lonewolf:

If city firms, investment banks, hedge funds and other financial service institutions from Wall Street to London are feeling the punch of the financial crisis and are laying off workers with the quickness, what would make Nigerian banks impervious to those dynamics as well? Are these not the same Nigerian banks where the executives cook the books and declare phantom profits? How can a Nigerian bank convince me that they are able to weather the financial crisis better than a Canadian bank, for example, when the Nigerian bank  -- by default -- is operating from a weaker position and has less access to cash?


Nigerians just like to talk nonsense.

Interesting you should mention this, as I have just been reading this article from The Africa Report and this Clarification to the original article.

You're correct, Nigerian banks aren't impervious to the financial crises affecting global banking.  We will see what holds true when the dust from the recession finally settles.

Both the pro and anti are here debating while some people are wailing,

The two sides maybe right, it is only the victims that can tell us who is more righteous,

We must all be careful on how we use words, the poster, may have lost his job at OBIN, but someday, he may find himself there again at the highest level, this time, with the task of solving the problem people like him created,

And those saying OBIN is right and praising it to high heaven may have to wait for a day when the sack cakes will be passed to them, unless they are related to owners, In anything we do, I recommend that we are moderate about it. regardless of how oceanic is performing, I am aware that the bank was not one of the Banks considered as "strong" in Nigeria. Therefore no amount of publicity can change that.

I am also going to reject the general conclusion that everyone sacked are those who didn't meet their targets or are fraudsters, It is impossible for any bank to knowingly accommodate a large number of staff that are known to be in disciplined and fraudulence just because they want to employ people, let us see beyond our noses, there is more to the sacking that the claimed we are being fed with.


Let me remind everyone that only four banks are considered strong among all the banks presently dangling fat profit at their shareholders. And Oceanic bank was not among them. Even Skye bank that is not as big is financially better. So we don't need antagonists and protagonist to debate something that is already causing tear in some families. Let us just know the facts so that we can know how to prepare for any eventualities.

[quote author=osamaobama

NO DOUBTWE ARE HEADING FOR THE ROCKS. OCEANIC BANK CANNOT SURVIVE DECEMBER 2009. THOSE OF US IN THE SYSTEM KNOW THAT WE CANNOT BE IN TH BANK COME OCTOBER COS B/W NOW AND THEN 5800 STAFF WILL BE LAID OFF FORM ITS EXISTING 7500 STAFFS. CONFIRMED REPORT FORM THE HUMAN RESOURCE DEPARTMENT.
FOR YOU BELOVED DEPOSITOR, BE CAREFUL.
[/quote]

this is rushed conclution that has all the hallmarks of grudges.

Source?

I still prefer oceanic. As long as they keep making me happy. At least they have a 0 naira charge on using there atms with their cards unlike other banks (intercontinental) that charge 50 naira, while other banks charge 20.

just too unfortunate and pathetic,posting this,isn't bad,but for the story itself,it is ment to innnform people,especially those in banks to plan ahead for thier future,and for others to plan ahead of thier future in thier carrear,may god help us all.this is the type of country we are.

@Poster
Kindly provide the source of this story

I will make a few calls and check out this info on both mainstream and independent news sources.

Oceanic bank is obviously in murky waters and this is an established fact within the financial circles.

The management have been careless and reckless. I cite an instance, I was reliably informed by a customer of theirs about a lousy fella (his friend) that bolted with a loan ($ millions) and went globetrotting and frolicking with the loan. I read a staff saying that the bad debts will be recovered, how do you recover such unsecured loans?. Isnt granting such loans careless and reckless? Furthermore, lazy a-s-s personnel have trooped into the bank in the name of it being the highest paid and where peace is experienced. I know a staff of another bank that kept telling me that she is fed up with deposit pressure from her bank and wants to work in Oceanic because their staff experience peace.

As I said in an earlier post the management board's decision to earmark N42billion to cover for losses and refusal to pay even a pittance to shareholders is tantamount to gross misconduct, negligence and callousness towards shareholders, How can you rationalize overpaying lazy a-s-s staff and neglecting shareholders that plunged their hard earned money (salaries, sale of valuable belongings etc) into the bank? Other banks (First Bank, Zenith) made provisions for losses and equally paid dividends.

