Diamond Bank founder, Pascal Dozie dies at 86

According to sources close to the deceased, Dozie died after a battle with old age-related illness.

Dozie, was a man of many parts, best known for founding the now defunct Diamond Bank, serving as chairman of MTN Nigeria and Pan-Atlantic University.

He was born on April 9, 1939, in Egbu, Owerri, Imo State, Nigeria. Dozie’s educational background includes a degree in Economics from the London School of Economics and a master’s in Administrative Science from City University in London.

Dozie also founded the African Development Consulting Group, which worked with notable clients like Nestle and Pfizer. He served as MTN Nigeria chairman but later resigned and was succeeded by Ernest Ndukwe.

Dozie received the prestigious National Award of the Order of the Niger (OON) for his contributions to Nigeria’s banking industry.

Pascal Dozie began his career as an economist at the National Economic Development Office in the United Kingdom. He was also a part-time lecturer at the North Western Polytechnic, London. Between 1970 and 1971 he served as a consulting economist at the African States Consulting Organisation in Uganda. In 1971 after he left his job in Uganda, he relocated to Nigeria at the request of his mother. In 1971 after his return to Nigeria, with his experience in Econometrics and Industrial Engineering he launched his first company, the African Development Consulting Group (ADCG). ADCG had worked with companies such as Nestlé and Pfizer. He was subsequently hired by Clement Isong, then Governor of the Central Bank of Nigeria, to conduct some studies on the Co-operative and Commerce Bank.

In 1985, he was appointed Chairman of Progress Bank, which is now defunct. Later that same year Dozie applied for a banking licence in order to help traders in South-Eastern Nigeria who were faced with banking problems. This brought about the birth of Diamond Bank. At its inception the share capital of the bank was ₦10 million ($28,000) with only 21 interested shareholders. In 1990, he satisfied the requirements of the Central Bank of Nigeria to operate a standard bank and in 1991 the Diamond Bank began operations. He was CEO of Diamond Bank from 1991 to 2006 when he handed over to his son Uzoma Dozie.

Dozie was also at one time President of the Nigerian Stock Exchange

Dozie is survived by his wife Chinyere Dozie, and five children among other relatives.