Asset Management Limited - Lagos, Nigeria

References
  1. Head office located in Abuja
  2. "oceanic bank - Google Finance Search". www.google.com. Retrieved 2017-08-29.
  3. About Oceanic Bank
  4. Jail term for ex-Nigeria bank boss. Al Jazeera English, 9 October 2010.
  5. http://www.vanguardngr.com/2011/10/eti-takes-over-oceanic-bank
  6. "Cecilia Ibru wants Oceanic Bank, Aero Airline, back - Premium Times Nigeria". Premium Times Nigeria. 2014-06-23. Retrieved 2017-08-29.
  7. Oceanic Bank Global Presence
  8. "Oceanic Bank Closes Gambian Operations, Nation Reports". Bloomberg.com. Retrieved 2017-08-29.
  9. "Jimoh Ibrahim acquires Oceanic Bank, Sao Tome - Vanguard News". Vanguard News. 2011-05-23. Retrieved 2017-08-29.
  10. Subsidiary Companies of Oceanic Bank
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