From bankruptcy to $250 million: How Hakeem Belo-Osagie revived UBA and cashed out

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. How Hakeem Belo-Osagie Bought a Bankrupt UBA in 1994 and Sold It for $250 Million in 2005Source: UGC"After the first week or two, I now realised that the bank was bankrupt," Belo-Osagie said in a recent interview. From Near Bankruptcy to a $250 Million ExitOver the next decade, UBA's fortunes changed dramatically. Belo-Osagie said the bank's value increased from an estimated $10 million to $15 million when his group acquired it in 1994 to between $250 million and $300 million by the time they exited in 2005, despite the depreciation of the naira. Selling UBA for about $250 million became both a commercial and personal decision.