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To maximise the benefit inherent in the new capital regime,
Oceanic Bank International Plc has adequately
position itself to meet the varied needs of its customers through
the establishment of various subsidiaries.
The bank, through its subsidiaries- Oceanic Registrars
limited, Oceanic Trustee limited,
Oceanic Custodian limited, Oceanic Insurance limited,
Oceanic Homes limited, Oceanic Securities limited and Oceanic
Asset Management, has become a financial supermarket,
adequately and efficiently positioned towards meeting its customers
needs.
With the subsidiaries, some of which have been approved by the
Central Bank of Nigeria like the Oceanic Registrars, Oceanic
Trustees, Oceanic Trustees and Oceanic Securities, the bank
hopes to increase the wealth of its shareholders.
Both those with the regulators approvals and other proposed
subsidiaries, still in the conceptualization stages, the bank
aims to create value through their efforts, through its enhanced
Information Technology infrastructure with a view to guaranteeing
that value is delivered bank-wide through superior service delivery.
The approved and proposed subsidiaries and their functions are
outlined below: |
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OCEANIC
CAPITAL
Provide investment advisory services to clients on their portfolio
investments.
Maximize the bank’s market share in the industry.
Earn fee income from short-term and long-term Investment portfolios.
Enable the bank extend a wider range of financial services to
blue chip organizations and High net worth individual in all
business segments.
Portfolio diversification to ensure higher yield.
Provide other value added service to the customer.
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OCEANIC
INSURANCE
Enhance earnings and generate liability for the bank from insurance
premiums and fees.
Enhance the bank’s group structure to effectively hedge
against competition.
Provides adequate insurance cover for the bank’s products
and risk asset portfolio
Provide cross selling opportunities for other products of the
bank
Ensure compliance with CBN and NICOM regulations.
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OCEANIC HOMES
Provide mortgage advisory services to clients and generate liability
for the Bank
Facilitate the processing of mortgage facilities from FMBN on
behalf of clients.
Invest in Government backed mortgaged bonds on behalf of clients
Engage in the execution and supervision of mortgage projects
Monitor repayments on mortgage facilities and earn fees accordingly
Send mortgage performance reports to FMBN as at when due
Undertake foreclosure of crystallized mortgage facilities
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OCEANIC
TRUSTEES
Monitor activities of Fund Managers on behalf of unit holders
or fund contributors.
Maintain custody of funds and documents relating to the investments
by the scheme or fund.
Ascertain the profitability rationale behind the investment
decision fund manager.
Ascertain compliance with the provisions of the Trustees Investment
Act 1962, the Investment and Securities Act 1999 and the Trust
Deed, by the Fund Manager.
Ascertain that monthly and other statutory returns/reports relating
to a scheme or fund and those of the company as a whole are
sent to the Securities and Exchange Commission as and when due
or required.
Carry out other functions that by the nature or exigencies of
the business become ancillary to its basic functions in the
smooth running of the organization.
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OCEANIC
CUSTODIAN
Receive the total contributions remitted by the employer under
Section 11 of the Reformed Pension Act on behalf of the PFA.
Notify the PFA within 24 hours of the receipt of contributions
from any employer.
Hold pension funds and assets in safe custody on trust for the
employees and beneficiaries of the retirement savings account.
On behalf of the PFA, settle transactions and undertake activities
relating to the administration of Pension fund investments,
collect dividends and other activities.
Report to the Commission on matters relating to assets being
held by it on behalf of any PFA at such intervals as may be
determined from time to time by the Commission.
Undertake statistical analysis on investments and returns on
investments with respect to pension funds in its custody and
provide data and information to the PFA and the Commission.
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OCEANIC
REGISTRARS
Issuance and dispatch of share certificates
Preparation and dispatch of dividend warrants to shareholders
Preparation and dispatch of statutory reports / returns to Regulatory
Authorities
Registration of Shareholders after IPO, PO and Rights Issue
Update of shareholders register with data received from CSCS
Respond to shareholders’ inquiries/complaints
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