Boss Of The Week

Pascal Dozie: A Garland For The Banking Diamond

Published

7 years ago

April 20, 2019

Eric

By: 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

Obi of Onitsha, Igwe Nnaemeka Alfred Achebe, Revels at 85

Published

4 hours ago

June 21, 2026

Eric

By Eric Elezuo

The celebration to herald the 85th birthday of one Nigeria’s most influential monarchs, Igwe Alfred Igwe Nnaemeka Achebe, the Obi of Onitsha, was top-notch and eye-popping, drawing together the who’s who of the nation’s celebrity circle.

The elaborate gathering, held at the highbrow The Delborough Hotel, in the heart of Victoria Island, Lagos, a venue where the Obi himself supervises as its board chairman, was well attended by top dignitaries, political leaders, traditional rulers, business executives, and other prominent Nigerians

As it’s the tradition of the hotel, the reverred traditional ruler and cynosure of the everybody’s eyes for the day, was received to the venue by the Chief host, Mr. Stanley Uzochukwu, who prostrated full length on the floor in total obeisance, and a guard of honour, mounted by guests and hotel staff, shortly before the birthday boy was reverently served a cocktail. This is even as every other guest was welcomed on arrival with a colourful cultural dance performance.

With the venue brimming with high-caliber guests including former President Olusegun Obasanjo, Lagos State Governor, Babajide Sanwo-Olu, Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi; Senator Florence Ita-Giwa, Nkiru Anumudu and Group CEO of Nestoil, Obi Jackson.

Delivering his goodwill message, Chief Obasanjo recounted his long-standing friendship with Igwe Achebe, describing him as a man of peace and a bridge-builder.

“Over the years, what you have consistently demonstrated to me is that you are a man of peace and a peacemaker. One of the things that endears you to me is that wherever I go, traditional rulers in the North, South, East and West all speak highly of you,” he said.

Also speaking, Mr. Peter Obi described the Obi of Onitsha as a father figure, noting that he had to leave another engagement to attend the celebration. He later offered a heartfelt prayers for the monarch.

In his response, the Obi of Onitsha, also fondly and traditional referred as Agbogidi, reflected on his long-standing relationship with Obasanjo, recalling occasions when he hosted him during his presidency and other moments of mutual engagement following his own ascension to the throne. He also expressed gratitude to Stanley Uzochukwu for hosting him honorably, and to all the dignitaries in attendance for sparing time to honour him.

Arguably the most influential traditional ruler in the Igboland, Igwe Nnaemeka Alfred Achebe CFR, mni was born on May 14, 1941. He is the 21st Obi of Onitsha, in Anambra State.

In a nutshell, Achebe is the Chancellor of the Ahmadu Bello University, a position he has held since 2015, and assumed after serving as Chancellor of Kogi State University. He also serves as the chairman of the board of Directors of Unilever Nigeria, and the Chairman of International Breweries (ABInBev) Nigeria. Before emerging as the Obi of Onitsha, in 2002, he had a career in the Royal Dutch Shell Group serving as Director in various companies in the group.

Igwe Achebe is well read, passing through all levels of education. He attended Government Secondary School, Owerri, before his admission into Stanford University in 1966, where he obtained a Bachelor of Science degree in Chemistry. He later proceeded to Columbia University for a Master’s degree in Business Administration.

In a bid to fortify himself more for the challenges ahead, Achebe, in 1979, attended the maiden Senior Executive Course of the National Institute for Policy and Strategic Studies in Kuru, near Jos.

After graduation from the university, Achebe worked briefly in the United States before he returned to Nigeria in 1972 after the Nigerian Civil War and began work with Shell Petroleum Company. He is currently a trustee, National Traditional Rulers Council and its state Chairman in Anambra State. Besides his long tenure as director of Shell Nigeria, Obi Achebe was also, during 1985-87, a director of several other Shell companies in the United Kingdom the Netherlands, Ghana, Nigeria, Sierra Leone, the Gambia, Liberia and Angola.

Achebe retired from work in 1995 after reaching the retirement age. However, despite his retirement, he remained passively active within the company which saw him posted to Shell International in London, where he served as “ambassador at large” for Shell Nigeria. He remained in this position until his emergence as Obi of Onitsha in May 2002.

Outside Shell, Obi Achebe has held positions on the governing councils of the Petroleum Training Institute, Effurun, and the Nigerian Employers’ Consultative Association. In corporate life, Obi Achebe was chairman of Diamond Bank PLC and the Universal Insurance PLC and is currently the chairman of Unilever Nigeria PLC, Intafact Beverages Limited (SAB-Miller), and Omak Maritime Limited.

