Oceanic Bank

Oceanic Bank International Plc.
TypePublic limited company
IndustryFinance
FoundedMarch 26, 1990 (acquired by Ecobank in 2011 )
FounderIbru Family
Headquarters
Herbert Macaulay Way, Wuse Zone 6, Abuja, FCT
,
Nigeria
Key peopleHayford Kponmwonsa Alile, Chairman
John Aboh, Managing Director & CEO
RevenueIncrease ₦188.2billion (2008)
Total assets₦1.3 trillion
WebsiteWebsite shut down after closure

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.

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:

Subsidiaries

The bank had the following subsidiary companies:

References

  1. ↑ "Oceanic Bank: Contact Us". Archived from the original on 2012-08-16.
  2. ↑ "oceanic bank - Google Finance Search". www.google.com. Archived from the original on March 14, 2016. Retrieved 2017-08-29.
  3. ↑ "Oceanic Bank's earnings increase by 151% to N188.2bn". Vanguard News. 2009-07-21. Retrieved 2026-08-16.
  4. ↑ "12 Nigerian banks make world's top 1,000". Vanguard News. 2009-07-12. Retrieved 2026-08-16.
  5. ↑ "allAfrica.com: Nigeria: Top Ten - Uba, Oceanic, Zenith Lead Country's Banks (Page 1 of 1)". allafrica.com. Archived from the original on 2008-06-18. Retrieved 2026-08-16.
  6. ↑ "Oceanic Bank: About Us". Archived from the original on 2012-08-04.
  7. ↑ Jail term for ex-Nigeria bank boss. Al Jazeera English, 9 October 2010.
  8. ↑ "Ecobank takes over Oceanic Bank". Vanguard. Lagos, Nigeria. 24 October 2011.
  9. ↑ "Cecilia Ibru wants Oceanic Bank, Aero Airline, back". Premium Times. 2014-06-23. Retrieved 2017-08-29.
  10. ↑ "Oceanic Bank Global Presence".{{cite web}}: CS1 maint: url-status (link)[permanent dead link]
  11. ↑ "Oceanic Bank Closes Gambian Operations, Nation Reports". Bloomberg.com. Retrieved 2017-08-29.
  12. ↑ "Jimoh Ibrahim acquires Oceanic Bank, Sao Tome - Vanguard News". Vanguard. Lagos, Nigeria. 2011-05-23. Retrieved 2017-08-29.
  13. ↑ "Subsidiary Companies of Oceanic Bank".{{cite web}}: CS1 maint: url-status (link)[permanent dead link]