Boss Of The Week
Pascal Dozie: A Garland For The Banking Diamond
Published
5 years agoon
By
EricBy: Promise Oshewa
The business of banking has a lot to do with integrity; the stewardship of money and the power of credit creation reside in the realm of conservatism and discipline.
Pascal Dozie is one man whose career in banking has been strictly guided by these principles. He has become a banking diamond that will certainly last forever.
Playing within the defined rules of the game hasn’t been that easy to enforce in the Nigerian banking industry but Dozie seems to have toed the path of self regulation in his own style of corporate governance and understated lifestyle.
He is that has always been ruled by diligence and driven by tenacity in his quest to accomplish a great purpose. This foundation formed the strong backbone that has given his most well-recognised business, Diamond the track record that has kept in at the top for decades.
Born on April 9, 1939, Dozie grew up in a typical village setting in Egbu, Owerri when the enforcement of discipline in children’s upbringing was a shared duty in society irrespective of whom the child belongs.
Besides, his father was a devout Catholic Church Catechist and a Court Interpreter. He therefore imbibed the culture of discipline that shaped him up for the great accomplishments later in life.
He had his primary and secondary education in Imo Stated before heading to the famous London School of Economics, where he earned a degree in Economics and then proceeded to City University in London where he obtained Masters in Administrative Science, specialising in Econometrics and Industrial Engineering. He also attended University of Seattle in the United States.
He worked as an Economist in the United Kingdom and also taught part time at North Western Polytechnic, London. He has expertise in project preparation, coordination and management which took him to several countries in Africa and Europe.
After his education, he was keen to return home but that was when the civil way really raged. His two brothers had joined the Army so he went instead to Uganda.
According to him, “It was a very traumatic period for us. Bombs were going off everywhere and you didn’t know what was the truth. People were being shunted from one place to another and at times I didn’t even know where my own mother was,”
He was in Uganda between 1970 and 1971 where he served as a consultant at the African States Consulting Organisation in East Africa and returned to Nigeria in September 1971 when the war ended.
Pascal Dozie then set up his own consultancy, the African Development Consulting Group in Lagos, Nigeria.
He was very fortunate to gather a lot of consultancy contracts from big companies including Nestle and Pfizer. He later founded and is a Non-Executive Partner at African Capital Alliance.
Diamond Bank idea came to Pascal, when as a careful observer, he identified the problem that Igbo businessmen were facing at the time.
In the 1980s, traders from the Eastern part of Nigeria were carrying huge sums of money in cash to Lagos to buy goods and transact other forms of businesses.
This of course exposed them to risks of attacks by robbers and in deed some lost their lives in the process.
Dozie then thought of mechanism of collecting the cash in the East and by electronic transfer pay them in Lagos. That was the seed that led to the establishment of Diamond Bank.
Therefore, Diamond bank was conceived as a solution provider to an identified problem from inception unlike many banks that emerged simply because entry restrictions into the industry were reduced.
Dozie saw an opportunity there and explored it as an entry niche into banking and wove a financial service around it. It was a simple idea, according to him but it opened up the road to riches. “I wanted to establish a technology-driven bank where the staff knew they are there to provide efficient, courteous service. I wanted a bank that would be creative and I think we succeeded”, he said.
Even the establishment of the bank was also a testament to his tenacity and belief.
While the bank began operations in 1991, it had been in the pipeline since 1985 when Dozie applied for a banking licence. “Here I was, somebody who did not have money, yet wanting to establish a bank”, he recalled. It was the will to accomplish that eventually made the way. At the time he applied for a banking licence, the minimum capital requirement was N10 million. Before he could raise the money from intending shareholders, the capital requirement was raised to N20 million.
While Dozie was looking for additional people to approach to raise the additional N10 million, some of the initial subscribers began to withdraw. That delayed the licensing of the bank for about five years.
When the bank began operations, it was from the 3rd floor apartment of his office in Victoria Island with 20 people and $5million. His disciplined approach in managing Diamond Bank, appears to have been shaped by his role as a director of the Central Bank. He grew the bank from the scratch when most companies would not deal with a bank less than three years old. The Diamond Bank’s team then went to town to persuade the unwilling as to why the bank should have their deposits.
Despite the high competition in the banking industry of the early 1990s, the industry then was underdeveloped. Telecommunications services were poor and that posed a major hindrance to improving service delivery efficiency in banking halls. The underdevelopment itself was an opportunity, as Dozie saw it. “The question was how to improve and add value to the banking sector. The problem was obvious, and a solution was needed”, he said.
Dozie’s strategy paper found that solution to the indentified problem lay in the realm of technology and that made it shift into the electronic banking field as the way for the future.
