Perhaps it is an irony of fate that Diamond Bank, undoubtedly the crown jewel of Pascal Dozie’s entrepreneurial repertoire, would fail so dramatically on the eve of his 80th birthday celebration. This irony is especially poignant when juxtaposed with a remark Dozie made over a decade ago at another birthday celebration when presented with two cakes—one from MTN and the other from Diamond Bank. He joked:
“Which one do I cut now? This one, MTN, gives me more money and less trouble, while the other one, Diamond, gives me less money and more trouble.”
Contrary to that remark, insiders assert that Diamond Bank was neither troublesome nor insignificant. On the contrary, it was widely believed to be the golden goose of the Dozie family, with its proceeds reportedly funding the family’s MTN investment. Diamond Bank, for many years, served as the financial pillar of the Dozie business empire. While this was not uncommon in Nigeria, where bank promoters often run their institutions as family enterprises, this practice of poor corporate governance is widely blamed for the systemic weaknesses in the Nigerian banking industry. It is a factor that has contributed to the high mortality rate of banks in the country, far exceeding that of any other African nation.
A Promising Start
Diamond Bank was established in 1991 alongside other newly licensed institutions such as GT Bank and Zenith Bank. It initially grew rapidly, overcoming its early challenges through the deployment of cutting-edge technology. Its Diamond Integrated Banking System, which guaranteed real-time online transactions, was revolutionary and gave the bank an edge in the market.
However, what truly distinguished Diamond Bank from its peers was its strategic appeal to a specific market segment—predominantly South East traders, businessmen, and industrialists. Interestingly, this same group formed the core investors in the bank when Dozie sourced the seed capital. He drew in several traders from Aba and Lagos as shareholders, further deepening the bank’s ties to this demographic.
Diamond Bank thrived during the economic boom brought on by the Structural Adjustment Programme (SAP) introduced under the Babangida administration. SAP liberalized the economy, creating immense opportunities for private enterprises. With a dynamic team of professionals such as Ken Orji, Philips Oduoza, Nick Oparandudu, Okey Nwosu, Emeka Onwuka, Dan Akujobi, and U.K. Eke, the bank seemed unstoppable.
Cracks in the Foundation
However, as the years passed, cracks began to show. Diamond Bank started to lose its shine, and its structural weaknesses—many of which were genetic defects tied to the Dozie family’s involvement—became glaring. Insiders pointed to the family’s relationship with the bank as a major obstacle to professionalism within the organization.
The issue that caused the most discontent was the ascension of Uzoma Dozie, Pascal Dozie’s first son, to the bank’s leadership. Senior staff who had expected to rise through the ranks found their paths blocked. Among them was Ken Orji, a pioneer staff member who was widely credited with the heavy lifting required to get the bank off the ground after it was licensed. His exclusion became emblematic of the frustrations within the bank.
Many within the organization felt that their careers were being deliberately sabotaged to clear the way for Uzoma. The discontent was so widespread that one board member was quoted as saying:
“The day Uzoma becomes the GMD/CEO of Diamond Bank will mark the beginning of the end of it.”
Decline and Internal Turmoil
By the early 2000s, Diamond Bank’s fortunes had begun to decline. Once a shining example of innovation and growth, the bank was now struggling to maintain a positive balance sheet. In 2004, Hallmark Newspaper published a three-part exposé titled “What Happened to Diamond Bank?” The investigation revealed widespread resentment among staff over Uzoma’s ascension and highlighted the heavy influence of the Dozie family in the bank’s affairs.
The report struck a nerve with the bank’s core market in Igbo-dominated regions, many of whom had developed a deep emotional attachment to Diamond Bank. This segment expressed their displeasure by withholding support for the bank’s private placement offer, citing the Hallmark exposé as evidence of its instability. The offer failed, further deepening the bank’s financial troubles.
Pascal Dozie’s Reaction
The Hallmark exposé angered Pascal Dozie, who felt personally attacked by the publication. He became an adversary of both the newspaper and the journalist behind the report. Despite efforts by well-meaning individuals over the years, Dozie struggled to forgive or forget.
Among those who attempted to mediate were Prof. Anya O. Anya, a pioneer shareholder and director of Diamond Bank; the late Chief Emma Nwokoro; Dr. A.B.C. Orjiakor; business magnates Tony Ezenna and Vin Mgbemena of Orange Drugs; Chief Martins Agbaso; as well as Diamond Bank executives Emeka Onwuka and U.K. Eke. Even the journalist’s mentor, Alhaji Abdulazeez Ude, tried to mend fences, but the bitterness remained.
A Public Apology
In 2011, during the send-off ceremony for Chief Emeka Odimegwu Ojukwu at Tafawa Balewa Square in Lagos, the journalist publicly apologized to Pascal Dozie. Taking the microphone, he declared:
“I apologise to you, sir, in the name of the sage we are celebrating today, Chief Emeka Odimegwu Ojukwu, for the story my newspaper wrote about Diamond Bank seven years ago.”
Dozie appeared moved by the gesture and reportedly told a former staff member in 2015 that he had forgiven the journalist. However, subsequent interactions suggested otherwise. As the journalist would later discover, Dozie had forgotten nothing and forgiven nothing.
To Be Continued in Part 2:
The continued decline of Diamond Bank, the family’s role in its eventual sale, and the moral questions surrounding Pascal Dozie’s legacy will be explored further in the next part of this series.
