DIAMOND MOVES TO ACQUIRE OCEANIC BANK

Alex Otti, MD Diamond Bank Plc

The number of troubled banks in the country, have continued to increase by the day. First it was Intercontinental bank and now Oceanic, while that of Finbank is still on the way.

A statement by the group managing director of Diamond bank Plc, Mr Alex Otti few weeks back  indicates 

that Diamond bank is seriously warming up to take over Oceanic bank following thw possibility of Intercontinental Bank take over by Access Bank and the financial ‘romance’ between FCMB and FinBank, Diamond Bank.

 It would be recalled that Oceanic Bank was one of the ailing banks bailed out by Central Bank of Nigeria when the toxic debts profile of the bank became unbearable. At the peak of the crises that rocked the Nigerian financial sector, the former managing director, Mrs. Cecelia Ibru was arrested for mismanagement. She was jailed by the court.

 If Diamond Bank eventually takes over Oceanic Bank, then it would be good news because Central Bank had given it up to September 30 to get a buyer. we were further informed that the take over won’t involve cash purchase, rather it would be a share to share combination.

 At the moment, the Oceanic Bank in Sao Tome, which was owned by the bank, had been sold to Mr. Jimoh Ibrahim, a billionaire businessman, founder of Global Fleet Oil and Gas. He is also the chairman of Air Nigeria, Mirror Newspapers and Nicon Group of Companies. Ibrahim bought Oceanic Sao Tome 100 per cent.

 Diamond Bank is a new generation bank under the leadership of Alex Otti, a financial expert/ He was an Assistant General Manager with UBA before he left to join Finbank. He rose to the position of executive director with Finbank before he joined Diamond Bank as MD.

 It would be recalled that few months ago, the managing director of First Bank,Mr. Bisi Onasanya said his bank dropped the idea of acquiring Oceanic because it was not a good deal.