| Type | Public limited company |
|---|---|
| Industry | Finance |
| Founded | March 26, 1990 (folded = 2010) |
| Founder | Ibru Family |
| Headquarters | , Nigeria [1] |
Key people | Hayford Kponmwonsa Alile, Chairman John Aboh, Managing Director & CEO |
| Services | Banking |
| Revenue |  ₦74.9 billion |
| ₦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]
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 files a motion at the Abuja Federal High Court asking the court to reverse the acquisition of Oceanic Bank. [6]
As of May 2009, Oceanic Bank had subsidiaries in the following countries: [7]
Cameroon 
Gambia - This subsidiary was closed in January 2011. [8] 
Ghana 
Nigeria 
São Tomé and Príncipe - Sold to Global Fleet Group in May 2011. [9] The bank has the following subsidiary companies: [10]
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Cecilia Ibru is the former managing director and chief executive officer of Oceanic Bank. Ibru began her work at the Ibru Organization. In 2009, she was arrested and pleaded guilty to charges of fraud. She was jailed and fined approximately one billion euros.
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