Oceanic Bank Named Best in Nigeria

Oceanic Bank International Plc has won the coveted ‘Best Bank in Nigeria’ awards. This was pronounced by EMEAfinance, the UK-based financial intelligence magazine covering Europe, Middle East and Africa.
Oceanic Bank emerged best bank in Nigeria among the hordes of banks nominated for the award at the magazine’s maiden African Bank Awards luncheon held in London recently.
Oceanic Bank, according to EMEAfinance, won the awards on account of “robust growth in its asset base, profitability, return on equity, regional expansion, among others. The feat achieved by the bank, according to a statement issued by EMEAfinance, is coming on the heels of similar award of Bank of the Year in 2006 and 2007 consecutively - an award instituted by The Banker magazine, a subsidiary of the Financial Times of London.
Speaking at the award ceremony in London, Publisher/CEO of EMEAfinance magazine, Christopher Moore, described Nigeria’s banking sector as the most dynamic in Africa. “The story of African banking over the last 12 months has, in some ways, been the story of Nigeria,” he said.
Declaring Oceanic Bank as an outstanding financial conglomerate with consistent impressive performance record, EMEAfinance noted: “Our winner of the best bank award - Oceanic Bank, has seen its gross earnings grow by an annual average of 65 percent every year since 2004. Its assets tripled last year. Profit before tax also more than doubled last year.”
The magazine also noted that Oceanic Bank’s shareholders’ funds grew by around seven times last year, while the bank recorded the lowest cost-to-income ratio of its peers, at just 56 per cent, for the period under review.
"Oceanic Bank has expanded its branch network aggressively, from 53 branches in 2004 to 320 business offices as of September 2007. It has accelerated its international expansion, with offices and affiliates open in Ghana and Gambia and operations opening soon in Liberia, Cameroon, Sierra Leone, Chad and Sudan," the magazine added.
Receiving the award, Cecilia Ibru, Oceanic Bank’s managing MD/CEO, said the recognition was yet another testimony to the bank’s consistent impressive performance over the years.
She dedicated the award to the Bank’s staff, noting that their expertise and commitment to excellence and best practices had given the Bank a competitive edge that has made it a top player in the nation’s financial services sector.
“Oceanic Bank remains committed to pioneering innovative changes in the finance sector and partnering the government and all sectors in the task of building a stronger Nigeria,” she said.
She also informed that the bank is building lasting structures and devising strategies that will make it possible for many more Nigerians to have access to job opportunities.
According to Julia Evans, editor of EMEAfinance, “Oceanic Bank’s profitability history and consistent high return on equity clearly demonstrates the bank’s leading position in Nigeria’s financial services sector, and one with huge prospects to compete effectively in the global markets.”
“At a time when financial institutions across the globe are experiencing challenges, Oceanic Bank is showing clear signs of solidity and huge prospects of emerging as a global brand,” he added.