“We had to improve the system of fund transfers and reduce transaction times for businesses, which is what we did. We introduced electronic fund transfers and the first debit cards. Now we have full mobile services, from transferring money to checking a balance”. Dozie positioned Diamond Bank in the forefront of technological innovation, he spurred ICT-centred banking that has now transformed the business beyond recognition. Forbes once described him as, “Rolling Stone that’s never at loss.”
At the time that Dozie stepped down as Chief Executive Officer in 2006, the bank had grown into one of Nigeria’s major banks in the post consolidated banking operations.
A year before that in 2005, he nearly lost it all when the Central Bank of Nigeria mandated that all banks must hold a minimum of N25 Billion in share capital and Diamond Bank at the time had N6.4 billion.
The Dozie family had to list its shares of the bank to raise the needed capital which meant he lost a large stake of the business.
In terms of treading difficult paths, Dozie had his dose. One of such was the entry of MTN to Nigeria.
When he was approached by MTN from South Africa to raise 40 per cent funds needed to set up its subsidiary in Nigeria, many of his friends were skeptical and rebuffed him.
Dozie noted that it was very disappointing because “You have a good project and you are turned down. You start to question yourself and start to question your head”
He was able to raise enough for a 20 per cent stake and that turned out to be a very wise decision with the success of MTN in Nigeria.
Though the Dozie family will get two access bank shares for every shares they own, no doubt that when the history of the new Access Bank in written, the name Pascal Dozie who joined the octogenarian club this year will feature very prominently.
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Boss Of The Week
Dr Stephen Akintayo: Leading Gtext Homes to Strategic Marketing Advantage
Published
2 weeks agoon
March 17, 2024By
EricHOW DID YOU COME ABOUT THE RELATIVE HUMILITY YOU ARE TODAY ASSOCIATED WITH?
I advise young people who rush into politics to build a name, if you do something solid the politicians will beg you because they know you have the solution, the capacity, and the answers. For me, I am very well positioned globally, growing my business is very important to me, supporting people in government across the world. We want to start partnering with people in government but we want to make sure our record is clean, our stories are clear because if you do not tell your stories, others will tell their own and their own will become the truth so we need to tell our own.
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Boss Of The Week
Adedeji Adeleke: Celebrating a Philanthropist at 67
Published
3 weeks agoon
March 10, 2024By
EricBy Eric Elezuo
At 67, he still remains one of the most sought after personalities with the milk of human kindness. His philanthropy reverberates across the length and breadth of the African continent, and with a net-worth of over 1.7 billion in United States of American dollars, it is not hard to imagine that the erudite scholar and reputed oil and real estate magnate, Dr. Adedeji Adeleke, is a force to reckon with in the Nigerian socio-political and economic terrain.
To many, he is the hitherto unknown ‘Baba Olowo’, as represented by his son, David Adeleke, in his hit song, Emi Omo Baba Olowo, to many others, he is just the father of one of Nigeria’s successful musicians, Davido, and to many others, he is the pathfinder that has helped in paving a path of fruitfulness for the Adeleke family in particular, and the people of Osun State in general.
Ebullient and renowned, Dr. Adedeji Tajudeen Adeleke, a native of Ede in Osun State, was born on March 6, 1957 in Enugu State, to Ayoola Raji Adeleke and Esther Nnenna Adeleke. Growing up with his maternal grandmother, fashioned in him the distinct features of Nigerian-ism thus becoming one of the few Nigerians, who are privileged to savour the true Nigerian originality, boasting of two physical ethnicities – Yoruba and Igbo.
Adeleke’s linage is blessed as his siblings are also movers and shakers of the Nigerian political and economic environments. His elder brother, late Senator Isiaka Adetunji Adeleke, was the first civilian governor of Osun State, and his younger brother, Senator Ademola Adeleke, is the present governor of Osun State.
Fondly called Deji by family members and loved ones, and Chairman by friends and associates, Dr. Adeleke, whose father was a renowned labour leader and activist, in addition to being the Balogun of Ede land and one time Senator of the Federal Republic of Nigeria, is many things one.
Tapping from the Igbo background of his beloved mother and the Yoruba originality of his father, Dr. Adeleke has overtime showcased qualities that stood him out as a believer in the oneness of the country, Nigeria.
Dr. Adeleke lived his early life in Enugu, where he developed inert abilities to mastering business craftsmanship, before moving to Ansar-Ud-Deen Primary School, Surulere Lagos, for his primary education. Thereafter, he proceeded to Seventh-Day Adventist Grammar School, Ede where he graduated from in 1975, obtaining his West African School Certificate in flying colours.
