Boss Of The Week

Pascal Dozie: A Garland For The Banking Diamond

Published

6 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

Eric Gumbo: The Excellent, Gutsy African Administrator

Published

2 weeks ago

March 22, 2025

Eric

By Eric Elezuo

African originality is not in contest. It is evidenced in the prodigious achievements of the rank and file of citizens, who on a daily basis continue to churn out one great after another. Among the list of prolific achievers of Africa is the undisputable Eric Onyango Gumbo; a true African son of Kenyan origin.

Masterful, focused, determined and an all round goal-getter, Gumbo is a legal egghead, who is an Advocate of the Court of Kenya, with over 20 years of legal and advisory experience across Africa, in addition to being an entrepreneurial genius, whose chain of businesses and endeavours speak volume of the mettle he is made of.

Armed with a Bachelor’s degree in Law from Moi University, and a Post graduate Diploma in Law fro the Kenyan School of Law, Gumbo has added a lot of feathers to his cap of merit, including the Commissioner for Oaths, Notary Public and being a Member of the Chartered Institute of Arbitrators. He is one man, who knows his onions in the legal profession, and has used his skills to project the Kenyan justice system as well as project the African continent in the positive legal limelight.

Gumbo is the Managing Partner of G & A (Gumbo and Associates) Advocates LLP, which he founded in 2006, and later established as a Limited Liability Partnership, G&A Advocates LLP, in 2017. And as a visionary leader, he was to expand the firm further to operate in both Nairobi and Eldoret with solid partnerships and collaboration with other leading law firms across Africa.

Beyond his qualification in the normative training of Law, Eric Gumbo has over the years, also enhanced and focused his practice of law in Dispute Resolution and Commercial Law. Towards deepening his training and experience within the two areas of practice, he has also undertaken and completed programs on Financial Markets from Yale University, Arbitration from the Chartered Institute of Arbitrators (Kenya Branch) and Fintech Law and Policy from Duke University. He is currently undertaking a course in Green Business strategy from the Hongkong University of Science and Technology.

Gumbo is not the regular run-off-the-mill Advocate. In his career of over two decades, as an Advocate, he has successfully handled numerous highly sensitive matters according to the G and A website. Some of these include as copiously re-presented:

As part of the team selected to advise and represent Kenya’s elections management body in all the three (3) Presidential Election Petitions filed in in the Supreme Court of Kenya. Acted as legal counsel for one of the state corporations in relation to a claim presented against the state corporation by a downstream affiliate of one of the multinational oil and gas companies where the value of the subject matter was in excess of US$ 45 Million.
Advised and represented a leading electric power producer in a ground breaking transaction between it and the Government of Djibouti for drilling of three geothermal wells in Djibouti.
Provided legal advisory and contracting support to a transport-sector state corporation which involved reviewing and drafting of commercial agreements, and negotiating of diverse aspects with various contracting parties in relation to one of the countryâ€™s flagship infrastructure projects.
In the Public Private Partnership space, Gumbo is currently part of a team that is advising and representing one of the energy sector state corporations in relation to a claim filed before the Public-Private Partnership Petitions Committee in relation to a project valued in excess of US$ 320 Million.
Gumbo also continues to act for diverse entities entrusted with the carrying out of various regulatory and independent constitutional mandates in sectors such as health, energy, telecommunication, education, trade, aviation, procurement, environment and natural resources, capital markets and financial services.

Gumbo is involved in numerous other activities beyond engaging in the actual practice of law.

In the first place, he currently serves as a Non-Executive Chairperson of the Legal Aid Centre for Eldoret (LACE), and also a Council Member representing the Law Society of Kenya in the Council for Legal Education (C.L.E). This is not excluding the fact that he is also a Board Member of the Kenya Re-Insurance Company Limited (Kenya Re), a public listed company.

Larger than life itself, Gumbo’s profile keeps expanding with mouthwatering appointments, requiring zeal, experience, gusto and can-do-attitude. Recently, he was appointed by His Excellency the President of Kenya, Willam Ruto, to serve as a member of the panel mandated to recruit the Auditor General for the Republic of Kenya, and has affiliations that enhance his proclivity to meritorious practice of law. Such affiliations include memberships of the Law Society of Kenya, the East Africa Law Society, Chartered Institute of Administrators and the Legal Aid Centre of Eldoret.

