Jibrin Abubakar
17 November 2008
Oceanic Bank International Plc's quest to become a one stop financial super market is yielding results as it has added another subsidiary, Oceanic Pension Fund Custodians Limited.
The addition came following the granting of an operational license to Oceanic Pension Fund Custodians by the National Pension Commission (PenCom).
PenCom granted the license after a rigorous evaluation of the documents submitted by Oceanic Pension custodians and a rigorous physical inspection of the premises of the company.
A letter from PenCom to Oceanic Pension Fund Custodians states, "Consequent upon a detailed evaluation of your compliance with the requirements, terms and conditions specified in the A-I-P and the inspection of your premises, ICT infrastructure and operational processes and procedures, the National Pension
Commission (the commission) hereby approves the issuance of a license to Oceanic Pension Fund Custodians Limited to carry out the business of a pension fund custodian."
President of Independent shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu commenting on the new subsidiary expressed optimism that it would contribute greatly to the bank's bottom-line.
He said: "Oceanic PFC will add value to the parent company-Oceanic Bank. It will also add value to the bank's customers because they will have opportunity of doing all their businesses in the bank without any threat. Eventually, the new subsidiary will help to increase the bank's turnover and this will positively affect those of us who have invested in the bank. Once the bottom-line of the parent company is increased, it means bigger cake for us and that is what we expect at the end of the current financial year."
Oceanic Pension Fund Custodian came on board following the new contributory pension scheme designed to enable workers to save in order to cater for their livelihood during their old age.
The system requires that every employer with a workforce of above five to register his staff for the scheme.
The contributed funds will be managed by the Pension Fund Administrators though they will not have access to the funds. The funds will be kept by a Pension Fund
Custodian. The PFAs are institutions with minimum paid up share capital of N150, 000,000.00. The PFCs must have a net worth of less than five Billion naira unimpaired by losses and a total balance sheet of at least N125,000,000.00
(125 billion Naira). The PFCs are also required to issue a guarantee to the full sum and value of pension funds and assets held by them or to be held by them.
The parent company of Oceanic Pension Fund Custodians Oceanic Bank international Plc is a market leader in the domestic banking industry.
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