On two occasions, Obi Achebe has served the nation on panels of inquiry in the petroleum sector. In 1976, he was a member of the Administrative Panel of Enquiry on the Port Harcourt Refinery. In 2004, President Obasanjo called on him to be Chairman of the Presidential Enquiry into the February 2003 Fuel Shortage in the country.

In 2005, Obi Achebe was a delegate to the National Political Reform Conference representing the traditional rulers of South-Eastern States. He became Chairman of the Committee on Environment and Natural Resources Management Reforms and coordinated the traditional rulers’ forum at the Conference.

Obi Achebe is a member of several social, professional and non-profit organisations in Nigeria and overseas. He is a fellow of both the Nigerian Institute of Management and the Nigerian Institute of Public Relations. He is a Life Member of the Nigerian Economic Society and member of the Nigerian Institute of Personnel Management and Nigerian Environmental Society. He is a Vice-Patron of Island Club, Lagos; Vice-Patron of Lagos Country Club, and Member of the Metropolitan Club, Lagos.

On bilateral and multilateral relations, Obi Achebe has also represented Nigeria’s interests on social, cultural and commercial matters. He has been a member of the Nigeria-Britain Association (NBA) and a life member of the counterpart Britain-Nigeria Association (BNA). He has served as a member of the Governing Board of the BNA, the Advisory Board of the Britain-Nigeria Business Council, and the Board of Trustees of the Africa Centre, all based in the United Kingdom. On becoming a traditional ruler, the Africa Centre, in recognition of his services, made him one of its five Patrons, with Nelson Mandela as the Grand Patron.

Obi Achebe has a strong passion for education as a fundamental factor in national development. In his firm belief that lack of funds should not prevent any child from acquiring a good education, he set up early in his reign a manpower development trust fund for his community. In 2007, he, along with His Majesty, Oba Okunade Sijuwade II, the late Ooni of Ife, and His Majesty, Alhaji Ado Bayero, the late Emir of Kano, were guests of the Director-General of UNESCO in Paris to share thoughts on the strategic role of monarchs in promoting the development of science and technology. In 2008 and 2010, he addressed the annual symposium of the Nigeria Higher Education Foundation in New York City to promote partnership between the US and Nigerian universities. He became Chancellor of Kogi State University in 2010.

In recognition of his varied services to the society, Obi Achebe was decorated with the National Honour of Commander of the Order of the Federal Republic in 2004. He was appointed Chairman of the Anambra State Traditional Rulers Council in 2008; made an Honorary Fellow of the Nwafor Orizu College of Education in 2008; and awarded the degrees of Doctor of Law (LL.D.) Honoris Causa by the Anambra State University in 2008, and Doctor of Science (DSc) Honoris Causa by the Kogi State University in 2010.

As the chief custodian of Onitsha tradition and culture, the Agbogidi spearheads the Ofala Festival, one of the popular Igbo festivals, every year.

Boss Of The Week

Behold! The World’s First Trillionaire, Elon Musk

Published

6 days ago

June 15, 2026

Eric

Courtesy: CBS

Elon Musk has become the first person to cross the trillionaire threshold, at least on paper, after SpaceX priced its blockbuster initial public offering at $135 a share and its stock soared in its stock market debut.

Before the IPO, Musk was worth an estimated $813 billion, a fortune more than twice as large as the planet’s second-richest person, Google co-founder Larry Page, who is worth an estimated $288 billion, according to Forbes.

“SpaceX wants to be able to take you to the Moon, take you to Mars and ultimately beyond,” Musk said at a launch event with staffers on Friday at the company’s headquarters in Starbase, Texas.

SpaceX formally setting its stock price at $135 boosted Musk’s fortune to just over $1 trillion. The shares, which trade under the ticker symbol SPCX, jumped after they began trading shortly before noon ET. At its closing price of $160.95 on Friday, Musk’s net worth reached roughly $1.14 trillion, although future declines could push him back below the trillionaire mark.

While billionaire wealth alone may be hard enough to comprehend, a trillionaire represents a level of wealth that rivals the economic output of the world’s biggest nations. Only 19 countries have GDPs that surpass $1 trillion, ranging from the U.S. to the Netherlands, according to World Bank data.

Musk’s surging fortune represents a “new Gilded Age” of wealth inequality, Oxfam America senior director of economic justice Nabil Ahmed said in a statement.

“Elon Musk’s rise to trillionaire status marks a new pinnacle of oligarchy,” Ahmed said.

To be sure, plenty of other SpaceX employees and investors are likely to mint new fortunes with the IPO. About 4,400 SpaceX workers could become millionaires when the stock begins trading, according to the New York Times. But Musk is likely to be the biggest beneficiary, given his large stake in the business.

Trillionaire math

Musk owns 4.8 billion shares of SpaceX, or about 42% of the company, as well as 350 million stock options exercisable at $8.39 per share, according to the company’s IPO filing. At $135 a share, Musk’s stake is worth $648 billion. His options add another $44.3 billion to his net worth.