A seasoned legal counsel with over 20 years of experience across Africa, Gumbo has built a strong reputation in the legal industry, specializing in financial services, regulatory matters, advisory roles, commercial transactions, and dispute resolution. He is highly sought after as a consultant, and provides advisory services to both private and public sectors on high-stakes transactions and regulatory frameworks in banking, infrastructure development, energy, and ICT.

His website also described him as “A seasoned public speaker and thought leader, he actively contributes to legal reforms and policy discussions, particularly in financial engineering, electoral law, and governance,” and “has successfully led legal teams in significant sovereign finance transactions and complex cross-border projects, showcasing his expertise and commitment to advancing the legal landscape in Africa.”

Beyond consulting for the Kenyan government, Gumbo has proved his trans-border billing by offering generous consultations to the governments of Somaliland and Tanzania as well as corporate entities such as Rasmala Trade Finance Fund, Alliance for Green Revolution in Africa and Ardmore Capital Management LLC among others.

In addition to his many endeavours, which include advocacy and consultancy among others, Gumbo find time to engage in speaking Engagements as captured below:

● Presented a seminal paper on the recent developments in electoral law in Kenya to the Faculty of law Mount Kenya University of Kenya on 31st January, 2024.
● Presented a paper on the art of persuasion and legal drafting in a symposium organized by the Law Society of Kenya for advocates in private practice on the 9th June, 2023.
● Presented a paper on trial advocacy in a seminar for advocates in dispute resolution practice in Kenya on the 15th September, 2023.
● Presented a paper on employment law and practice in commercial banking institutions on the 29th November,2023.

Married with an enviable family of adorable children, Gumbo is a great sports enthusiast, with special bias to golf, which he plays voraciously. Golf, to him, is the next big time.

Africa needs Africans. African needs prolific Africans. Africa needs Eric Onyango Gumbo!

Boss Of The Week

Oba Clement Adesuyi Haastrup: A Disciplined King on a Mission

Published

3 weeks ago

March 16, 2025

Eric

By Eric Elezuo

Beyond ancestral qualification, the newly crowned Owa Obokun of Ijeshaland, the 49th in the series, Oba Clement Adesuyi Haastrup, is a man of many parts; focused, capable, disciplined, fulfilled and down to earth. He is typically the product of what patience can produce, as his emergence was via the efforts of respected kingmakers of Ìjẹ̀ṣàland with a seal of approval by the State Governor, Ademola Adeleke. The process of emergence was grounded in the deep rooted traditions and values of the Yoruba culture.

Named as the paramount ruler in December, 2024, and crown substantive royal father on January 5, 2025, the former Deputy Governor of Osun State, has proved to be a good choice, bringing to bear his years of entrepreneurship and political sagacity to bring development and all round growth to his kingdom.

Addressed as His Imperial Majesty, Oba Looja Clement Adesuyi Haastrup, Owa Ajimoko III, the Owa Obokun Adimula and Paramount Ruler of Ìjẹ̀ṣàland, the oba launches into leadership with a combined flair of experience, vision, and dedication to service, which has steadily elevated the kingdom within a short period.

The Oba, by every standard, is not a run-of-the-mill monarch, he well trained and ground in not a few sectors of human endeavours. Not only was a former number two man of his state, he is a distinguished entrepreneur, and founder of ENL Consortium, one of the leading terminal operators in Nigeria, which under his stewardship, the company played crucial roles in the nation’s trade and logistics renewal. Beyond these, Haastrup is also a trained Pharmacist.

The new oba, who is celebrated for his academic excellence and dynamic leadership, replaced Oba Gabriel Adekunle Aromolaran II, who passed on recently.

With a legacy of public service, entrepreneurial success, and philanthropic dedication, Oba Haastrup’s enthronement heralds a new era for Ijesaland. As the Owa Obokun, his vision and leadership promise to transform Ijesaland into a beacon of unity, innovation, and prosperity. The people of Ijesaland eagerly anticipate the dawn of a brighter future under his reign.

Oba Haastrup’s reign is poised to deliver unity, prosperity, and a thriving future for the kingdom, ensuring that Ijeshaland remains a beacon of cultural heritage and progress in Nigeria and beyond.

The Dawn Commission, on its website, captures the trajectory of the disciplined oba as follows:

Prince Clement Adesuyi Haastrup was born on September 19, 1948, into the illustrious Ajimoko royal family of Ijesaland in Osun State, Nigeria. His upbringing was steeped in the values of service, discipline, and leadership that are hallmarks of his royal lineage. From an early age, he exhibited the qualities of a visionary, a trait further nurtured by his family’s deep cultural heritage and Christian faith.

