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. Beca ...

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 of G ...

that provided individual, commercial 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,

Lagos Lagos ( Nigerian English: ; ) is the largest city in Nigeria and the second most populous city in Africa, with a population of 15.4 million as of 2015 within the city proper. Lagos was the national capital of Nigeria until December 1991 f ...

. 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$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 compen ...

. 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 ...

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 ...

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 ...

- 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 -

* 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