Case | HBS Case Collection | March 2014 (Revised September 2015)

ACA and the Union Bank Acquisition

by Josh Lerner and Nathaniel Burbank


Okey Enelamah is the CEO of the African Capital Alliance (ACA), a private equity firm based in Nigeria. ACA has spent more than a year arranging a $500 million consortium bid to acquire and recapitalize Union Bank, Nigeria's sixth largest bank. Several weeks before the deal is scheduled to close, the unexpected exit of several international investors has put the group's ability to fund the deal in question. With time running out, Enelamah and the ACA investment committee must decide whether the Union Bank acquisition is still a wise investment, or whether the firm's time, talents, and capital would be better invested in other parts of the fast-growing Nigerian economy.

Keywords: Nigeria; African Capital Alliance; private equity; Africa; bank capital; ACA; Union Bank; Development Finance Institutions; Capital Alliance Private Equity; Private Equity; Central Banking; Banking Industry; Financial Services Industry; Nigeria; Africa;


Lerner, Josh, and Nathaniel Burbank. "ACA and the Union Bank Acquisition." Harvard Business School Case 814-080, March 2014. (Revised September 2015.)