LAGOS – Global Fleet Group at the weekend in Sao Tome took over 100 per cent shareholding of Oceanic Bank, Sao Tome. The bank was handed over to Jimoh Ibrahim as the new chairman in Sao Tome at a completion board meeting at weekend.
Managing Director and Chief Executive Officer, Jimoh Ibrahim, signed on behalf of his company Global Fleet UK while the Managing Director of Oceanic Bank; Mr. John Aboh-led eighth subsidiaries of the bank to Sao Tome where the bank was handed over.
The development witnessed first completed sales of a bank since the present reform of the Central Bank of Nigeria under Malam Sanusi Lamido. The bank was set up in 2008 and licensed by the Central Bank of Sao Tome to carry out banking business.
In her last financial statement, the bank which made a loss of $600,000 had a contingency balance sheet of about 166.4 billion Dobras (Sao Tome currency).
Ibrahim, who said the bank will be repositioned and turned round quickly to return to profit, stressed that the take-over is strategic to position external relations between Sao Tome and Federal Government of Nigeria Joint Venture project.