CHAPTER ONE

1.0 INTRODUCTION

Oceanic Bank was incorporated on March 26, 1990 as a private limited liability company with 100% equity ownership by Nigerian citizens, and licensed on April 10, 1990 to carry on commercial banking. The Bank commenced business on June 12, 1990 at the Waterfront Plaza, Plot 270, Ozumba Mbadiwe Avenue, Victoria Island, Lagos. It was listed on the Nigerian Stock Exchange on June 25, 2004. At present, its authorized capital is N32 billion. Oceanic Bank International Plc, therefore, is a sixteen year old commercial bank with business offices located in several parts of Nigeria. The Bank is one of the largest in Nigeria. Her financial year runs from October 1 to September 30 of the subsequent year. Oceanic bank’s impressive performance over the years accounts for the quality of its customer portfolio which includes Corporate Organizations, High Net-worth Individuals, the Federal Government and some State Governments. To enhance response time, relationship management units have been structured as follows: Corporate Banking Group (CBG) Treasury and Financial Institutions Group (TFIG) Retail Banking Group (RBG) Public Sector Group (PSG) Staff in each sector have profound knowledge of the various industries and are therefore able to respond to customers’ peculiar needs.

1.1 Statement of the Problem

In banking industries today, queuing has become the order of the day. This creates a lot of problem to both customers as they waste their useful time in the banking hall, and also management of the bank as the run around to find solution to their problems. Also it is observed that customers cannot withdraw money any time they want as banks has their working hours. This is a big problem as needs can arise at any time and human beings will always like to have those needs solved. Also money deposited into accounts at times takes some hours to reflect in the persons account balance hence making banking operations slow and unhealthy for business environment.

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