Oba Haastrup’s academic journey laid the groundwork for his remarkable career. He attended Eko Boys’ High School in Lagos from 1963 to 1967, where he demonstrated an exceptional commitment to learning and leadership. He furthered his education at the Federal School of Science and later pursued a Bachelor’s degree in Pharmacy at Howard University in Washington, D.C., graduating in 1974. Determined to expand his horizons, he spent several years in the United States, where he not only gained academic knowledge but also developed a global perspective and the discipline required for success.

Returning to Nigeria in 1981, Prince Haastrup immersed himself in public service. His political career gained prominence in 1990, when he was elected as the Deputy Governor of Osun State, serving under Governor Isiaka Adetunji Adeleke during the Third Republic.

In his capacity as Deputy Governor, Oba Haastrup championed significant reforms and spearheaded key initiatives that enhanced governance and public administration. His tenure saw him secure impactful public-private partnerships with federal agencies such as the Power Holding Company of Nigeria (PHCN), the Nigerian Ports Authority (NPA), and the Federal Housing Authority (FHA). These achievements solidified his reputation as a pragmatic and results-oriented leader, earning him widespread admiration and paving the way for his transition into the private sector.

After leaving public office in 1992, Prince Haastrup turned his attention to the business world, where he continued to make significant contributions to Nigeria’s economic development. In 2002, he founded ENL Consortium Limited, initially focusing on utility management. Recognizing opportunities in Nigeria’s maritime sector, he expanded ENL’s operations to include port management and infrastructure development.

In 2006, ENL Consortium, under his visionary leadership, secured the concession for Terminals C and D at the Apapa Port Complex in Lagos. These terminals, which handle both general and containerized cargoes, have set benchmarks for efficiency in port operations.

The company’s innovative approach included:

Extensive rehabilitation of port infrastructure
Deployment of cutting-edge equipment
Introduction of labor reforms, which improved productivity and industrial harmony

Today, ENL Consortium operates one of the largest seaport facilities in West Africa, with 11 berths capable of handling between 9.7 and 11 meters of draft. The company has diversified into power generation, estate development, and hospitality, contributing to job creation and industrial growth in Nigeria.

Prince Haastrup’s contributions have earned him recognition as one of Nigeria’s foremost maritime magnates. His leadership in transforming port operations and enhancing transparency has positioned Nigerian ports as competitive global players. His efforts have not only improved Nigeria’s standing in the maritime industry but also generated significant revenue and fostered economic growth.

Through the Clement Adesuyi Haastrup Foundation (CAH Foundation), Oba Haastrup has impacted lives by awarding scholarships to over 500 students, enabling them to access higher education locally and internationally. His philanthropic initiatives extend to feeding the hungry and empowering the underprivileged, solidifying his reputation as a compassionate and community-orientated leader.

Oba Clement Adesuyi Haastrup emerged as the Owa Obokun of Ijeshaland following a meticulous selection process by the kingdom’s esteemed kingmakers. His selection was officially approved by Governor Ademola Adeleke of Osun State on December 27, 2024, after the passing of Oba Adekunle Aromolaran II on September 11, 2023.

The coronation ceremony, a grand and historic event graced by dignitaries from across Nigeria and beyond, included the presentation of the Staff of Office and Instrument of Appointment. This event marked the official commencement of his reign, accompanied by traditional rites, festivities, and cultural displays that highlighted the rich heritage of Ijesaland.

Oba Haastrup’s enthronement is a powerful blend of tradition and modernity. Building on the legacy of Oba Aromolaran II, who was renowned as the first Nigerian monarch to hold a Ph.D., Oba Haastrup brings a global perspective shaped by his illustrious career in governance and business. His leadership is underpinned by a vision to bring unity, prosperity, and innovation to Ijesaland.

Oba Haastrup’s reign is poised to usher in transformative change across the kingdom. Guided by decades of experience in governance and business, his priorities include:

Agricultural Modernization: Promoting mechanized farming to enhance food production and create jobs.
Infrastructure Development: Collaborating with stakeholders to improve roads, healthcare facilities, and schools.
Economic Empowerment: Encouraging investment and entrepreneurship to drive local economic growth.
Social Harmony: Fostering unity and resolving communal disputes to strengthen bonds within the community.

Oba Haastrup is married to Olori Vicky Haastrup, the Chairperson of the Seaport Terminal Operators Association of Nigeria (STOAN). The oba and his olori are blessed with wonderful children.

