A foremost entrepreneur and first chairman of MTN Nigeria who founded Diamond Bank, Pascal Dozie has passed on at the age of 85.
A statement by the family on Tuesday, said the business magnate died on Monday at the age of 85.
The businessman, who played a transformative role in Nigeria’s banking and telecommunications sectors passed away due to age related illness, sources reveal.
Dozie was born on April 9, 1939, in Egbu, Owerri, Imo State, and rose from humble beginnings to become one of Nigeria’s most influential corporate figures.
He studied economics at the London School of Economics and later earned a Master’s degree in Administrative Science from City University, London.
His early career included roles at the National Economic Development Office in the United Kingdom and at consulting firms before he returned to Nigeria in the early 1970s.
Dozie founded African Development Consulting Group (ADCG) upon his return, providing economic and management consultancy services to both public and private sector clients.
It was however in 1990, when he founded Diamond Bank, that Dozie made his indelible mark on the Nigerian financial landscape.
With just N10 million in startup capital, the bank grew under his stewardship into one of Nigeria’s leading commercial banks, known for its innovation, customer-centric approach, and strong corporate governance.
He served as Chairman and CEO of Diamond Bank until his retirement in 2006, after which his son, Uzoma Dozie, later succeeded him as CEO.
The bank eventually merged with Access Bank in 2019, forming one of Africa’s largest banking groups.
In addition to his contributions to banking, Dozie was a founding investor and the first chairman of MTN Nigeria, playing a pivotal role in the company’s launch and expansion in the early 2000s.
His leadership helped lay the foundation for what is now the largest telecommunications company in Nigeria.
Dozie was widely respected not only for his business acumen but also for his integrity, mentorship, and philanthropy.
He served on several boards, including the Nigeria Economic Summit Group and the Lagos Business School Advisory Board, and was a key voice in discussions on Nigeria’s economic development.
Tributes have started pouring in from across the country and beyond, with business leaders, government officials, and former colleagues lauding his contributions.
“Pascal Dozie was a pillar of Nigerian industry,” said Tony Elumelu, chairman of Heirs Holdings. “His legacy will endure for generations.”