His brilliance, coupled with opportunities, created a leeway for him thereafter to proceed to Western Kentucky University in the United States of America where he distinguished himself in academics and other endeavours, and graduating with a Bachelors degree in Finance in 1979.
A thoroughbred lover of education, Adeleke followed up his bachelors degree triumph with an MBA in 1981 and thereafter a Ph.D. in International Business from Pacific Columbia University, Mills Valley, California in 1983. It is not an understatement to say the proverbial ‘baba olowo’ is well read.
Having completed the academic trilogy, and with undisputable qualifications, Adeleke returned to serve his fatherland in the capacity of a Corps member in the National Youth Service Corps scheme; a clarion call he obeyed with all his being as a true Nigerian.
Armed and totally ready to take on the world, Adeleke ventured into the entrepreneurial world, audaciously establishing a drilling company, Pacific Drilling Company Limited which soon became the brainchild of other entrepreneurial ventures, metamorphosing into Pacific Holdings Limited, with a distinct focus on finances and investments in different sectors of the Nigerian economy, which comprises other groups of companies with diverse biases, including Pacific Energy Limited.
An egghead of no mean abilities, Adeleke is one of few academics, who holds double doctoral degrees, as he was privileged to bag a second Ph.D from the University of Phoenix, Arizona USA, where he studiously laboured for his honours.
His lofty academic sojourns have in more ways than one paved the way for him to conquer the competitive world of entrepreneurship. He is also the founder and Chairman Board of Directors of Pacific Merchant Bank Ltd which later became one of the legacy banks in the guise of present day Unity Bank Plc.
Quintessential in all ramifications, Dr. Adeleke is a philanthropist of note as his foundations and establishments speak volumes of his worth, and what he is capable of doing. Among his many foundations, dedicated to the upliftment of mankind, is the Springtime Development Foundation (SDF), a not-for-profit NGO, which has become a vehicle for the awards of scholarships at all levels of education, and distribution of medical assistance to diverse medical units across board; locally and internationally to meet the needs of needy Nigerians.
Adeleke’s SDF is also the brain behind the establishment of the prestigious Adeleke University Ede, where he is the Pro-Chancellor. In addition, Dr. Adeleke sits on the board of various blue chip companies across the globe.
Adedeji Adeleke through the Springtime Development Foundation (SDF) founded Adeleke University in Osun State ede, to ensure less privileged students have access to a quality higher education.
Adeleke is known to be not just a father in words, but highly impactful, consciously and unconsciously imparting his children and any other person that crosses his path with his Midas touch of gold.
It has been said that no one comes his way, and leaves without a meaningful impact in his life. With his SDF tool, not a few lives have witnessed a turnaround.
Dr. Adeleke is blessed with four children, two males and two females named Adewale Adeleke, David Adeleke (Davido), Sharon and Ashley Coco, from his beautiful wife, Veronica, who died in 2003, and many grandchildren. His children are living examples of his paternal influence as they all have carved a veritable niche and influence for themselves in different areas of human endeavours.
His youngest son, Davido, is a world renowned musician and philanthropist, carting away awards after awards in many areas, and luving the life of a real chip off the old block with humongous acts of giving that has left many just wondering.
He also has numerous grandchildren among whom are Imade Adeleke, Hailey Adeleke and the newest twins, who are Davido’s children.
Adeleke is a lover of life, and the good things that come with it. As a result, he owns a Bombardier Challenger 605 Business jet and a Bombardier Global Express 6000 for both classic luxury and ease of movement, as an international businessman, who is constantly on the move.
At 67, Adeleke could be described as an accomplished husband, father, nationalist and entrepreneur.
We salute your dexterity and pray for more of wealth and health and many more years of celebrations. Happy birthday a true legend!
We celebrate you sir!
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Boss Of The Week
Babajide Sanwo-Olu: A Governor and His Many Gracious Strides
Published
4 weeks agoon
March 3, 2024By
EricEarlier, Sanwo-Olu briefly attended Government Demonstration School, Gbaja Surulere before moving to Ijebu-Ife Grammar School, Ogun State to complete his secondary education.
A politician of positive repute, Sanwo-Olu began his political career in 2003, when he was appointed a Special Adviser on Corporate Matters to the then deputy governor of Lagos State, Femi Pedro. He was later made the acting Commissioner for Economic Planning and Budget until 2007, when he was appointed as the Commissioner for Commerce and Industry by then governor, Bola Tinubu. After the General Elections of 2007, Sanwo-Olu was appointed Commissioner for Establishments, Training and Pensions by Governor Babatunde Fashola. He was later moved to the Lagos State Development and Property Corporation (LSDPC) by Governor Akinwunmi Ambode in 2016 as the Managing Director.
