Oceanic Bank International, commonly referred to as Oceanic Bank, was a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
in
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
that provided individual,
commercial
Commercial may refer to:
* a dose of advertising conveyed through media (such as - for example - radio or television)
** Radio advertisement
** Television advertisement
* (adjective for:) commerce, a system of voluntary exchange of products and s ...
and corporate banking services.
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
Victoria Island ( ikt, Kitlineq, italic=yes) is a large island in the Arctic Archipelago that straddles the boundary between Nunavut and the Northwest Territories of Canada. It is the List of islands by area, eighth-largest island in the world, ...
,
Lagos
Lagos (Nigerian English: ; ) is the largest city in Nigeria and the List of cities in Africa by population, second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national ca ...
. It was listed on the
Nigerian Stock Exchange
The Nigerian Stock Exchange (NSE) now Nigerian Exchange Group is a Nigerian stock exchange founded in 1961 in Lagos. As of November 2019, it has a total of 161 listed companies, with 8 domestic companies on the premium board, 144 companies on the ...
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$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
1 billion for
fraud
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compens ...
.
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 files 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
Cameroon (; french: Cameroun, ff, Kamerun), officially the Republic of Cameroon (french: République du Cameroun, links=no), is a country in west-central Africa. It is bordered by Nigeria to the west and north; Chad to the northeast; the C ...
*
Gambia
The Gambia,, ff, Gammbi, ar, غامبيا officially the Republic of The Gambia, is a country in West Africa. It is the smallest country within mainland AfricaHoare, Ben. (2002) ''The Kingfisher A-Z Encyclopedia'', Kingfisher Publicatio ...
- This subsidiary was closed in January 2011.
*
Ghana
Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
*
Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
*
São Tomé and Príncipe
São Tomé and Príncipe (; pt, São Tomé e Príncipe (); English: " Saint Thomas and Prince"), officially the Democratic Republic of São Tomé and Príncipe ( pt, República Democrática de São Tomé e Príncipe), is a Portuguese-speaking i ...
- Sold to
Global Fleet Group in May 2011.
Subsidiaries
The bank has the following subsidiary companies:
Subsidiary Companies of Oceanic Bank
/ref>
* Oceanic Registrars Limited - Lagos
Lagos (Nigerian English: ; ) is the largest city in Nigeria and the List of cities in Africa by population, second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national ca ...
, Nigeria
Nigeria ( ), , ig, Naìjíríyà, yo, Nàìjíríà, pcm, Naijá , ff, Naajeeriya, kcg, Naijeriya officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf o ...
* 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 Official Website
Oceanic Bank at Google Finance
Oceanic Bank at Alacrastore
Oceanic Bank International at Nigerian Stock Exchange
{{Portal, Banks
Companies listed on the Nigerian Stock Exchange
Banks of Nigeria
Banks established in 1990
Nigerian companies established in 1990