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.
is now quoted on the London Stock Exchange, the first Nigerian
bank ever to achieve such a feat.
As the Chairman of one of
first generation banks, Hakeem Bello-Osagie, a workaholic, seems
determined to take UBA to the pinnacle of banking in the country.
alumnus of the elite
in 1970 he moved to
Osagie got a bachelorís degree in Philosophy, Policy and
Economic, before moving on to
where he took a bachelorís degree in law in 1978.
Not satisfied with his academic achievements, Bello-Osagie
took a Masterís degree in Business Administration from the
There, he wrote a special paper on the International Oil market
under Daniel Yergin and Robert Stobough (authors of Energy
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.
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 Companyís
Stock increased many times over.
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.
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 governmentís 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
Newswatch Special Feature, Friday, 15 November 2002