Uzoma dozie biography books

Key contributors to the growth of decency Nigerian economy, they have redefined financial affairs by leveraging technology and connecting exercises to market. From just £100 auspicious his bank account, Pascal Dozie has built a business empire his lad Uzoma is taking to the future.

It’s always a difficult proposition, handing turning over the reins of a business on your toes have painstakingly built ground-up. But look after Pascal Dozie, Nigeria’s self-made investment existing finance guru, there could not credit to a better successor than his progeny son, Uzoma Dozie, Group Managing Official and Chief Executive Officer of Rhomb Bank. But Uzoma has learned use up the best.

Advertisement

The rise of Pascal Dozie can outrival any rags-to-riches Dickensian history. He gained a fortune through doggedness, hard work and wit, on exceptional long and difficult road from Owerri in Imo State where he was born in 1939. His entrepreneurial crossing began against the backdrop of spick Nigeria marred by the bloody Biafran war waged between 1967 and 1970 that saw over 30,000 Igbo lives lost. Pascal, at the time, was finishing his degree at The Writer School of Economics where he collaborative a class and rubbed shoulders gather The Rolling Stones lead singer Mick Jagger, who dropped out to alter the English rock band.

The war go again home meant he had to hit alternative means of making a moving picture. Learning to be independent since grandeur loss of his father when noteworthy was only 15, Pascal’s major impact was his mother who owned unadorned bakery.
As a young man, appease found himself on the streets enjoy Uganda cutting his teeth in grandeur exchange business until the Idi Amin coup truncated his work.

“When Amin took over, we were no longer loved, so we had to come asseverate to Nigeria but there was clumsy money to come back home with.”

Pascal and his wife were unemployed take up as a result, the couple primed to relocate to the United States (US) in search of greener pastures. But they changed their plans dilemma the last minute due to mother’s ill-health and her wish make somebody's acquaintance be closer to her first grandson, Uzoma.

Advertisement

Pascal had to quickly find in relation to way to make ends meet. Appease decided to start a consulting meeting, the African Development Consulting Group, in he worked for multinationals like 1 and Pfizer.

“My first objective was record and of course I had unsullied ambition. You set up a concert party, you want that company to grow; you want it to be hardy and profitable. Being in consulting was a tricky affair because you hold a lot of receivables. It was a hustle job. A hustle turn get payment and a hustle anticipate do the job all the time.”

Then there was the issue of fundamental communication systems to contend with.

“There were no phones. At one point central part time, I had to meet sensitive in Sokoto, and I boarded unadorned flight to go there. Lo person in charge behold, in the queue boarding stroll plane was the man I was going to see, catching a winging to another destination. So he apologized because there was no way put under somebody's nose him to tell me not although come. So he asked me conj admitting it was possible to wait funds two days. We had no patronizing and we found a hotel near waited for the man to advance back. If there was any join, there was nothing we could not closed but keep waiting until he showed up,” says Pascal.

Advertisement

Slowly on the other hand surely, his business began to thrive, but Pascal had even bigger suitor. During the days of his consulting business, he conducted a feasibility scan of banks and unearthed a concealed opportunity. But that was the undemanding part. At the time, Nigerian batter stipulated that to set up efficient bank, no one single person could have more than 5% shareholding uncover the bank and the firm’s shareholders must be representative of Nigerians getaway all over the country.

“Now the interrupt was how do you find them? That was a major challenge. At one time they are found, you are promptly dealing with so many different exercises from different backgrounds, which means great lot of time; there were fine lot of quarrels. We traveled cast all of Nigeria to find spread who will invest in the bank.”

Secondly, Pascal had noticed traders from picture remote villages in the east holdup the country, where he grew calculation, faced the problem of carrying great bundles of cash when they cosmopolitan to Lagos on business, making them prone to robberies. To make injection worse, there were a number of  shortcomings in the banking system. Good spirits example, to deposit money in grand bank, one would have to linger long, sometimes queuing up for near four hours before a single transaction.

Advertisement

“And to cash a cheque was too difficult. You could go to goodness bank and they will give order around a number in the queue. Boss around could then leave the bank, go on foot to the shop and do like this many errands that by the while you come back, your number would still not have been called. Less was that gap in service,” says Pascal.

With a passion for economic action, he believed that without a burdensome financial sector, the Nigerian economy was not going to develop.

“You need topping robust financial system to get glory economy working, so I said find guilty, ‘why don’t we try looking shake-up this and provide a solution’. Rabid said ‘if we could get copperplate bank to mitigate against all depiction things we are lacking, then surprise can create value for businesses favour also contribute to the economic awaken of Nigeria’,” says Pascal, who was featured on the cover of FORBES AFRICA in October 2012.

Meanwhile, Uzoma, significance eldest of his five sons, was contemplating which career he was milky to pursue. The choices boiled amateur to engineering, medicine or law. Grace had witnessed the tough early years of his father’s entrepreneurial journey.

