Oceanic Bank

Oceanic Bank International Plc.
Company type	Public limited company
Industry	Finance
Founded	March 26, 1990 (folded = 2010)
Founder	Ibru Family
Headquarters	Herbert Macaulay Way, Wuse Zone 6, Abuja, FCT, Nigeria
Key people	Hayford Kponmwonsa Alile, Chairman ; John Aboh, Managing Director & CEO
Services	Banking
Revenue	₦74.9 billion
Net income	₦17.1 billion
Total assets	₦1.3 trillion
Website	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.^[2]

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.^[3] 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.^[4]

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.^[5] In June 2014, Mrs Ibru filed a motion at the Abuja Federal High Court asking the court to reverse the acquisition of Oceanic Bank.^[6]