- From a humble beginning to a colossus in corporate Nigeria.
Born on April 9, 1939, in Egbu village, Owerri, Imo State; faith and handwork thrust Pascal Dozie into the inner circle of the corporate world.
Dozie studied Economics at the London School of Economics in the United Kingdom, after graduating from Holy Ghost College, Owerri. He earned a Master’s degree in Administrative Science from the City University, London, majoring in Operational Research and Industrial Engineering. Dozie worked briefly in the United Kingdom as an economist at the National Economic Development Office while he lectured part-time at North Western Polytechnic.
In the 1970s, he was invited to Uganda as a consultant for the African States Consulting Organization, and he worked closely with late President Milton Obote. After the military coup in Uganda, his mother persuaded him to return to Nigeria, where he founded the Africa Development Consulting Group (ADCG), a consultancy firm.
Dozie consulted for, and later became a Director at the Central Bank of Nigeria. As Chairman of the defunct Progress Bank, based in the south-east, he saw the problem faced by traders in moving cash from one city to another. According to him, “there was no central server, and if you had an account in Aba, you couldn’t withdraw in Lagos.” Traders who carried cash from their banks in the south east, were exposed to armed robbery, and Dozie saw a business opportunity. In an interview granted a newspaper, he said: “So we came up with the first DIBS (Diamond Bank Integrated Banking System) which eliminated the need to carry cash when trying to perform a transaction. All you needed was to prepare your cheque and when you arrive at your destination, you get your cash.” He continued: “A year or two later, we came out with a payment card which led to value card. The rest, they say, is history.”
He was the Chief Executive Officer of Diamond Bank from 1991 to 2006. From banking, Dozie ventured into telecommunications, also as a pioneer. He played a huge role in getting MTN South Africa, into Nigeria. While many were skeptical about investing in telecommunications, considering the failures associated with NITEL, Dozie dared the odds, and raised substantial portion of the equity investment requested by MTN, to establish the biggest private telecommunications company in Nigeria. He served as chairman of MTN from 2001 to 2019, overseeing its major expansion and growth.
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Dozie also served as President of the Nigeria Stock Exchange and Chairman of the Nigerian Economic Summit Group, which placed him atop Nigeria’s corporate world.
Described as a passionate believer in the power of private capital, he co-founded Africa Capital Alliance, a private equity firm. He co-chaired the Commonwealth Business Council, and was also Chairman of Kunoch Ltd and Pan-Atlantic University. He also chaired the board of Johnnic West Africa, which was a majority shareholder in ‘BusinessDay’ Nigeria.
Pascal Dozie was a recipient of the Commander of the Order of the Niger (CON) as well as the Officer of the Order of the Niger (OON). Among other several awards; in 2012, he was given the Lifetime Achievement Award at the All Africa Business Leaders Awards (AABLA).
In his tribute, President Bola Ahmed Tinubu said Chief Dozie was “a steadfast believer in Nigeria’s vast potential, was pivotal in shaping the financial services industry and expanding access to mobile connectivity nationwide. His influential leadership extended well beyond corporate world.”
Pascal was married to Chinyere Dozie and between them, they had five sons, one of whom was Uzoma Dozie, who took over from him as Managing Director of Diamond Bank.
We join other Nigerians to commiserate with his family and wish his soul eternal repose.
