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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 .
Cecilia Ibru (born 22 March 1946) is the former managing director and chief executive officer of Oceanic Bank. [1] She is Nigeria's first female bank CEO and was dubbed the first lady of banking. [2] [3] In 2010, she was convicted of corporate fraud and sentenced to prison as part of a multibillion-dollar banking scandal.
Date Branch Department Party People Involved Summary Source 1946 Executive: Office of the President: Liberal: Manuel Roxas: Surplus War Property scandal- disposed $90 billion of surplus war property held by the United States government in the final year of World War II, which caused a huge corruption scandal that led to the rise of the leftist HUKBALAHAP and for Roxas's approval ratings to ...
Although the century is still young, this is shaping up to be the banking scandal of the century thus far. On the heels of last week's announcement that British bank Barclays will fork over $450 ...
After 3 years, both banks were put into bankruptcy, a new nationalized bank was created and the assets of the two bankrupt banks and the bank accounts of local account holders were transferred to the new bank and the local depositors were made whole by stealing about $180 million of money belonging foreign depositors, who lost their entire savings.
The bank, which goes by the name TD Bank in the U.S., facilitated the laundering of more than a half-billion dollars by human traffickers, fentanyl dealers, a major Ponzi schemer and others.
In August 2009, PNB and Allied Bank were expected to complete their merger within the next six to nine months after the latter sells its 28% stake in California-based Oceanic Bank. [17] As of July 7, 2010, the remaining stumbling block to the merger was addressed, as the latter found a buyer for its minority stake in a California-based bank. [18]
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