Oceanic Bank Honoured In London As Nigerian Bank Of The Year 2007

[URL=http://www.oceanicbanknigeria.com/][u]Oceanic Bank International PLC...Read the full article.

[salstep]

How won't they win the award. After all the federal allocations that have been through the bank.

[Oghre]

salstep,

On this rare occasion we (including you) must put aside your negativity (bad belle) and rejoice for Nigeria. This award could have been fraudulently given to Cameroon or South Africa, going by the way the west hates Nigeria. Honesty prevailed and the bank won it for Nigeria. This builds confidence in investors not only for that bank but for the nation.

If Oceanic bank took in many state and federal allocations, they did not do so at gunpoint; authorities chose them for their efficiency and trust or for corrupt reasons like Barclays bank UK or Chase New York will do anyway, either way it is not the fault of the bank. Surely the must be doing something right for international organisations to honour them.

That’s my take

Ben

[Palamedes]

I congratulate Oceanic sweet moment but if the policy of quantity over quality is not redirected to safety, I fear the bubbles of these Nigerian banks shall head toward sharply pointed objects. The rate of expansion defies caution.

Nigeria (and Africa, for that matter), so vast market, and prudence advices that these banks concentrate on the local markets, improve quality and its customer base before making the grand entrance into the overseas market.

It seems that (in typical imprudent Nigerian style, alacrity, grand gesture, and all that), the Bank Ogas' objectives are to claim the “bragging rights” over who has the most coverage (I can hear the Ogas bragging that, “We are everywhere now!”).

[mulan]

Sometimes I think the Nigerian bank chiefs are too insular

I congratulate Oceanic and other banks that are doing well but they can't be too careful

They just have to look at Northern Rock, previously one of the top 10 banks in the UK

The last bank I worked for just before consolidation almost suffered the same fate

What happenned? Obasanjo ordered all government deposits to go back to CBN

Even right now, some are still floating on the tides of FDI they got during recapitalisation

Some are even rolling on the waves of loans obtained from other financial bodies

They out to be careful. A word they say is enough for the wise...

[ozoodoo]

What is the award about? For services to the Queen, providing vehicles to crooked politicians [Ibori, Odilli, Abubakar Audu, Obasanjo, Gbenga Daniel, Dariye etc] to move stolen public funds to safe haven in UK at stupendous profit?

[lumidii]

The very basic function of banks is to act as financial intermediaries in an economic system. Channelling funds from surplus sectors at a cost, into deficit sectors at a premium, and making a profit in the process.

It is well known that Public sector is the biggest source of funds, Oceanic keyed into that a long time ago. Not only FG allocations as some one noted above, but also Public Sector collections franchise like Taxes, Duties, Levies; Parastatal bills eg NEPA, NITEL, MTEL; and Fees like WAEC, JAMB, NECO etc. Other banks with wider branch network turned up their noses at such, because they didnt want their banking halls clogged with customers, but Oceanic identified the untapped market and moved in big time. Even First Bank was paying approx N50M in WHT on div through a less fancied competitor(same oceanic) in the late 90's. Ditto UBN, UBA and their registrars dept. The result was the top four had their market share eroded by the emerging banks. The bank was collecting billions monthly, and just imagine the float income, before remmittances were made to the authorities.

I saw the charts, and Oceanic was always at the top of the list.

The fact is that First Bank and Union Bank have very cheap cost of funds, from over a century of being in business, along with the goodwill and stability that earns, coupled with the dormant a/cs in their books. New entrants can never build that, but they can be innovative, or at best, acquire it - as in STB/UBA. Even UBN had to starve off advances from Elumelu. As it stands, i'm of the opinion that another phase of acquisitions is in the offing, as the CBN boss has said three of the current banks are struggling.

The Banker magazine must have had its own criteria for assessing the banks, and it is entitled to do that. Its left for us to decide whether we attach any importance to that or not.

Congrats to Oceanic, and the Ibru clan. Thanks to Uche, for bringing this to us.

[dem]

Originally Posted by lumidii

The very basic function of banks is to act as financial intermediaries in an economic system. Channelling funds from surplus sectors at a cost, into deficit sectors at a premium, and making a profit in the process.

It is well known that Public sector is the biggest source of funds, Oceanic keyed into that a long time ago. Not only FG allocations as some one noted above, but also Public Sector collections franchise like Taxes, Duties, Levies; Parastatal bills eg NEPA, NITEL, MTEL; and Fees like WAEC, JAMB, NECO etc. Other banks with wider branch network turned up their noses at such, because they didnt want their banking halls clogged with customers, but Oceanic identified the untapped market and moved in big time. Even First Bank was paying approx N50M in WHT on div through a less fancied competitor(same oceanic) in the late 90's. Ditto UBN, UBA and their registrars dept. The result was the top four had their market share eroded by the emerging banks. The bank was collecting billions monthly, and just imagine the float income, before remmittances were made to the authorities.

