Hakeem Belo-Osagie

Published March 1, 2002

NIGERIA

Chair, United Bank for Africa (currently with Etisalat Nigeria) (Financial services)

Born Lagos, Nigeria (1955). Bachelors, Oxford University (1976); MBA, Harvard Business School (1980).

Smiling person with round glasses, short hair, and a goatee, wearing a light blue shirt and dark jacket indoors with plants behind them.

Interview Summary

Hakeem Belo-Osagie, chairman of Nigerian-based United Bank for Africa (1988 to 2004), illustrates the difficulties of building a multinational financial institution active in multiple African countries. Belo-Osagie highlights the strategic problems he faced navigating local regulations in the Nigerian banking sector while seeking to build global competitiveness. He further recounts the political turmoil he encountered while trying to significantly reduce staff as he tried to privatize his operations, and the particular difficulties Nigerian entrepreneurs and business leaders faced in the early 2000s trying to overcome the stigma associated with the country due to online fraud activity.Hakeem Belo-Osagie, chairman of Nigerian-based United Bank for Africa (1988 to 2004), illustrates the difficulties of building a multinational financial institution active in multiple African countries. Belo-Osagie highlights the strategic problems he faced navigating local regulations in the Nigerian banking sector while seeking to build global competitiveness. He further recounts the political turmoil he encountered while trying to significantly reduce staff as he tried to privatize his operations, and the particular difficulties Nigerian entrepreneurs and business leaders faced in the early 2000s trying to overcome the stigma associated with the country due to online fraud activity.

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Additional Resources

"Six Lessons Nigerian Tycoon Hakeem Belo-Osagie Has Learnt in Business," How We Made It in Africa, June 24, 2014.
"MIT Sloan Africa Innovate Conference 2014: Hakeem Belo-Osagie" Youtube, Posted May 28, 2014.
"Hakeem Belo-Osagie Leadership Lessons," YouTube, April 4, 2014.
"Hakeem Belo-Osagie: Africa’s 40 Richest," Forbes
"Nigerian Businessman Belo-Osagie Honored By the Harvard Business School's Africa Business Club and the African Leadership Academy," The Nigerian Voice, May 23, 2012.
"The 'Citizens of the World’ Tackling Africa’s Next-Generation Business Challenges," Knowledge @ Wharton, February 29, 2016.

Interview Citation Format

Interview with Hakeem Belo-Osagie, interviewed by Obi Isiadinso, March 2002, Creating Emerging Markets Oral History Collection, Baker Library Special Collections, Harvard Business School.

Video Clips by Topic

Video duration:1:15
Osagie - Leadership
Hakeem Belo-Osagie, head of the United Bank for Africa, in Nigeria, explains that the success of any business depends on the talents of many people, with different sets of skills, and not just the leader.Hakeem Belo-Osagie, head of the United Bank for Africa, in Nigeria, explains that the success of any business depends on the talents of many people, with different sets of skills, and not just the leader.
Video duration:1:47
Osagie - Fundraising
Hakeem Belo-Osagie, former chairman of Nigeria-based United Bank for Africa, talks about his ability to attract U.S. investors even during a time of military rule in Nigeria.Hakeem Belo-Osagie, former chairman of Nigeria-based United Bank for Africa, talks about his ability to attract U.S. investors even during a time of military rule in Nigeria.
Video duration:1:26
Osagie - Labor Relations
Hakeem Belo-Osagie, head of United Bank for Africa, describes the difficult decision to dramatically cut staff at his bank in Nigeria, where such layoffs are uncommon, and the reactions of the relevant trade union and of the remaining staff.Hakeem Belo-Osagie, head of United Bank for Africa, describes the difficult decision to dramatically cut staff at his bank in Nigeria, where such layoffs are uncommon, and the reactions of the relevant trade union and of the remaining staff.
Video duration:0:45
Osagie - Government and Business
Hakeem Belo-Osagie, former chairman of Nigeria-based United Bank for Africa, discusses the challenge, in African countries, of managing the government and regulatory agencies, as compared to in the United States, where businesses can focus on managing customers.Hakeem Belo-Osagie, former chairman of Nigeria-based United Bank for Africa, discusses the challenge, in African countries, of managing the government and regulatory agencies, as compared to in the United States, where businesses can focus on managing customers.