Because Forbes valued Musk’s pre-IPO stake in SpaceX at $500 billion, the IPO sale boosts the value of his SpaceX shares by an additional $192.3 billion, bringing his total net worth to $1.005 trillion.

SpaceX shares touched as high as $168.75 in Friday afternoon trading before closing at $160.95. At the closing price, Musk’s stake in SpaceX is worth an additional $326 billion, placing his total wealth at roughly $1.14 billion.

That wealth makes Musk richer than the bottom 46% of the world’s population, or a combined 3.8 billion people, Oxfam said.

ABOUT THE TRILLIONAIRE, ELON MUSK

By Wikipedia

Born Elon Reeve Musk on June 28, 1971, into the wealthy Musk family in Pretoria, South Africa, Musk emigrated in 1989 to Canada; he has Canadian citizenship since his mother was born there. He received bachelor’s degrees in 1997 from the University of Pennsylvania before moving to California to pursue business ventures. In 1995, Musk co-founded the software company Zip2. Following its sale in 1999, he co-founded X.com, an online payment company that later merged to form PayPal, which was acquired by eBay in 2002. Musk also became an American citizen in 2002.

In 2002, Musk founded the space technology company SpaceX, becoming its CEO and chief engineer; the company has since led innovations in reusable rockets and commercial spaceflight. Musk joined the automaker Tesla as an early investor in 2004 and became its CEO and product architect in 2008; it has since become a leader in electric vehicles. In 2015, he co-founded OpenAI to advance artificial intelligence (AI) research, but later left; growing discontent with the organization’s direction and leadership in the AI boom in the 2020s led him to establish xAI, which became a subsidiary of SpaceX in 2026. In 2022, he acquired the social network Twitter, implementing significant changes, and rebranding it as X in 2023. His other businesses include the neurotechnology company Neuralink, which he co-founded in 2016, and the tunneling company The Boring Company, which he founded in 2017.

In November 2025, Tesla approved a pay package worth $1 trillion for Musk, which he is to receive over 10 years if he meets specific goals.

Musk is a supporter of global far-right politics, figures, and political parties. He was the largest donor in the 2024 U.S. presidential election, where he supported Donald Trump. After Trump was inaugurated as president in January 2025, Musk served as Senior Advisor to the President and as the de facto head of the Department of Government Efficiency (DOGE). Musk left the Trump administration in May 2025, and returned to managing his companies; shortly thereafter he had a public feud with Trump.

Musk’s political activities, statements and views have made him a polarizing figure. He has been criticized for making unscientific and misleading statements, including spreading COVID-19 misinformation, promoting conspiracy theories, and affirming antisemitic, racist, and transphobic comments. His acquisition of Twitter was controversial because, following his pledge to decrease censorship, there was an increase in hate speech and misinformation on the service. His role in the second Trump administration attracted public backlash, particularly in response to DOGE.

Boss Of The Week

Aliko Dangote Stands Tall As Distinguished Fellow of Nigerian Academy of Engineers

Published

2 months ago

April 26, 2026

Eric

By Eric Elezuo

In recognition of his outstanding impact on engineering practice and development, the Nigerian Academy of Engineers (NAE) has conferred an Honorary fellowship award on the richest person in Africa, and President Dangote Group, Alhaji Aliko Dangote.

The elite-graded event, which drew eminent personalities from across the nation, including the Chairman, BUA Group, Alhaji Abdulsamad Rabiu, was held at the Lagos Continental Hotel, Victoria Island, Lagos.

A distinguished businessman and philanthropist, Dangote, in company of his daughters, other family members, and the management of the Dangote Group, received the Distinguished Honourary Fellow of the Academy by the President of the academy, Engr. Rahamon Bello, himself. The honour is the Academy’s highest recognition of excellence to individuals.

The event, anchored by Akin Semowo, began with a procession, followed by the rendition of the national anthem.

In his address, Bello said the induction reflects Dangote’s immense contributions to industrial and economic growth.

“As we induct him as the Academy’s sixth Honorary Fellow today, we acknowledge his immense contributions and formally welcome him into our community of thought leaders and nation builders.

“On behalf of the Council and Fellows of the Nigerian Academy of Engineering, it is my great honour to welcome you and congratulate you on this well-deserved recognition.

“We look forward to your continued engagement with the Academy as we collectively work towards advancing engineering solutions for Nigeria’s development,” he said, acknowledging the Academy’s 29th year of existence since 1997.

He further described the academy as an apex body committed to advancing excellence in science, engineering, technology and innovation for national development, noting that it comprises eminent Nigerian and foreign engineering professionals who provide leadership on national engineering and technological issues.

