Oceanic Bank
{{Redirect|Oceanic bank|the geographic term|Ocean bank}}
{{Infobox company
| name = Oceanic Bank International Plc.
| logo =
| type = Public limited company
| genre =
| foundation = March 26, 1990 (folded = 2010)
| founder = Ibru Family
| location_city = Herbert Macaulay Way, Wuse Zone 6, Abuja, FCT
| location_country = Nigeria[http://www.oceanicbanknigeria.com/contactus/ Head office located in Abuja]
| area_served =
| key_people = Hayford Kponmwonsa Alile, Chairman
John Aboh, Managing Director & CEO
| industry = Finance
| services = Banking
| revenue = {{profit}} ₦74.9 billion
| operating_income =
| net_income = {{profit}} ₦17.1 billion
|assets = ₦1.3 trillion
| num_employees =
| subsid =
| homepage = Website 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.{{Cite web|url=https://www.google.com/finance?q=oceanic+bank|archive-url=https://web.archive.org/web/20160314212402/http://www.google.com/finance?q=oceanic+bank|url-status=dead|archive-date=March 14, 2016|title=oceanic bank - Google Finance Search|website=www.google.com|access-date=2017-08-29}}
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.[http://www.oceanicbanknigeria.com/aboutus/ About Oceanic Bank] 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.[http://english.aljazeera.net/news/africa/2010/10/2010109152523865173.html 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.{{cite web | url=http://www.vanguardngr.com/2011/10/eti-takes-over-oceanic-bank | title=Ecobank takes over Oceanic Bank | date=24 October 2011 }} In June 2014, Mrs Ibru filed a motion at the Abuja Federal High Court asking the court to reverse the acquisition of Oceanic Bank.{{Cite news|url=http://www.premiumtimesng.com/business/163563-163563.html|title=Cecilia Ibru wants Oceanic Bank, Aero Airline, back - Premium Times Nigeria|date=2014-06-23|work=Premium Times Nigeria|access-date=2017-08-29|language=en-GB}}
Global presence
As of May 2009, Oceanic Bank had subsidiaries in the following countries:[http://www.oceanicbanknigeria.com/aboutus/countries.php Oceanic Bank Global Presence]
- {{flagicon|Cameroon}} Cameroon
- {{flagicon|Gambia}} Gambia - This subsidiary was closed in January 2011.{{Cite news|url=https://www.bloomberg.com/news/articles/2011-01-06/oceanic-bank-closes-gambian-operations-nation-reports|title=Oceanic Bank Closes Gambian Operations, Nation Reports|work=Bloomberg.com|access-date=2017-08-29}}
- {{flagicon|Ghana}} Ghana
- {{flagicon|Nigeria}} Nigeria
- {{flagicon|São Tomé and Príncipe}} São Tomé and Príncipe - Sold to Global Fleet Group in May 2011.{{Cite news|url=http://www.vanguardngr.com/2011/05/jimoh-ibrahim-acquires-oceanic-bank-sao-tome/|title=Jimoh Ibrahim acquires Oceanic Bank, Sao Tome - Vanguard News|date=2011-05-23|work=Vanguard News|access-date=2017-08-29|language=en-US}}
Subsidiaries
The bank had the following subsidiary companies:[http://www.oceanicbanknigeria.com/aboutus/subsidiaries.php Subsidiary Companies of Oceanic Bank]
- 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
{{reflist}}
External links
- [http://www.oceanicbanknigeria.com Oceanic Bank Official Website]
- [https://web.archive.org/web/20160314212402/http://www.google.com/finance?q=oceanic+bank Oceanic Bank at Google Finance]
- [http://www.alacrastore.com/company-snapshot/Oceanic_Bank_International_Plc-3798699 Oceanic Bank at Alacrastore]
- [http://www.nigerianstockexchange.com/quoted_company.jsp?symbol=OCEANIC Oceanic Bank International at Nigerian Stock Exchange]{{dead link|date=May 2025|bot=medic}}{{cbignore|bot=medic}}
{{Portal|Banks}}
Category:Companies listed on the Nigerian Stock Exchange