Former MTN Nigeria chairman and Diamond bank founder, Pascal Dozie dies at 85

Pascal Dozie, the former chairman of telecom giant MTN Nigeria and founder of the defunct Diamond Bank, has died at the age of 85. This is according to a statement issued by his son Uzoma Dozie, who represented the family

According to him, the business tycoon was a dedicated man who devoted his life to serving God, his family, and his country.

“With deep sorrow, but with gratitude to God for a life well spent, we announce the passing of our beloved father, Pascal Gabriel Dozie, on 8th April 2025. He was a devoted husband, father, grandfather, and a man of unwavering Catholic faith. His life was marked by service to God, his family, and his country,” the statement reads.

In the statement, Uzoma appreciates the gift of life on behalf of his deceased father and reconnects to the legacy he left behind as a significant mark. “He is survived by his loving wife, Chinyere, his children, grandchildren, and all who were blessed to know him.”

Born on April 9, 1939, in Egbu, Owerri, Imo State, Pascal Dozie was raised in a Catholic home, with his father, Charles Dozie, serving as a catechist. Dozie had his early education at Our Lady’s School Emekuku, Holy Ghost Juniorate Seminary, and Holy Ghost College, Owerri, where he obtained his West African Senior School Certificate Examination.

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During his early life, his brilliance took him from Our Lady’s School in Emekuku to the London School of Economics, where he studied economics and earned a master’s degree in administrative science. Seeking higher education abroad, he moved to the United Kingdom, where he earned a Bachelor’s degree in Economics from the London School of Economics (LSE).

As this was not enough for Dozie, he furthered his studies in Operational Research and Industrial Engineering before obtaining a Master’s degree in Administrative Science from City University in London.

For Nigeria, Pascal Dozie played a critical role in the country’s banking and telecom industries. In 1990, he founded Diamond Bank, one of Nigeria’s most respected financial institutions before its eventual merger with Access Bank in December 2018.

Pascal Dozie was also the President of the Nigerian Stock Exchange and the chairman of Pan African University. He owned shares in MTN Group and was the pioneer chairman of the company where he helped to lead the telecom revolution of the company. He later resigned as the chairman and was succeeded by former NCC boss, Ernest Ndukwe.

His leadership style marked by humility, integrity, and long-term vision earned him widespread recognition, such as the National Award of the Order of the Niger (OON), Commander of the Order of the Niger (CON), and AABLA (All Africa Business Leader Award)-Lifetime Achievement Award winner.

His contributions to the country’s economic growth earned him widespread respect. Dozie is survived by his wife, Chinyere, and five children.

Pascal Dozie: instrumental to Diamond Bank and MTN Nigeria’s feat

In 1985, Pascal Dozie applied for a banking licence to help traders in South-Eastern Nigeria, which was faced with banking problems, which 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. 

“When we set up Diamond Bank, it became technologically driven right from the word go because we wanted to change the system and eradicate the delay in making transactions,” he shared in an interview.

In 1990, he satisfied the requirements of the Central Bank of Nigeria (CBN) to operate a standard bank, and in 1991, Diamond Bank began operations. He was CEO of Diamond Bank from 1991 to 2006.

As of June 2017, the bank operated 297 branches in Nigeria with its headquarters in Lagos.

In December 2018, the bank announced a merger with Access Bank where the acquisition was completed in the first half of 2019. On 1 April 2019, Diamond Bank was fully merged with Access Bank to build a new entity while retaining the name of Access Bank with a logo that took the form of Diamond Bank.

For MTN Nigeria, Pascal Dozie played a critical role in its brilliant growth.

In the early 2000s, MTN Group approached Pascal Dozie to help raise 40 per cent of the funds needed to set up a subsidiary in Nigeria. MTN was to fund 60 per cent while they wanted Nigerians to also have stakes of up to 40 per cent. Pascal Dozie loved the idea and thought his friends would be willing to cash in on the opportunity. 

Meanwhile, many of the big men and potential financiers he approached did not see the future in the deal. They reasoned that if NITEL was unable to survive in Nigeria, MTN had even less chance of survival.

Their refusal almost discouraged Pascal, but he pushed through with his first instincts. With the investments from a few friends who trusted Pascal’s idea, he was able to raise half of the funds needed (being a 20 per cent stake in MTN Nigeria) while MTN had to pour in more money to make up the balance.

“Most of the people I asked to invest now regret not investing—I even regret it myself. They would have enjoyed returns of 20 times their money,” Pascal Dozie said. 

A few years later, the decision turned out to be an excellent investment after all, where many of those who turned down the opportunity were looking for ways to buy in. MTN has grown to become Nigeria’s largest telecommunication company with 87.5 million subscribers as of January 2025, representing the largest market share of 51.7 per cent in Nigeria’s telecom industry.

Dozie was still actively involved on the MTN Board, serving as Chairman from 2001 to 2019.