Pascal Gabriel Dozie is the founder and former Chairman of Diamond Bank Plc. On the contrary, the business guru is not only making waves in the banking sector. He is also an accomplished investor with stakes in several highly rated industries including MTN Group. In addition to that, Pascal Dozie is the Chairman of Pan-Atlantic University and the founding partner of Africa Capital Alliance.
See Also: Biography of Afolabi Adeola, co-founder of GTBank
Pascal Dozie Background
He was born on the 9th April, 1939 into the family of Charles Dozie, a Catholic Catechist. Pascal is a native of Owerri, Imo State. He attended Our Lady’s School Emekuku where he obtained his First School Leaving Certificate (FSLC). Thereafter, he proceeded to Holy Ghost Juniorate Seminary and Holy Ghost College, Owerri. There, he obtained his West African Senior School Certificate Examination (WASSCE).
Following that, he obtained a Bsc degree in Economics from the London School of Economics. Dozie also studied Operational Research and Industrial Engineering from City University in London and graduated with a masters degree in Administrative Science.
Dozie is married to Chinyere Dozie and they have five children.
See Also: Biography of Segun Agbaje, CEO of GTBank
Pascal Dozie Career Journey
Pascal started his career at the National Economic Development Office in United Kingdom. Afterwards, he worked as a part-time lecturer at the North Western Polytechnic, London. In 1970, Pascal served as a consulting economist at African States Consulting Organisation in Uganda. Thereafter, in 1971, Dozie quit his Uganda job, and returned to Nigeria after the Biafran war.
Subsequently, Clement Isong, the then Central Bank of Nigeria Governor hired Pascal to conduct studies on Co-operative and Commerce Bank.
The business magnate was the former director at the Central Bank of Nigeria (CBN), former chairman of the Nigerian Economic Summit Group, former president of the Nigerian Stock Exchange, former chairman of Nigeria Business Support Group, Co-chair of the Commonwealth Business Council, former chairman of Progress Bank and Chairman of Kunoch Ltd.
See Also: Biography of Herbert Wigwe, CEO of Access Bank
His Journey Into Entrepreneurship
On his return to Nigeria in 1971, Pascal gathered his international experience to start his first company known as Africa Development Consulting Group (ADCG). After sometime, the company worked with high profile brands including Pfizer and Nestle.
The Diamond Bank Journey
In 1985, Dozie applied for a banking license for the purpose of helping traders in the South-Eastern Nigeria who had banking challenges. This initiative birthed Diamond Bank, a multinational financial service provider.
When the bank started, the share capital was N10million ($28,000) and only 21 shareholders were interested in it. However, in 1990, he met the CBN standard bank requirement of N20million and swan into operation in 1991 from his office in Victoria Island. As at June 2013, the bank operated 267 branches in Nigeria.
Pascal Dozie served as the chairman of Diamond Bank till December 31, 2006. Thereafter, he handed over to Emeka Onwuka who also served till 2011 before handing over to Alex Otti. Pascal’s Son, Uzoma Dozie became the Chairman of Diamond Bank in 2014 until its merger with Access Bank.
In December, 2018, Diamond Bank Plc was acquired by Access Bank but, the merging process was fully completed on 1st April, 2019. The new banking institute retained the Access Bank name with a diamond shaped logo. The new arrangement allows every Diamond Bank Shareholder to get two Access Bank shares on every seven Diamond Bank shares owned.
See Also: Akinwumi Adesina, President of African Development Bank Group
Pascal Dozie Business Challenge
Dozie also faced his fair share of challenge in business. In 2005, Central Bank of Nigeria mandated all banks to hold a miminum of N25billion share capital which obviously was high for Diamond Bank. At the time, the company had N6.4b share capital which put the bank on a hot seat.
Nevertheless, as a future forward businessman, he listed his shares of the bank to raise fund. Although, the step made him lose a large part of his stake in the bank, he was eventually able to meet up with CBN demand.
Pascal Dozie And MTN Group
MTN, a South African Telecommunications Company approached Pascal Dozie to raise 40% of the funds needed to set up subsidiary in Nigeria. Obviously, Dozie loved the idea and he turned to friends for funding support but was turned down. According to his friends, MTN cannot survive in Nigeria if the country was unable to sustain NITEL. Hence, they cannot risk their funds.
In Dozie’s words, “It was very disappointing. You have a good project and you are turned down. You start to question yourself and start to question your head.”
However, with determination, Dozie was able to raise 20% stake in the company. Fortunately, MTN has grown to become Nigeria’s largest telecommunication company. So, it was good investment after all.
In July, 2019, MTN Group notified the Nigerian Stock Exchange and the investing public that Dr. Pascal Dozie alongside five other directors will be stepping down from MTN Board with effect from 2nd September, 2019.
MTN further explained that the action is as a result of the expiration of their tenure and in compliance to applicable corporate governance.
See Also: Biography of Godwin Emefiele, CBN Governor
Pascal Dozie Books
Perspective on Nigeria’s Economic Development. Volume I and II
In the books, Pascal highlighted issues relating to good corporate governance and national development, political governance and budget and fiscal policies, among others.
Pascal Dozie Quotes
“Truth is, I enjoy what I am doing. If you don’t enjoy what you are doing, stop it.”
“I always tell my staff, the day you think of going to work and your heart jumps, resign from that job.”
“You must have joy in whatever you are doing, because what’s in this life?”
“You can start a business and not have the aptitude for that business.”
“Capital is necessary but not sufficient to start a business.”
“Integrity is everything.”
“The best thing you can ever do is to make sure that the bets you take are long term bets.”
“If you by any chance believe I have done well, you have the capacity to do better.”
See Also: Biography of Jim Ovia, the first CEO of Zenith Bank
Awards And Recognitions
- National Award of the Order of the Niger (OON)
- Commander of the Order of the Niger (CON)
- All Africa Business Leader Award (AABLA), Lifetime Achievement Award Winner
Business Lessons From Pascal Dozie
1. Don’t Give Up
Dozie didn’t give up in the face of challenges. Rather, he stood up for what he believed in. This is an attitude every business owner should imbibe.
2. Be A Problem Solver
Dozie saw the problem traders face and proffered a solution that benefited both him and the traders. Business is about solving problems and a business owner must always be on the look out for problems to solve.
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