Former UBS trader Kweku Adoboli opens up on life after conviction

Former UBS trader, Kweku Adoboli, once made headlines for illegal trading of about $2 billion as a trader for the Swiss investment bank. Now, he is on a mission to make Africa a leader in ethics and rebuild his life after serving seven years in prison for his actions. Adoboli sat down with CNBC Africa to share his story and shed light on his journey towards redemption and the path he is paving for ethical practices in the finance industry. Adoboli's tale is one of ambition, pressure, betrayal, and ultimately resilience. In 2006, Adoboli became a trader at UBS on their ETF and index desk, managing a $60 billion book of assets with a small team and minimal experience. When his manager, who had built the book, left the bank in 2007, Adoboli and his supervisor were left in charge without proper support or training. The financial crisis of 2008 put immense pressure on the bank to generate profits, leading to unrealistic profit targets and a culture of pushing boundaries in pursuit of revenue. The unraveling of Adoboli's actions began in the summer of 2011 when the bank demanded a 50% increase in profit targets. Despite initially generating $135 million in profit for the bank, Adoboli and his team were under mounting pressure to deliver even more. The high-stress environment, coupled with a 'push the boundaries' culture instilled by senior management, eventually led Adoboli down a path of illegal trading, resulting in his conviction and imprisonment. During his trial, Adoboli felt like a scapegoat as the bank not only cooperated with the prosecution but also played an active role in his legal proceedings. The prosecution, with the assistance of UBS's lawyers, levied additional charges against Adoboli even after the initial case seemed weak. Despite the challenges and the feeling of betrayal, Adoboli maintains that he is not a victim and has focused on rebuilding his life since his release from prison in 2015. After spending three years working on cultural systems change and collaborating with government agencies and institutions, Adoboli faced another setback when he was deported from the UK, where he had lived most of his life. However, he found solace in Ghana, his home country, where he is welcomed and embraced. Adoboli is now focusing on contributing to Ghana and the broader African continent, emphasizing the importance of ethics in the finance industry. In his quest for redemption, Adoboli acknowledges the warmth and acceptance he has received from Ghanaians and his desire to make a positive impact on the continent. He is determined to rebuild his life in Ghana and potentially contribute towards Africa's role in the fourth industrial revolution. Adoboli's story serves as an example of resilience, self-reflection, and the pursuit of a higher purpose beyond personal ambition and financial gain.