Personally having lost over 75% of initial investment in Oceanic bank shares, even a stipend in the name of dividend in their released results would have eased my fury. The bonus issue of 1 for 10 is inimical because the value of Oceanic bank shares are almost worthless and cannot even be sold!

First of all I read carefully evey line of MR OsamaObamas (and the name says a lot about the way he/she thinks) and may have considered the possiblity of truth in the post if he had simply allowed us to come to our own conclusions based on his "facts".

Granted the bank may be facing challenges but, as others have pointed out, so is every other organisation in the world.

I have gone through my regular newsweep and cant seem to find any such story (even on my favourite www.proshareng.com). I cannot fathom why someone would come up with such a story and not provide his/her source.

You must agree that the post is very negatively skewed and seems to tend towards misinformation but then I may be wrong so I leave others to come to their own conclusions.

Anyway Mr OsamaObama please take out some time to read my letter to you,


MY REPLY TO Mr OSAMA OBAMA

Dear Mr OsamaObama,

After reading your post on Nairaland I have decided that my response should be at a level anyone should be able to understand without being derogatory.

However if you have any problems interpreting dont worry I've also factored that into this note.

I would now like to ask if, while you proceeded on the tedious task of thinking through the aftermath of your infamous post, you considered:

[b]That Oceanic bank has enough intelligent people to come up with a solution to the challenges caused by the global economic crises.

That they may have chosen this path from a list of even worse scenarios (withold salaries, filing for bankruptcy and closing down the bank).

That it is not unusual for organisations, that have had to lay off staff in bad times, to re-employ the same people when they things get better.

That if things were bad before this post you may just have made it worse with your comments and suggestions.

That if depositors start to withdraw their monies, more employees (who may even have been doing very well or may even be related to you or me) may be asked to leave.

That the entire banking system of an economy are connected and if one bank goes down others would follow.

That if others follow even more people would be laid off (more of our friends and relatives).

That if these banks start to lay off, another "concerned citizen" like you Mr OsamaObama, may restart the entire process of posting his/her "facts"

That if all the banks go down the economy is ruined.

That history records that the most common action of governments in a state of economic crisis is to go to (unemployed people are easily mobilized to fight eg Hitler and Germany)

That Nigeria is more or less already at war (check out news on Niger Delta and religious uppheavals)

That the victims of war are predominantly women and children

That war would take us back at least 49 years

That, [/b] I'm sure you get the picture by now

An all this because of a comment on Nairaland.

When would we ever learn to stop throwing stones? You just may break your own head.

Has anyone noticed the number of postings from Mr OsamaObama (if you have less that 10 postings on Nairaland and engage us on a controversial topic, we would assume that you are, )

If you were a former employee then giving us your name and employment details should not scare you as you have nothing to lose.

If you are still an employee then (and i feel aboslutely no remorse in saying) you should have been the very first to go.

Warm regards.

Knzguru

things are not always what they seem.

Is it only oceanic Bank?Niger Insurance plc sacked about 250 staff,yet they are not able to pay salaries cheerfully,even ,some of the benefits of the sacked staff can not be paid due to shortage of funds.One wonders where all the money has suddenly gone to in the last two years.May GOD deliver us.

lecoush:

Dear People, sabak has given you all you need to know. The bank has grown stronger. Have you seen the half year result for 2009, it cant get better than that. Categorically, i can confirm to you that a lot of people are indisciplined in Oceanic, how do you reconcile when a staff like the initiator justifies coming late or dont even come at all. The bank has a lot of opportunities but will need to flush out quickly all these elements less they pull the bank bank. The bank has taken the right step. I have worked in a bank where you cannot try to come late to work and the bank is regarded as the most professional bank in nigeria. You cant earn professionalism with a lot of mediocres around. The bank remains the only high paying bank that has not slashed salary by one bit despite the ravaging global crisis

So you registered today just to write the above abi? . Na wa for Oceanic Bank staff. Una dey experince peace.
Truth must be told, I think the bank is okay. It is solid. As I said earlier, provision is not loss.

Ya they could have been employed to scoop for money,i mean those from other banks that were dropped. In any case lets be objective when discussing issues. All this talk about profit before tax and after tax,are mere talk to me;otherwise why savannah bank closed has been reopened.
Man know thyself.

I do hope oceanic bank isnt crumbling

Spoke with a friend mine who works with Oceanic and he confirmed that some staff were sacked,
but never in the region of the OP's statement.