Sanwo-olu’s achievements are renewed on a daily basis as a they keep springing up without notice. Some of his notable public sector achievements however, include the supervision of the Bureau of Public Enterprises (BPE) privatization projects. He set up and was the Pioneer Board Chairman of Lagos Security Trust Fund. The LAGBUS System and the Control & Command Centre in Alausa Ikeja were subsequently established under his directives.
Sanwo-Olu, like many of his predecessors, has kept faith with the Lagos master plan, and has worked assiduously to maintain and meet the target. He has therefore, been working on different development activities, one of which is road construction across major areas in Lagos state.
In 2020, Sanwo-olu asked that the statue of Fela Kuti that was erected by Akinwunmi Ambode be removed from Allen Avenue in Ikeja, to ease the situation of traffic in that area. However, the statue is said to be relocated to a more convenient area in the State. He commissioned the Oshodi -Abule-Egba BRT Lane amongst other projects in 2020.
Sanwo-olu has worked on the Control & Command Centre in Alausa, which significantly improved the capacity of the security agencies to respond to distress calls in a swift and timely manner.
While under appointment as the Chief Executive Officer (CEO) of the Lagos State Property Development Corporation (LSPDC) in 2016, he, as a visionary administrator returned the hitherto struggling organisation to the path of efficiency and profititability. This took him only two years.
He also refocused the organisation to effectively tackle housing deficit in the state, which again validated his credentials as a resourceful leader and problem solver. His valuable experience garnered from executive-level roles in the private and public sectors has not only distinguished him, but also made him a valuable resource to some notable organisations on whose boards he has served
A statement on his website summarized his expected delivery, noting that “It is unexpected that Babajide’s enterprising career in the private sector, defining roles in public service and selfless contributions to the society would not have attracted international recognitions and accolades at home. But as a man attired in modesty, these awards and laurels are encouragements that keep him on the path of service to God and humanity.
“A devout Christian and family-focused man whose marriage to Dr. Ibijoke Sanwo-Olu is blessed with lovely children, Mr. Sanwo-Olu, in addition to his love for public speaking, is a member of numerous prestigious clubs, which include Ikoyi Club 1938, the Island Club, Yoruba Tennis Club and the Clear Essence Health Club.”
In 2020, Sanwo-Olu stood like the rock of Gibraltar between the dreaded COVID-19 pandemic and the health of Lagos residents, and was regarded as one of the outstanding governors in the fight against the scourge.
“We must ultimately defeat this virus if we remain vigilant and do not take anything for granted. Stay safe Lagos, your health is important,” the governor was quoted as saying.
In October of the same year, Sanwo-Olu employed his human relations training to quell the EndSARS crises, which had its epicenter in Lagos.
In May 2023, Sanwo-Olu was reelected governor under the umbrella of the All Progressives Congress (APC), defeating his closest rival, Gbadebo Rhodes-Vivour of the Labour Party (LP) to the second position.
Though his re-election was contested by both Gbadebo Rhodes-Vivour of the Labour Party (LP) and Olajide Adediran of the Peoples Democratic Party (PDP) in the tribunal, and up to the Supreme Court, Sanwo-Olu emerged victorious.
With special regards to his litany of achievements, Sanwo-Olu has obtained a variety of awards in his career, both from within the shores of Nigeria and from foreign places. Some of them include:
- Platinum award from the Lagos State Public Service Club.
- 2009 Best in Human Capital Development award from the Industrial Training Fund (ITF).
- Merit award from the Association of National Accountants of Nigeria.
- Merit award from the Chartered Institute of Personnel Management in Nigeria (CIPMN).
- Merit Award from the Association of Professional Women Engineers of Nigeria (APWEN).
- LSDPC Impactful Leadership and Recognition Award.
- Media Nite-Out Award for Best Governor of the Year (2020).
In addition, he is a member of the Nigerian Institute of Directors (IOD), Chartered Institute of Personnel Management (CIPM), and Fellow of Nigeria Institute of Training and Development (NITAD).
A lot of people have said that the path to Sanwo-Olu’s success stories and achievements lies in his ability to remain a loyal partyman and an astute politician. These have consistently paved the way for his glorious strides. His achievements in Lagos have become a reference point to many other governors in Nigeria.
In today’s Lagos, development, sanitization, security, technological know-how and community coexistence are at top level owing to the direction Sanwo-Olu created, and rooted in his THEME agenda.
Sanwo-Olu, without an iota of doubt, is doing well. It is on this note, we recognize you sir, as the Boss of the week. Congratulations!
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