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Hakeem Belo-Osagie discloses what he discovered about UBA before embarking on a major turnaround through sweeping reforms and restructuringUnder his leadership, UBA’s value grew from about $10–15 million to around $250 million by the time he and his investors sold their stake in 2005He said he exited the bank because he had always seen it as an investment and wanted to move on after years of regulatory scrutiny and attacks
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
For many investors, buying a distressed company is a gamble. For Nigerian businessman Hakeem Belo-Osagie, acquiring United Bank for Africa (UBA) in 1994 became one of the country’s most remarkable corporate turnaround stories.
When Belo-Osagie led a group of investors to acquire the struggling lender, they believed they were buying a bank that merely needed restructuring. Instead, they discovered an institution on the brink of collapse.
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