He further said that those sacked were people who have had at least 3 queries in the past , those engaged
in serious fraud,and also those who could not meet-up with the targets promised while applying for the job.

Havent gone against an organisation's stipulated Guidelines, what do they expect?
[size=8pt][size=8pt]
GOLD MEDAL[/size][/size]

FOR THE PAST 3 DAYS I HAVE READ WITH VERY KEEN INTREST ALL REPLIES THAT WERE MADE TO MY POST; SOME VERY ATTACKING TO MY PERSON, SOME CONSTRUCTIVE, SOME INSULTIVE, SOME COMMENDING, SOME UNDERSTANDING, SOME REMORSEFULL.

I DID NOT MAKE THAT POST TO ATTACK OCEANIC BANK IN ANYWAY, THE TRUTH OF THE MATTER MY COMMENT CAN WHEN THE HEAT WAS REALLY HIGH IN THE BANK, AND MY BY ONE OF THE WAY TO EASE OF TENSION WAS TO POST MY COMMENT, I REALLY APOLOGIZE IF WHAT I POSTED WAS A DIRECT ATTACK TO SOME PEOPLE IN THIS FORUM, IT WAS NEVER INTENDED. ESPECIALLY TO PEOPLE LIKE SABAK AND KNZGURU AND ALLOT MORE.

I AM STILL AN EMPLOYEE OF THE BANK, I AND WILL STILL BE UNTILL THE DAY I TENDER MY RESIGNATION OR THE DAY I AM ASKED TO LEAVE.

BUT I DONT HAVE ANY REGRET ON WHAT I WROTE, WAT I POSTED IS TRUE AND NOTHING BUT THE TRUTH. I WISH I COULD SCAN SOME OF THIS FACTS I.E TERMINATION LETTERS OF STAFFS, BUT UNFORTUNATLY I CANT COS I CAN NOT SHARE BANK INFORMATION ON THIS FORUM.

IF YOU WANT TO KNOW THE FACT OF THIS MATTER, I BELIEVE OVER 50% OF PEOPLE THAT ARE READING THIS POST KNOW ONE OR TWO PEOPLE IN THE BANK OR OTHER BANKS, THEY CAN CONFIRM. IN ALL THIS POST ALL THE PEOPLE THAT HAVE CLAIMED TO HAVE INVESTIGATED NEVER DISAGGRED WITH WHAT I POSTED, BUT INSTEAD THEY ATTCKED ME AND POSTED THIER FEELINGS ABOUT ME.

I AM ARMED WITH FACTS AND FIGURE, BUT I SAID I WILL NOT PUBLISH IT HEAR, IF ANY CARES TO KNOW HOW AUTHENTIC THIS SOURCE OF INFORMATION IS, THEY SHLD FIND OUT FROM PEOPLE THAT ARE CLOSE TO THEM AND THEY R IN OCEANIC.

AS I WRITE THIS POST A SENIOR MANAGER IS FACING DECIPLINARY COMMITEE FOR ALERTING HER STAFFS ABOUT THE WAY MANAGEMENT ARE SACKING STAFF, SHE IS OBVIOUSLY LEAVING, SO UNFORTUNATE.

oop

Pls check ur facts and be sure, otherwise it will be seen as vendetta. Can you pls state ur profile in the bank. What is the report about ur actions. If Oceanic Bank is affected by Meltdown. I do think there ar better ways of resolving this knowing the consequence of sack without reason. Pls, once more check ur facts don’t mislead others

The situation in oceanic bank seem to be getting out of hand as i can authoritatively tell nairalanders that staff of the bank are been debited N18,000 for not selling enough of the'Okocha' football challenge forms and it also went further to debit staffs compulsory N8000 to join the CIBN. i STAND TO BE CORRECTED!!! Oceanic Bank, is now a banana republic, na wao

@osamaobama. i totally agree wit you and the pple castigating you are only ignorant of what is going on and do not have any one working in the bank. Your facts are dam correct.

