When in 2019, talks were underway for one of the biggest mergers in Nigeria’s banking history, Diamond Bank CEO, Uzoma Dozie had his competencies called to question over why an almost 30 years old bank founded by his father, should end with him, the son. After the merger, the younger Dozie went ahead to launch his Digital Bank, Sparkle and has since then released several products and services, effectively silencing his detractors.
Uzoma Dozie is the first of the five sons of Pascal Dozie (PGD). He was born in England in 1969 at the time when his father was working with Greater London Development Council as a young graduate. The family soon relocated to Uganda when Pascal Dozie was contracted by the Ugandan Government as a Statistician, to work with a team carrying out an economic study in conjunction with the African Development Society Group.
In 1971, Idi Amin overthrew the elected government of Milton Obote and crisis broke out in Uganda. The family had no option but to return to Nigeria, where the country was just trying to pick life again after the war. The family settled in Yaba area of Lagos, and Uzoma started schooling.
His secondary education took him across three schools, the Lebanese Community School (LCS), Yaba; Government College, Owerri, and Command Secondary School, Kaduna.
Uzoma remembers that he did not always have things figured out, and as a child, had conflicting career interests. He was first interested in photography and for a while, it seemed like he would pursue this passion, but he changed his mind when he became a teenager and picked interest in becoming a doctor – a heart surgeon.
“In Nigeria then, you were either a doctor or an engineer. It was when we went for an open day at the University of Sheffield, where I was told that I had to spend seven years to become a doctor, that I decided to change my intended course of study.
“I later went to the University of Reading where I studied chemistry. After that, I went to the University College London to obtain a master’s degree in organic chemistry. We worked really hard to develop products that would help fight a number of diseases,” he recounted in an interview.
While his studies helped him understand analytical processes, it only left him more confused about what he was to do professionally. He was quite certain he did not want to become a chemist but went ahead to work as a sales representative for a pharmaceutical company in the UK for a couple of months before relocating to Nigeria.
Back in Nigeria, Pascal Dozie had founded Diamond Bank and was doubling as Managing Director and Board Chairman, when Uzoma returned. With Pascal’s encouragement, Uzoma decided to test the waters of the banking career and see if it would feel like home.
Uzoma got a job with Guaranty Trust Bank (GTBank) on Broad Street, while Fola Adeola was the Managing Director. He learnt a lot from working there, and gradually, banking was becoming a little more than ‘daddy’s suggestion’.
“My father wanted me to gain industry experience, but he didn’t want me to start at Diamond Bank in order to avoid favouritism as the boss’ son, and he didn’t want to protect me as well, he needed me to find my own feet and fit. I spent a year at GTBank where I learnt a lot about developing a great work culture,” he said.
Shortly after spending a year at GTBank, the June 12, 1993 election crisis and accompanying unrest rendered Uzoma jobless for about a year. Afterwards, he joined Citizen International Bank (later known as Spring Bank), where he was placed on the oil and gas desk. This was a different experience, more demanding and challenging. He had to travel a lot to oil-producing areas like Port Harcourt, where he interacted with locals over their complaints.
Uzoma left Citizen bank after a while and proceeded to Imperial College in the UK for an MBA. Upon his return to Nigeria, he joined Diamond Bank. He later became the Executive Director in charge of Lagos Businesses for a couple of years before he was appointed Deputy Managing Director in charge of Retail Banking. In November 2014, he was unanimously appointed by the Board as Group Managing Director / Chief Executive Officer.
One significant take-home Uzoma got from heading the Retail Banking Directorate was the significant gap in the market for a new approach to services for retailers, and this later became the basis for…