Business
Oceanic Bank Refutes Reports On Staff Disengagement
The management of Oceanic Bank International Plc has described recent media reports on fresh disengagement of staff as unfounded and a premeditated attempt by people to derail the consistent progress being recorded by the bank.
According to Mr. John Aboh, Group managing director/CEO, the Bank had last December concluded the staff rationalisation exercise which was adopted to drive operational efficiency in the organisation. Noting that it had become imperative to alert customers and shareholders on sponsored negative reports against the bank, Aboh assured that Oceanic would remain focused on the task of returning the bank to profitability.
He said, “I urge our esteemed customers, shareholders and the entire banking public to disregard such reports. Oceanic Bank is making steady progress with its recovery efforts and the trends before us show promising prospects and enhanced value creation for all stakeholders”.
The Oceanic Bank boss explained that prior to the bank’s staff rationalisation exercise, it was expending over N4 billion monthly on salaries and wages to a workforce of over 20,000 people.
We had to implement the painful process of staff rationalisation to streamline the workforce along the line of the current business realities otherwise we will be deploying depositor funds to sustain the bloated workforce. The vision of the bank, he stated, was to grow the business to ensure consistent value creation for our customers and shareholders.
According to Aboh, the bank’s management had already implemented an across-the-board salary cut that will further streamline its cost profile and further enhance its drive for operational efficiency.
This strategy was adopted following a meeting in which the bank’s executive and senior management unanimously agreed to this unprecedented sacrifice in order to hasten the recovery pace of the bank.
The details of the salary cut include 15-20 per cent for senior management and 22.5-35 per cent for executive directors and MD/CEO.
Aboh said the development was a clear demonstration of commitment of the workforce to tobust recovery plan unveiled by management adding that the management places high premium on operational efficiency as a vehicle for building the firm’s capacity for sustainable and consistent profitability.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.