BY PETER EGWUATU
Oceanic Bank International Plc has opted to go for the National Commercial Banking license in compliance with the revised banking model outlined by the Central Bank of Nigeria (CBN).

The Bank also said it has no plan to retrench their employees as being speculated by some labour unions.

The Group Managing Director of the Bank, Mr. John Aboh, who disclosed this said that  Oceanic Bank has received over N200 billion from the sale of its assets to the Asset Management Corporation of Nigeria (AMCON).

According to him, “ on a positive note, the Bank recently concluded the sale of some of its non-performing loan portfolio to AMCON and received bonds worth over N200 billion in exchange. This has greatly improved the liquidity position of the Bank and boosted its liquidity ratios above levels stipulated by the CBN. The Bank will pursue a four-pronged recapitalization plan to achieve the N25 billion minimum capitalization required for national commercial banks.

These include: organic means through profit from operations, sale of assets to the Asset Management Corporation of Nigeria (AMCON), AMCON financial accommodation to bring the negative Shareholders’ Funds (SHF) to Zero, and injection of fresh capital from strategic investors”.

The Oceanic Bank chief added that the eventual recapitalization of the Bank will ultimately position Oceanic Bank for a stable and sustainable growth that promises to deliver good returns for shareholders.

Aboh stressed that the Board of Directors of the Bank, had in compliance with the “Regulation on the Scope of Banking Activities and Ancillary matters, Number 3, 2010” as released by the Central Bank of Nigeria, resolved to apply for a National Commercial Banking licence under a Stand-alone operating model. The Bank expects to comply with the CBN guidelines within the designated timeframe prescribed in the new regulation.

In another development, the Management of Oceanic Bank International Plc has flayed misleading text messages on purported liquidation notice served on some Banks by the Central Bank of Nigeria as the handiwork of mischief makers.

The Bank’s management stressed that there is no iota of truth in the purported liquidation notice as no Bank operating in the country is under any threat of liquidation by the CBN.

It also flayed media reports on planned picketing activities in certain Banks, adding that the Bank maintains cordial relations with Labour in keeping with its policy on relating with its workforce transparently and humanely.

Aboh refuted claims on alleged retrenchment in the organization, adding that its inclusion among banks to be picketed as reported in the newspapers was based on misinformation to labour leaders which are being addressed by all stake holders.

The Group Managing Director/Chief Executive of  Oceanic Bank said, “Oceanic Bank has the highest regards for its workforce and has always involved relevant Labour Unions in its activities. We are working closely with the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) to set the records straight. We want to reassure our customers that there will be no picketing in any of our branches and urge them to remain calm and go about their normal businesses with the Bank.”

Aboh assured the bank’s customers and shareholders of the management‘s commitment to enhancing value for all stakeholders.

“We have successfully repositioned the Bank and have given our esteemed customers and shareholders a reason to envision a brighter future for the Bank. We expect this trend to continue in the years ahead” he added.