Oceanic bank
Encyclopedia
Oceanic Bank International, commonly referred to as Oceanic Bank, is a bank
in Nigeria
. Oceanic provides individual, commercial
and corporate banking services.
. 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
.
Cameroon
Gambia - This subsidiary was closed in January 2011. Ghana
Nigeria
São Tomé and Príncipe
- Sold to Global Fleet Group
in May 2011.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
. Oceanic provides individual, commercial
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.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, LagosLagos
Lagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
. 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$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1 billion for fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
.
Global presence
As of May 2009, Oceanic Bank has subsidiaries in the following countries:Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
Gambia - This subsidiary was closed in January 2011. Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
Nigeria
Nigeria
Nigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in...
São Tomé and Príncipe
São Tomé and Príncipe
São Tomé and Príncipe, officially the Democratic Republic of São Tomé and Príncipe, is a Portuguese-speaking island nation in the Gulf of Guinea, off the western equatorial coast of Central Africa. It consists of two islands: São Tomé and Príncipe, located about apart and about , respectively, off...
- Sold to Global Fleet Group
Global Fleet Group
The Global Fleet Group is a large diversified conglomerate in West Africa.-Overview:The Global Fleet Group is a business conglomerate, that is headquartered in Lagos, Nigeria, with interests across a range of sectors in Africa. Current interests include oil and gas, airlines, magazines, insurance,...
in May 2011.
Subsidiaries
The bank has the following subsidiary companies:- Oceanic Registrars Limited - LagosLagosLagos is a port and the most populous conurbation in Nigeria. With a population of 7,937,932, it is currently the third most populous city in Africa after Cairo and Kinshasa, and currently estimated to be the second fastest growing city in Africa...
, NigeriaNigeriaNigeria , officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in... - 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