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Oceanic Bank recovers N9 billion

Oceanic Bank International Plc said  it has recovered over N9 billion within the last two weeks.
Managing Director, Mr. John Aboh attributed this feat to  the aggressive debt recovery strategy employed by the new bank management in collaboration with the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC) as well as the State Security Service (SSS).

Industry analysts and shareholders described the debt recovery as encouraging and further urged the bank’s management to sustain the tempo in that direction so as to recover all the debts in good time.

John Aboh promised that no stone will be left unturned to ensure that loans described as non_performing are fully recovered by working with relevant government agencies so as to bring the bank back to sound footing and ensure safety of depositors’ funds.
Noting that the bank will continue to lend to customers that meet set lending criteria, he pledged that credits will continue to be granted using well structured and improved process.

“The bank’s lending activities will continue but all loan applications will follow due process. If a loan application meets our risk acceptance criteria, it will be granted” he said, while emphasizing the need by the management to enhance capacity building and strengthen knowledge in credit appraisal. In addition, Mr. Aboh emphasized the need for a robust risk management structure saying it is central to the health of the bank.

Aboh disclosed that the new management has embarked on urgent remedial action to bring the bank back to good health and drastically reduce expenses. “The bank for now will focus on recovery effort; the effective empowerment of staff and the entrenchment of good and sound corporate governance with well defined formal structures.”

He stated that good corporate governance is an internal system encompassing policies, processes and people which serve the needs of shareholders and other stakeholders by directing and controlling management activities with good business ethics, accountability and transparency.

Meanwhile, Mr. Aboh over the weekend expressed his appreciation to the bank’s customers for keeping faith with the Bank in the face of recent developments in the banking industry.
He said: “we are indeed happy that our customers did not take any panic measure but went about their normal transactions as usual.”
The bank boss assured that the new management will reciprocate the goodwill by working round the clock to exceed stakeholders’ expectations by turning around the bank to deliver superior value to its customers and profit to the shareholders in a short period of time.


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