Oceanic Bank Celebrates 19th Anniversary, Gets DMO License to Trade FG Bonds

As Oceanic bank International Plc marks its 19th year anniversary in commercial banking business, the Debt Management Office (DMO) has also granted a license to the bank to bid and trade in Federal Government’s bonds and other credit instruments under the Primary dealer Market Maker (PDMM) system.
Cecilia Ibru, group managing director/CEO of the bank  assured that the management would continue to live up to expectations and would not relent in its efforts at providing modern electronic banking services as well as products fashioned after specific needs of individual customers especially at this time of global economic challenges.
With the license the bank can deal directly with the DMO and use its network of branches to sell bonds to investors.
Ibru said "Oceanic Bank has a lot of experience and expertise in the capital and money markets. We will use our ability, capital and size to ensure that we add value to the bond market."
She advised the DMO to stimulate activities in the bond market so that bonds can be used to finance infrastructure like power to further enhance the business environment in the country, noting that as a result of the global economic meltdown, Nigeria is well positioned to attract investments because the yield from FGN bonds is one of the best in the world.
Dr. Abraham Nwankwo, director-general of the DMO expressed optimism that the bank would be an active participant in both the primary and secondary markets and that its activities would contribute to the attainment of DMO’s objectives, adding "we believe that you would make use of your large customer base and branch network to provide the much needed depth to the FGN bond investor base and most importantly, support DMO’s mission to support the domestic bond market through initiatives such as the introduction of new products."