Oceanic Bank International, commonly referred to as Oceanic Bank, was a bank in Nigeria that provided individual, commercial and corporate banking services. It was one of the top 5 leading banks in Nigeria.
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. 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.Jail term for ex-Nigeria bank boss. Al Jazeera English, 9 October 2010.
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. In June 2014, Mrs Ibru filed a motion at the Abuja Federal High Court asking the court to reverse the acquisition of Oceanic Bank.
Global presence As of May 2009, Oceanic Bank had subsidiaries in the following countries:
Cameroon Gambia – This subsidiary was closed in January 2011. Ghana Nigeria São Tomé and Príncipe – Sold to Global Fleet Group in May 2011.
Subsidiaries The bank had the following subsidiary companies:
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
External links
Oceanic Bank at Google Finance Oceanic Bank at Alacrastore Oceanic Bank International at Nigerian Stock Exchange