HAKEEM BELLO-OSAGIE:  Strategist of note

Armed with a curriculum vitae that is as long as it is intimidating, Hakeem Bello-Osagie has not ceased to confound even his die hard critics, on the way he has managed to keep the United Bank for Africa (UBA) Plc afloat, despite the large-scale restructuring which led to massive sacks.

UBA is now quoted on the London Stock Exchange, the first Nigerian bank ever to achieve such a feat.  As the Chairman of one of Nigeria ’s first generation banks, Hakeem Bello-Osagie, a workaholic, seems determined to take UBA to the pinnacle of banking in the country.

An alumnus of the elite Kings College , Lagos , in 1970 he moved to Atlantic College , Wales before entering Oxford University .  Osagie got a bachelor’s degree in Philosophy, Policy and Economic, before moving on to Cambridge University , where he took a bachelor’s degree in law in 1978.  Not satisfied with his academic achievements, Bello-Osagie took a Master’s degree in Business Administration from the Havard Business School . There, he wrote a special paper on the International Oil market under Daniel Yergin and Robert Stobough (authors of Energy Future).

This unassuming banking wizard is also the Chairman of several other Companies, especially with interests in the financial, legal and medical spheres.  Highly respected for his articulate views on the economy, Bello-Osagie, whose father is a renowned gynaceologist, also has his hands in the petroleum sector.

After the restructuring and re-engineering process that have taken place in United Bank for Africa Plc, its Executive Chairman, said the result was an increase in Shareholders value.  He said the balance sheet footing of the bank has been growing rapidly since the exercise.  Capital resources has also multiplied and return on assets and return on equity increased and the price of the Company’s Stock increased many times over.

With the return of government fund to commercial banks and with the hind-sight of past experiences, UBA took the decision to place such government funds in treasury bills, which attract very low interest, basically to avoid a situation where government will suddenly call for such deposits thereby committing the bank into serious funds may have been lent out to end users.

The chairman said UBA would adopt and concentrate on a strategy that will focus on consumer banking.  Since its privatisation six years ago, and following full divestment of the government’s shareholding, UBA has undertaken two major restructuring exercises that saw a reduction in the work force, an increase in technology application and changes in the management structure.

Newswatch Special Feature, Friday, 15 November 2002