Brothers and sisters,d poster shldnt just b crucified although he has exaggerated alot,but i work in the bank and i certainly knw dat an average of 20 letters emanate frm HR evryday for the past one week or so.i luv my job and i have been praying alot 4 my employer,i'l advice all colleagues and frends to do the same too,dats d way out.i also knw all staffs were unjustly debited btw 9k-wateva depending on ur grade level 4 d okocha football challenge cards unsold and 8k for cibn membership form not bought.i thnk oceanic tries alot honestly,but hvnt found d situation easy themselves as dey dnt just sack anyhw but take time to find weal links, as i said,tjeres nuttin impossible wit prayer,i luv my job n pay n i pray hard, no nairalander cn offer any bit of help to d situation but pray

@POSTER ****U R A BLATANT LIAR******** !!!

THE POOR CANNOT SLEEP COS THEY ARE HUNGRY AND THE RICH CANNOT SLEEP COS THE POOR ARE AWAKE

What do you mean by that statement?

i think the banks should take it easy with their marketing staff. Target are not set to be met. Marketers do all kinds of crazy things to meet their target to avoid issues with management. if these staff are not doing well in marketing, i suggest they practice rotational banking where they are asked to resume in other department where their core competence is.

one more thing, don't crucify the poster, he is only expressing what he knows., afterall we all have right of expression.

I've been reading all these comments and i'm amazed at the comments that have been made by OsamaObama and Vtodorado. It's ovbious that that both of you are staff of the bank. However, your 'facts' are so porous that i wonder why people even bothered replying you. Fortunately for me, i'm in a better position to know what's a lie and what's the truth, The Osama fellow claimed he got his figures from HR, such a stupid lie cos i know better.

i luv oceanic bank stop blaspheming d bank they are still on d top and if u re a dumped staff dont say like dat cos it will only do u more harm than good :p

no smoke without fire

Those of you that are with Oceanic Bank should make sure your identities are well hidden .

I was actually looking for any further info/reactions to oceanic results before I stumbled on this thread,like someone said maybe there is no smoke without fire afterall.

I am not making any conclusion on all I have read here nor on what I am posting,just make your own evaluation on d info at hand.

http://www.proshareng.com/news/singleNews.php?id=7293

Some investors comment on the published results:

[b]This result they are declearing it is for real becouse i see no reasons why after declearing all the huge profit at the end no bonus no dividend,yet they are making a hell of profit as they claims.i can remenber when last they give shareholders benefits.I just hope this one get to them so that they should stope giving us crap,and face reality for once

IS OCEANIC BANK A FAMILY BUSINESS OR A PUBLIC LIMIMITED COMPANY? I NEED CLARIFICATION ON THIS BECAUSE PURPORTED YIELDS PRESENTED ON THE NEWS PRINTS QUARTERS AFTER QUARTERS WERE NEVER TRANSFORMED INTO STOCKHOLDERS BENEFITS! FOR EXAMPLE, I PURCHASED UBA AND OCEANIC IPO ON THE SAME DATE, AND HAVE RECEIVED THREE (3) DIVIDENDS CUM TWO (2) BONUS SHARES FROM UBA, BUT TILL DATE, HAVE NOT RECEIVED ANY BENEFITS FROM MY INVESTMENT IN OCEANIC BANK PLC. THIS IS OUTRAGEOUS!! IT MAKES ME BELIEVE THAT THE MANAGEMENT IS REPEATEDLY PRESENTING COOKED BOOKS TO THE PUBLIC. I TEND TO BELIEVE TOO, THAT THE COMPANY IS ONE OF THE PURPORTED 'SICK' BANKS IN NIGERIA. IF THIS IS TRUE, SHAREHOLDERS SHOULD WASTE NO TIME IN GETTING THE BANK MERGED WITH ONE OF THE PROFIT-ORIENTED AND 'CLEAN-HAND' BANKS IN NIGERIA, SUCH LIKE: FIRSTBANK, UBA, OR UBN. IN THE ALTERNATIVE, WE SHOULD GIVE IT UP FOR GRAB TO FOREIGN INVESTORS. IT HAS BEEN SHAME TO THE MANAGEMENT OF OCEANIC BANK ALL THE WAY AND SHAMEFACEDLY, SHOULD ALL BE SACKED WITH IGNOMINY[/b]

you see that is the more reason why we should not jump to conclusion and begin to crucify
the poster!

This is not true.Some people have been laid off in recent time due to one of the following reasons;negligence to duty,fraud,poor attitude to work,inability to meet set targets etc.The management of the bank has been benevolent to these set of people and management cannot continue to run a world class organization this way.The sledge hammer must definitely fall on these set of people.Sorry Mr Osamaobama if you are one of them.