According to him, the Academy offers a platform for experts to pool insights and advise government and private organisations on policy, especially in technology.

While acknowledging that the honour celebrates vision, resilience and commitment to advancing industrialisation, he said that Dangote’s investments span cement manufacturing, sugar refining, salt processing, vehicle assembly and petroleum refining, just as he noted that the Dangote Refinery is Africa’s largest oil refinery and a symbol of engineering excellence and innovation.

Also speaking, the Guest Speaker, Dr Mutiu Sunmonu, highlighted resilience, ethical leadership and navigating complexity as critical for modern industrialists.

Sunmonu said emerging economies must align energy infrastructure, investment flows and industrial policies to drive growth.

He stressed the need for foreign direct investment and public-private partnerships to scale energy systems and industrial capacity.

In his speech, the Group Managing Director of ARCO Group Plc, Mr Alfred Okoigun, said engineering must remain central to Nigeria’s development agenda, noting that Dangote’s recognition underscores the need for deliberate investment in engineering capacity.

He said countries like China had shown the gains of aligning ambition with technical expertise, adding that prioritising engineering in policy, education and industry, alongside strong institutions, is key to global competitiveness.

Special Guest of Honour, Prof. Benedict Oramah, commended Dangote’s contributions to Nigeria’s industrial landscape and job creation while Gov. Babajide Sanwo-Olu of Lagos, represented by his Special Adviser on Works, Dr Adekunle Olayinka, said Dangote’s efforts shows African innovation can compete globally.

Dangote, in his response, expressed happiness at being considered for the honour while describing engineering as a driver of national development and global competitiveness.

“Engineering is more than a profession; it is the language of progress.

“Every bridge that connects communities, every megawatt that lights homes and every drop of fuel that powers our economy begins as an engineering idea,” he said.

He noted that his business journey across Africa had reinforced his belief that engineers were central to economic transformation, describing them as “the silent architects of national development.”

He pledged support for mentorship, research, innovation and capacity building through expanded graduate programmes and partnerships with the academy.

Among other personalities that attended the event were Chairman/CEO of Channels Television, Dr. John Momoh; Chairman, Titan Trust Bank, Dr. Tunde Lemo; Chairman, Ovation Media Group, Aare Dele Momodu; Senator Iyiola Omisore and Oil and Gas Expert, Dan Kunle among others.

Born in Kano in 1957, Dangote proudly shuttles between three wonderful tags as the richest man in Nigeria; the richest man in Africa and the richest Black man in the world. He has paid his dues, and mankind is the better for it.

Releasing impacts, Aliko Dangote Foundation (ADF), the private charitable foundation of Alhaji Aliko Dangote. Incorporated in 1994, as Dangote Foundation, is saddled with the mission to enhance opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden economic empowerment opportunities. 20 years later, the Foundation has become the largest private Foundation in sub-Saharan Africa, with the largest endowment by a single African donor.

The primary focus of ADF is child nutrition, with wraparound interventions centered on health, education and empowerment, and disaster relief. The Foundation also supports stand-alone projects with the potential for significant social impact.

The Foundation works with state and national governments and many highly reputable international and domestic charities, non-governmental organizations and international agencies to advance its humanitarian agenda.

In one of its biggest collaboration to date, Aliko Dangote Foundation started working in partnership with the Bill and Melinda Gates Foundation and key northern State Governments in Nigeria from 2013 to eradicate polio and strengthen routine immunization in Nigeria.

Worthy of praise is the fact that nearly a decade, the Foundation has spent over N7 Billion in the course of feeding, clothing and the general welfare of the Internally Displaced Persons in the Northeast.

To make his host communities feel at ease, and the impact of his presence, Dangote has embarked on an initiative to provide further support to improving educational systems in Ibeju-Lekki and Epe locality. The educational support initiative is a tripartite programme consisting of scholarship, capacity building for teachers and school infrastructure projects.

In addition, Scholarships have been awarded to 52 secondary school students whilst some financial support was provided to their parents and/or guardians. Tertiary students will be included in the next batch of the scheme.

Furthermore, about 100 teachers, principals and school administrators were trained in teaching techniques for the 21st century. After which they were monitored in class on how they were using the skills acquired.

There is hardly any sector that has not felt the milk of human kindness running through Aliko Dangote; the military, media, politicians, governments across boards and more.

Dangote is surely an asset to this world!

As at today, there is no space for slowing down for Dangote as he continues to trudge on, creating firsts after first for himself and for humanity.

He is blessed with three wonderful daughters, who have followed the rewarding footprints of entrepreneurship.

Congratulations are in order for the African giant, and may he continue enjoy many more laurels as his footprints remain indelible in the sands of time.

Sir, continue to dominate the pages of history books with your impactful strides and results!