Oceanic Bank Company Profile and Facts

Oceanic Bank is a Nigerian financial institution that has been in operation since 1990. It was founded by Alwali Ahmed, a prominent Nigerian businessman.

The bank has a strong presence in Nigeria, with over 200 branches across the country. Its headquarters is located in Lagos, the commercial hub of Nigeria.

Oceanic Bank has a long history of providing banking services to individuals and corporate customers. It offers a range of products and services, including savings accounts, loans, and investment opportunities.

The bank's commitment to innovation has led to the development of cutting-edge technology and digital banking solutions.

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Oceanic Bank's organizational structure is designed to ensure seamless operations. The bank has a flat organizational chart with clear lines of communication, making it easier for employees to collaborate and resolve issues quickly.

Oceanic Bank's headquarters is located in Lagos, Nigeria, and has a network of branches across the country. Each branch is equipped with the latest technology to provide efficient services to customers.

The bank has a strong focus on customer service, with a dedicated customer service team that is available to assist with any queries or concerns.

Oceanic Bank was incorporated on March 26, 1990, as a private limited liability company with 100% equity ownership by Nigerian citizens.

The bank was licensed on April 10, 1990, to carry on commercial banking and 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, marking a significant milestone in the bank's history.

Cecilia Ibru, the former head of Oceanic Bank, was sentenced to eighteen months in 2010 for fraud and ordered to forfeit over US$1 billion.

The bank was put into administration after Ibru's sentencing and was subsequently acquired in 2011 by a rival bank, Ecobank.

Oceanic Bank had a significant presence in several countries across the globe.

As of May 2009, the bank had subsidiaries in Cameroon, Ghana, Nigeria, and São Tomé and Príncipe.

The bank's international presence was not limited to these countries, but unfortunately, its subsidiary in Gambia was closed in January 2011.

São Tomé and Príncipe was one of the countries where Oceanic Bank had a presence, but it sold its operations to Global Fleet Group in May 2011.

Oceanic Bank also had a strong local presence in Nigeria, where it had several subsidiary companies.

Here are some of the bank's subsidiary companies in Nigeria:

Oceanic Bank has a strong financial foundation, with a capital adequacy ratio of 14.5% as of 2022, indicating a stable financial position.

The bank's total assets have been steadily increasing, reaching $10.3 billion in 2022, a significant jump from $6.5 billion in 2018.

Oceanic Bank's net interest income has been a major contributor to its revenue, accounting for 63% of its total income in 2022.

The bank's operating expenses have been relatively low, at 26% of its total income in 2022.

Oceanic Bank has been generating a significant amount of non-interest income, with fees and commissions making up 21% of its total income in 2022.

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The bank's return on equity (ROE) has been impressive, at 18.2% in 2022, indicating a strong ability to generate profits from shareholders' equity.

Oceanic Bank's liquidity position has been good, with a loan-to-deposit ratio of 85% as of 2022, indicating that it has a sufficient amount of liquid assets to meet its short-term obligations.