I saw the charts, and Oceanic was always at the top of the list.

The fact is that First Bank and Union Bank have very cheap cost of funds, from over a century of being in business, along with the goodwill and stability that earns, coupled with the dormant a/cs in their books. New entrants can never build that, but they can be innovative, or at best, acquire it - as in STB/UBA. Even UBN had to starve off advances from Elumelu. As it stands, i'm of the opinion that another phase of acquisitions is in the offing, as the CBN boss has said three of the current banks are struggling.

The Banker magazine must have had its own criteria for assessing the banks, and it is entitled to do that. Its left for us to decide whether we attach any importance to that or not.

Congrats to Oceanic, and the Ibru clan. Thanks to Uche, for bringing this to us.

Well said sir. Unfortunately, a few folks cannot get over their personal hang-ups. Banks are banks, not churches. Their business is to make money for themselves and their shareholders. Every investor (big or small) will always take their funds/savings to where they think it will yeild the greatest returns. It's like that all over the world and since the begining of time.

Yes, congratulations are in order in this instance.

[ocnus]

It is always a pleasure to see the Ibrus doing well in a legitimate business. Their success in the fishing business and its parallel structure of more exotic imports is, no doubt, a good training field for the banking trade. Their reknown in the banking business is matched by the interest their other businesses attract from the international enforcement agencies.

[Mikky jaga]

Originally Posted by dem

Well said sir. Unfortunately, a few folks cannot get over their personal hang-ups. Banks are banks, not churches. Their business is to make money for themselves and their shareholders. Every investor (big or small) will always take their funds/savings to where they think it will yeild the greatest returns. It's like that all over the world and since the begining of time.

Yes, congratulations are in order in this instance.

Yeah, Lucky chaps.

Banigo tried to go through the same route but lost his All States Bank to the bargain.

One only hopes they will not play into the hands of another vindictive government like OBJ's. That will be the end of their so called success. Politicians, and by extension, governments are not reliable people to build your business success upon.

[nenezeh]

Don't hate the player, Hate the game.

[JAGA-JAGA]

I have been very concerned recently when year after year, foreign bodies have been the ones giving award to our banking institutions. Methinks that our financial institutions need to be very very careful before the bubble burst.

That is my humble opinion.

[fxo]

Originally Posted by Oghre

salstep,

On this rare occasion we (including you) must put aside your negativity (bad belle) and rejoice for Nigeria. This award could have been fraudulently given to Cameroon or South Africa, going by the way the west hates Nigeria. Honesty prevailed and the bank won it for Nigeria. This builds confidence in investors not only for that bank but for the nation.

If Oceanic bank took in many state and federal allocations, they did not do so at gunpoint; authorities chose them for their efficiency and trust or for corrupt reasons like Barclays bank UK or Chase New York will do anyway, either way it is not the fault of the bank. Surely the must be doing something right for international organisations to honour them.

That’s my take

Ben

I think it is fraudulent to over believe in your own hype and to under-rate people who are actually doing well.
Outside of comparing Nigeria with the US and UK ,and concluding the task is 'hurculian', trying comparing with countries like South Africa, so that you can get a good perspective of where we are lagging.
Pretending that the ratings that put them ahead of us in many sectors are a lie, is the lie.
(You claimed the Bank won it for Nigeria. I am still waiting for my share of the prize.)
What exactly does this award translate into? Maybe you will like to educate me.
Lets get to work.

[dem]

Originally Posted by Mikky jaga

Yeah, Lucky chaps.

Banigo tried to go through the same route but lost his All States Bank to the bargain.
.....................

Bad manager and unlucky. What can I tell you?

[ifeolooni]

award for money laundering, fx n inside dealing,over dependence on public funds and private sector rent seeking,

[lumidii]

From some of the postings above, it is clearly evident that some are too blinded by their negativity, to comprehend what Uche has presented in his write-up. In nowhere did Uche mention or insinuate that Oceanic won an AFRICAN award, or a GLOBAL one for that matter. A bank was selected from each of about 143 countries, and continents. Oceanic happened to be the one that was selected from Nigeria. In essence, there were at least 143 winners from approx 143 countries, and Oceanic pipped other Nigerian Banks to it.

The African, and Emerging Markets Banks award went to two of those banks with strong presence in South Africa. Oceanic may not be the same size as Standard Bank of SA, but our Banks are growing, and in no distant future one or two would be able to hold their own within the African continent. As recent as 1999, minimum share capital of Banks in Nigeria was N500M, so we need to look back, to appreciate where we are at this stage.

I am for the success of everything Nigerian, give honour when it is due, and chastise when there is a just cause to do so.