At the end of Nigeria’s banking consolidation program, Diamond Bank barely met the steep recapitalization requirements. This was achieved through a moderately successful initial public offering (IPO) and a merger with the former Inland Bank. However, just as the bank began to navigate the post-consolidation era, the Central Bank of Nigeria (CBN) dealt it a significant blow, mandating that Pascal Dozie step down as both Chairman and CEO, as the positions could no longer be held by a single individual.
Coincidentally, Hallmark Newspaper broke this story, citing reliable sources within the government. In response, Pascal Dozie opted to relinquish his role as CEO while retaining the position of chairman of the board.
Uzoma Dozie’s Ascension: The Beginning of a Power Struggle
With the CEO position vacant, Uzoma Dozie’s candidacy for the top role came into focus. It was no secret that Uzoma had long been groomed by his father to succeed him. Unfortunately, his ambition was not shared by many within the bank. Both senior staff and board members viewed him as an untested “papa’s boy” who lacked the requisite experience, competence, and leadership qualities for such a strategic role.
Despite this sentiment, Pascal Dozie was a master of boardroom tactics. He wielded significant influence as the core investor in the bank, often shaping decisions without overtly asserting his authority. However, his ambitions for Uzoma were thwarted by the equity investors, ACTIS, who insisted that all candidates for the CEO position undergo a formal assessment. The board accepted this condition.
In the assessment, Emeka Onwuka, a senior executive and veteran of Diamond Bank, emerged as the top candidate, followed closely by U.K. Eke and Ohis Ohiwerei, with Uzoma ranking last. With no alternative, Pascal Dozie had to accept Emeka Onwuka as the bank’s new CEO.
The “Regent” Era: Emeka Onwuka’s Leadership
While Emeka Onwuka officially held the reins, insiders revealed that real power still resided with Pascal Dozie, who remained chairman of the board and maintained control through Kunoch Holdings, his investment arm. Onwuka, a loyal and dignified professional, was often seen as a regent tasked with keeping the bank afloat until Uzoma could eventually ascend to the throne.
Despite his loyalty, Emeka Onwuka eventually fell out of favor with the Dozie family. Many of the privileges and accommodations he extended to Pascal Dozie, such as the creation of the Chairman, Advisory Board position, were quickly discarded by the subsequent, stricter professional regime led by Alex Otti.
After completing his tenure, Onwuka chose not to renew his contract, paving the way for yet another attempt by Pascal Dozie to position Uzoma as CEO. Once again, the board resisted, this time engaging KPMG to conduct an independent recruitment process. In the end, Alex Otti, a highly regarded executive from First Bank, emerged as the top candidate, while Uzoma finished at the bottom of the list again.
Alex Otti: A New Era of Professionalism
Under Alex Otti’s leadership, Diamond Bank underwent a dramatic transformation. By 2011, when he assumed office, the bank was operating at a loss of N13.94 billion. Yet, within three years, Otti’s strategic vision and professional management turned the bank into a profitable, thriving institution.
Between 2011 and 2014, Diamond Bank earned widespread recognition for its cutting-edge products, exceptional customer service, and robust retail and corporate banking arms. The morale among staff soared as the bank adopted a collegiate leadership style. Employees felt empowered and supported, creating a culture of pride and enthusiasm.
Alex Otti’s hands-on approach also stood out. From accompanying staff on marketing calls to directly engaging high-profile clients, his leadership style earned him both respect and results. During his tenure, Diamond Bank expanded its footprint with subsidiaries across West Africa and a franchise in London.
The Decline Under Uzoma Dozie
When Alex Otti completed his tenure in 2014, Uzoma Dozie finally ascended to the CEO position, fulfilling his father’s long-standing dream. However, his tenure marked the beginning of the bank’s rapid decline.
By 2017, Diamond Bank’s fortunes had reversed. The bank recorded a loss of N9 billion, erasing the gains of the previous years. The once-thriving institution became plagued by poor leadership, low staff morale, and a steady exodus of talented employees.
Under Uzoma’s leadership, the bank’s focus shifted disproportionately toward electronic banking, alienating its core customer base of traders and small businesses who preferred more traditional banking methods. A former staffer recounted how town hall meetings meant to address staff concerns only deepened dissatisfaction, as many openly criticized the CEO’s priorities.
Even within the bank, confidence waned. It became commonplace for employees to transfer their salaries to other banks at the end of each month, resulting in a monthly outflow of approximately N2 billion.
The Fatal Blow
As the bank continued to hemorrhage funds and lose customer trust, calls for Uzoma’s removal grew louder. While Uzoma himself initially agreed that a change was necessary, his parents—Pascal Dozie and Mrs. Chinyere Dozie—refused to let go.
Mrs. Dozie, described as the most powerful wife of a bank owner in Nigerian history, wielded significant influence behind the scenes. Her unwavering support for Uzoma sealed the bank’s fate. Without decisive action to address its leadership crisis, Diamond Bank’s decline became irreversible.
By the time the bank was eventually sold to Access Bank in 2019, it was a shadow of its former self. What had once been a pioneering institution celebrated for its innovation and growth was now a cautionary tale of poor corporate governance and the dangers of prioritizing familial interests over professionalism.
To Be Continued in Part 3