The Rise of Oba Looja Adesuyi Haastrup: A New Era of Progress for Ìjẹ̀ṣàland

Boss Of The Week

Accolades Trail Timi of Ede, Oba Munirudeen Lawal at 70

Published

2 months ago

February 16, 2025

Eric

By Eric Elezuo

Since January 2008 when he was announced the Timi of Ede, and March of the same year, when his coronation ceremony was held till the present, Oba Munirudeen Adesola Lawal, has maintained a solid profile, which has demonstrated his capabilities and capacity to reign over his people.

As a result, as the monarch turns 70, drums have been rolled out to appreciate his benevolence, candour and humanitarian disposition in the affairs of the kingdom.

Ceasing the moment, the Executive Governor of Osun State, Senator Ademola Adeleke, sent a heartwarming message to celebrate the landmark age as well as the monarch’s achievements in 15 years of rulership.

In a statement signed by his Chief Press Secretary, and titled ADELEKE CELEBRATES TIMI OF EDE ON HIS BIRTHDAY, the governor hailed the monarch as a distinguished leader with remarkable flair for development, acknowledging his visionary and purposeful style to rulership, which has greatly impacted on the lives of subjects over the years.

He also lauded him for entrenching sense of togetherness and patriotism, which has guided the physical development and economic progress the ancient town has seen in recent time while affirming the immeasurable benefit of the counsels of the monarch in enabling peace and tranquility in the state and beyond, commending his historical role in promoting Yoruba culture and traditions.

He said: “As Oba Munirudeen turns a new age, I join family, friends and well-wishers across the globe to felicitate with him. Oba Munirudeen is a leader who prioritise the interest of his subject, exploring every opportunity to impact the lives of his people and cause admirable progress for his domain,” Governor Adeleke was quoted as saying in a congratulatory message.

“By divine guidance and Kabiyesi’s leadership prowess, Ede land has enjoyed incredible progress over the years. On a personal note, Kabiyesi is a positive influence for me, as I am always inspired by his passion to make a difference in the lives of our people.”

Also celebrating the monarch on his great day, popular hip hop sensation, Davido, gifted him a brand new GAC GS8 SUV luxurious car with total demonstration of respect and admiration for the chief custodian of Ede tradition. It is important to note that Davido is a native of Ede.

As a follow-up to the celebrations, subjects, friends, well wishers and the general public organized a well deserved party for the monarch with notable personalities including Governor Adeleke, prominent Osun government officials, natives of Ede from all walks of life and members of the Nigerian entertainment circle.

On the band stand on the day was the highly sought-after music maker, Evangelist Ebenezer Obey among others.

The monarch, regally attired with all the paraphernalia of royalty was all smiles as he interacted with guests, impressed at the barefaced show of love.

THE MAN, OBA MUNIRUDEEN ADESOLA LAWAL

As derived from Wikipedia, Oba Lawal, Laminisa II, the Timi of Ede’s life trajectory is captured as follows:

Munirudeen Adesola Lawal was born on 10 February 1956 to the family of Prince Kareem Abefe Lawal of the Laminisa ruling house and Abibat Akanke Lawal from Ile Imole compound in Ede in present-day Osun State, Nigeria. He commenced his primary school education at LA Primary School, Obada Ede from where he proceeded to Seventh Day Adventist Grammar School, Ede and in 1968, he subsequently gained admission to Baptist High School, Ede, where he eventually completed his secondary school education in 1973 and subsequently obtained his Higher School Certificate(HSC) in 1975.In 1978, he enrolled into the Adeyemi College of Education to study mathematics and chemistry dducation. He later gained admission to Bayero University where he obtained a degree in library studies and mathematics in 1984. In 1988, he enrolled for and obtained a master’s degree in business administration from Obafemi Awolowo University (OAU), Ile-Ife.

In 1973 upon the completion of his secondary school, Munirudeen Adesola Lawal got an appointment into Universal Insurance Company, where he was trained as a policy seller. In October 1975,upon the completion of his HSC,he later got a job with the Osun Central Schools’ Board and was posted to Timi Agbale Grammar School as a mathematics and further mathematics teacher. He subsequently worked in Oba laoye Grammar School, Ede between 1991 and 1992; and later secured a job at the Polytechnic Iree in December, 1992, as lecturer 2, teaching mathematics and other courses and was there until January 2008 when he was named the Timi of Ede.

Munirudeen Adesola Lawal is a Muslim and he is married with children.

From all of us at The Boss, we wish the monarch many more years of fruitful leadership, and healthy endeavours.