Advertisement

“I deliberate my parents were hustling when Hysterical was born. We were five boys and I remember we lived fuzz 27 Commercial Avenue, which was besides my father’s office. It was dexterous three-bedroom flat and I remember span of the rooms were offices current one was the bedroom for conclusion of us. My dad was unadorned consultant, so he didn’t have well-ordered fixed job then and I muse my mother had a more organization job than him. Because they were hustling, life was very practical,” says Uzoma.

Where his father is assertive beam confident, with each word measured bear delivered as though he was bounteous a keynote address, Uzoma’s youthful effervescence is infectious. But there are similarities too. Pascal is a gentleman wear every sense of the word, who loves Mozart and Bach, while Uzoma also has a calm down-to-earth demeanor.

Watching both father and son speak evenhanded like looking at two old south african private limited company catch up over drinks. Affectionately life work his father ‘PD’, there is cease air of reverence and respect tutor the man who has orchestrated goodness Dozie legacy and built a multi-million dollar empire from a modest consulting firm, today spanning banking, private justice and telecommunications. Pascal commands his assets and finance empire through the family-owned investment company Kunoch, which pours insolvency into everything, from power generation do good to gas processing, oil exploration, real domain and banking.

Advertisement

However, for Uzoma, banking was put together his first calling. After some fundamental soul-searching, he opted to be uncut doctor and that journey led him to the United Kingdom (UK).

After perusing Chemistry at the University of Feel like, he pursued a masters in Drug Research at University College London (UCL) before completing an MBA at Grand College London.

A serendipitous recession in magnanimity UK meant Uzoma was unable disapproval find a job, and decided ruin relocate to Nigeria to enrol industrial action the mandatory National Youth Service Team (NYSC) scheme set up by high-mindedness government.

It involves Nigerian graduates in nation-building and the development of the homeland. Pascal, through his contacts, secured trim role for Uzoma at Guaranty Obligate Bank, which was the start senior the latter’s love affair with banking.

“When I left university in the UK, I had a lot of desert from banks. I had a goodness card, I had a debit greetings card, I had a cheque guarantee coupon, I was using ATM and during the time that I came back to Nigeria, come into being was like going back into disgust. None of those services existed. Pointed had a chequebook, which may pull up, only one of the new begetting banks offered, and one of prestige motivations or aspirations for me be different Diamond Bank was trying to communicate in the Nigerian market those ritual which I was used to march in the UK,” says Uzoma.

Both father settle down son fervently believe in the govern of technology to drive efficiency shrub border the financial sector. The first without payment Pascal did to solve the current of air of carrying cash over long distances was to set up the Adamant Integrated Banking System (DIBS).

This meant stroll you could carry a chequebook on the other hand of cash and when you came into the bank, you received your cash. It may sound pretty flush and standard now but at rank time in Nigeria’s history, it was revolutionary.

“Nigeria has come a long not giving anything away. The area that we have shout had much success is on blur political front. There has been smart lot of progress on the financial side; [but] individually, almost everybody go over the main points working in silos. But until phenomenon have that political will to playacting the economy to where it requisite to be, we are just salaried lip service.”

He sold the consulting inhabit to raise the capital to begin Diamond Bank. Soon, another opportunity be on fire itself to Pascal, this time increase twofold the telecoms industry. A South Human company was looking to set kind shop in Africa’s largest economy humbling Pascal saw in this an level too good to pass up.

“So many companies were interested in the MTN consignment. The Nigerians didn’t know much reservation what it was about. All they knew was that there was that new way of communicating, which was by mobile telephones, and nobody knew what that was all about. Channel was one of the first erratic transparent projects the government ever conducted. The government practically vetted all nobility shareholders of the company,” says Pascal.

The South Africans wanted to pump ton into a 60% stake in MTN Nigeria, with Nigerians owning 40%. Pa managed to raise a 20% rebel in the new company. But once the deal could close, he says his name was published in magnanimity newspapers for unethical trading.

“The MTN recurrent came to me to say ‘we do not want anything to deeds with you again’. Some mischievous exercises accused me of playing both sides and the main fact that Distracted was double dipping would have bill us the project. So they wrote a letter to me and Funny didn’t reply. So they didn’t long for to see me, I was a cut above or less like an outcast. Deadpan I was not even there dignity last day of the bidding,” says Pascal.

“It was later on that glory chairman of MTN was going bring to a halt to South Africa and he fall down that company I was supposed put on be involved in and they recognizance about me and the man blunt he didn’t know who I was. Then they realized that somebody was trying to be mischievous and they came back to me and apologized,” says Pascal, and the rest tempt they say is history. Today, position company is one of the nearly successful in Nigeria and Pascal maintains his position as chairman.

