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Cryptocurrency46 mins ago

Why Bitcoin might likely hit $100,000 soon

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Corporate Stories

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

Published

on

Tony Elumelu

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.

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

 

 

Hotflex
Sigma Pensions

 

Ugo Obi-chukwu "Ugodre" is a chartered accountant with over 16 years experience in financial management, corporate finance and financial analysis. He is also a retail investor and a personal finance advocate with over a decade experience investing in the Nigerian stock market.Ugo is the founder/Publisher of Nairametrics and blogs regularly on the website.

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    Corporate Stories

    Standard Alliance Insurance plc: What happened to the most capitalized insurance company of 2010?

    After a 39-year journey of high and lows, shareholders await Awodiya to deliver on the promise of profitability.

    Published

    on

    Standard Alliance Insurance Plc recently held its Annual General Meeting, the first in the last four years. The financial reports received at the AGM were that of FY 2017 and 2018, bringing up the million-dollar question; what is going on with this underwriter?

    Nairametrics Company of the Week focuses on the 39-year-old highly ranked insurance company, its past achievements, and current realities.

    Almost 40 years ago, the company was incorporated in July 1981 as a Private Limited Liability Company. At this time, it was known as Jubilee Insurance Company Limited until August 1996 when it became Standard Alliance Insurance Company Limited.

     


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    Corporate Stories

    Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

    For many years, competition in the Nigerian soft drink market was mainly between Coca-Cola and Seven-Up but in 2014, Rite Food came and disrupted the space.

    Published

    on

    Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

    It was early morning on Wednesday, November 13th 2019, and Ziad Maalouf was not asleep. He could not sleep, not with his mind burdened by what had become a serious problem facing Seven-Up Bottling Company, which he oversees. It was part of his job as the Managing Director to figure out a solution to this challenge. And that was exactly what he was doing as he sat in his study that early morning, typing furiously on his computer.

    By 4:37 am that morning, Maalouf had sent out an internal memo and copied 25 top executives of the soft drink manufacturing company. In the memo, he made it clear that he was ready to declare war against the company’s competitors. He would not rest until the war was over and Seven-Up had emerged victorious, he declared.

    Corporate Story: Intriguing tale of Seven-Up’s ugly fight for market share in Nigeria

    Seven-Up Factory

    But the internal memo leaked

     


     

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