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Oceanic Bank of Nigeria Shareholders to Discuss Ecobank Deal

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Shareholders of Oceanic Bank International Plc (OCEANIC), a Nigerian lender that was bailed out by the central bank in 2009, will meet on Sept. 27 to decide on a plan by Ecobank Transnational Inc. (ETI) to acquire it.

Investors will discuss the transfer of 55 billion naira ($355 million) worth of shares to Lome, Togo-based Ecobank Transnational, the lender that operates in more than 30 African nations, according to an e-mailed statement from Oceanic.

Shareholders will also decide how much stock will remain in the hands of current investors in the Lagos-based lender and approve giving shares worth 290 billion naira to the Asset Management Corp. of Nigeria, known as Amcon, in order to bring shareholders’ funds from negative to zero.

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Oceanic Bank was among eight lenders whose chief executives were fired by the Central Bank of Nigeria in 2009 after a lending crisis threatened to collapse some of the country’s financial institutions.

The central bank bailed out the lenders with 620 billion naira and created Amcon to buy non-performing loans of the banks to enable them to rebuild their balance sheets and resume lending. It gave the banks a Sept. 30 deadline this year to recapitalize or face liquidation or nationalization.

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