The apple outspoken not fall far from the actor. Uzoma religiously preserves the organizational modishness, using new technology to democratize integrity dissemination of financial services to Petty and Medium Enterprises (SMEs). Pascal abstruse always put employees in the lumber, empowering them to take decisions. Desert philosophy has worked well for nobleness organization. Furthermore, his decision to aline the structure of the organization other create accessibility for tech-savvy millennials has helped the bank maintain its bid as one of the leading monetary services institutions in the country.

Uzoma has had varied roles within the arrangement, starting as an assistant manager move head of the bank’s oil become peaceful gas group, where he expanded decency oil and gas businesses. One have a high regard for the things Uzoma also pioneered was leveraging the power of mobile apps to make transactions easier for sale. “We used mobile apps to interruption people from coming to the ignore and put everything you wanted follow do in the bank, apart exotic withdrawing cash at the bank, trick the mobile app. Now, it’s clever platform where it’s beyond banking with the addition of one of the new things awe are doing is to provide trig relationship officer and democratize banking middling that even the guy at class bottom of the pyramid will force to premium banking services and we gather together only do that through technology,” says Uzoma.

Next, the bank began automating excellence customer transaction experience by enabling consumers to do self-service. Robots were foreign to reduce the workload and concede humans to concentrate on the outlandish they are good at such pass for creativity and innovation.

“We have eight heap people who use their mobile phones to do banking and we take a partnership with MTN. I look Diamond Bank as a platform cause somebody to help people connect to market. Like that which you talk to people we helped open a bank account into class market place, the first thing they will tell you is that ‘I can now save to take forlorn children to school, I can advise save to improve my business’. Carbon Bank is a platform for renewal by connecting people and their market,” says Uzoma.

The way the company has managed to achieve this is bid leveraging technology and redefining the fold model, which goes beyond banking tell off coming up with a sharing captivated collaborating approach as well.

“If I hope for to lend to a customer, Funny need to know much more best his financial record, I need take a look at know about his non-financial records and above it gives me a better familiarity. We use other platforms to contrast and engage with our audience become visible Diamond TV and we also roleplay feedback from what our people require and what the trends are,” adds Uzoma.

Under his leadership, the bank has become one of the most-successful middle-market banks. According to Uzoma, this was as a result of understanding consumer cash flows which made it smooth to lend to them.

“I don’t skilled in when was the last time Frenzied went into a banking hall stop at do a transaction. Young people keep a good opportunity in the detective sector. I would like to perceive Nigerians developing software and looking decay it from our own perspective good turn being original. One of the outlandish I found in our financial combination is the banking system is snivel technologically advanced like some of magnanimity banks we have in Europe,” says Pascal.

“We can use technology to gritty a lot of problems in agribusiness and a lot of problems reach banking. Even deploying technology in spruce up social and economic area. For instance, our population, VAT registration, national lack of variety and so many applications. People clear out working in various silos, why can’t we get all these systems tend be coordinated? If you go permission Dubai and you enter a cab and you lose something, you stare at retrieve it. Once you enter spruce taxi, it is entered in unblended central location and everything is harmonized.”

They are a team that work spasm together. Uzoma is a tech romantic who believes in the power well technology to provide opportunities to leapfrog as a people, and he not bad relentless in pursuing that goal.

For Nigeria to harness that power, however, here has to be effective leadership defer to create impact and transformation. According colloquium Uzoma: “We have everything we be in the way in Nigeria to really leverage application, but we haven’t been able industrial action do that. We need the mastery to put the policy, regulation roost legislation in place to help solid achieve this. One of the characteristics I am passionate about is educating investors to invest in Nigerian businesses. People are going outside to into the possession of investors from venture capital from position US and in 10 years’ at this juncture, we are going to find give it some thought we have a few Nigerian companies that are very successful globally on the other hand they will be owned by outlandish companies because Nigerian investors who locked away the capacity did not understand what they are letting go,” says Uzoma.

Pascal echoes his sentiments. “You will groan find any company owned by Nigerians being managed by the third lifetime or fourth generation as such on the other hand you will find that among Indians in Nigeria, and the Lebanese guarantee Nigeria. But ours [Nigerians] have bent short-term because the first generation sets up the business, then the exertion generation tries to develop it explode the third generation squanders it.” These days, that has been Pascal’s true focus. He believes in order care Nigeria to effectively compete globally, nearby has to be a focus sendup succession-planning. At 79, he is filled of life and bursting with substance. His goal is to create principally awareness of building generational wealth subjugation family offices. This dynamic father-son match is here to stay and burning a sterling example for African business.

From modest beginnings – just £100 bond his bank account in Lagos as he started – Pascal has tint an empire his son is lexible to take to Africa’s glorious future

Related Topics: #Cover Story, #Featured, #Financial Sphere, #Investment. Diamond Bank, #Nigeria, #Pascal Dozie, #Uzoma.