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Home Exclusives Corporate Stories

Corporate Stories: The back story behind the UBA & STB Merger

Ugodre Obi-chukwu by Ugodre Obi-chukwu
November 15, 2017
in Corporate Stories, Spotlight
Tony Elumelu

Tony Elumelu, Chairman, Transcorp, Former CEO UBA

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In this month’s episode, we tell the story of how one of the biggest deals in Nigeria’s corporate history was executed with the heart of a lion. It’s a story of sheer guts, desire, deception, fraud, crony capitalism, rise and fall, tact, brilliance and most of all, ambition.

The Beginning of the end

It was late into the night on March 4th, 2004 as directors of United Bank of Africa (UBA) deliberated on one of the toughest decisions they had ever faced. Just two years earlier, the bank had been forced into a similar position, only that then it was not as punitive as this one. This time, they were grappling with a Central Bank of Nigeria (CBN) directive to split the post of CEO from that of the Chairman.

This CBN directive was like a knife struck at the heart. The business whiz kid and majority shareholder of the bank, Hakeem Bello Osagie (HBO), had been asked by the CBN to resign within 24 hours. Thus, a decision had to be taken that night. As the board deliberated late into the night in a bid to address the predicament, it became clear that there was no way out.

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The reign of Hakeem Bello Osagie as one of Nigeria’s most enigmatic banking Chiefs, had come to an abrupt end. For the Nigerian banking sector which watched in amazement at how this young man rose to become a symbol of the new era of Nigerian banking, the news of HBO’s fall from grace still ranks as one of the shocking moments in the sector, which at the time was entering an uncertain future. But as the saying goes, when one door closes, another opens in the never-ending chapters of history.


See our other corporate stories 

Flash back – Era of predatory banking

 

 

 


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Tags: Corporate StoryCrystal BankHakeem Bello OsagieMergersSTBTony ElumeluUBA
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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Comments 12

  1. Fifi says:
    March 15, 2018 at 6:59 am

    Wow! Interesting read.

    Reply
  2. Dayo Atilola says:
    April 13, 2018 at 10:15 pm

    He isn’t called Egghead for nothing

    Reply
  3. Nkiru Mordi says:
    April 18, 2018 at 6:29 am

    What a read!

    Reply
  4. adetiloyeadedayo says:
    July 25, 2018 at 9:17 pm

    Great Article here,
    Tony Elumelu has done so much.

    https://dayoadetiloye.com/

    Reply
  5. Anonymous says:
    August 10, 2018 at 9:45 am

    This article is superb!!!! thank you very much! i am very grateful.

    Reply
  6. Ipadeola Jonathan Okesooto says:
    January 9, 2019 at 1:46 am

    A great lesson

    Reply
  7. mos says:
    February 8, 2019 at 1:06 pm

    nairametrics, great analysis. great documentary!

    Reply
  8. Raheem Ishola says:
    April 25, 2019 at 10:12 am

    I read this article back then on twitter, now I’m here to read it again. There’s always a gem to take home from every read. This is a classic piece!!!!! No guts, no glory!

    Reply
  9. Ose says:
    August 26, 2019 at 2:21 pm

    Quite revealing. Great write!

    Reply
  10. Tunde Olaifa says:
    October 2, 2019 at 11:17 pm

    Good Read. Tony Elumelu is a legend

    Reply
  11. Willodean Tisdale says:
    December 9, 2019 at 11:50 am

    Thank you for sharing this valuable info with us. As a practicing writer, I can say that I was hoping to include
    some facts and sparking ideas in my writing training intuitively.
    I believe it is imperative to spice your writing in the event you wish to catch
    the viewers’ attention. However, you did great, thanks

    Reply
  12. Xeph says:
    July 19, 2023 at 11:18 am

    Quite impressive
    Nice platform

    Reply

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