Update/Billionaire Banker Pascal Dozie Dies at 85 Amid Questions Over Legacy of Nigeria’s Elite

The passing of Pascal Dozie, founder of the now-defunct Diamond Bank and former chairman of MTN Nigeria, has stirred mixed reactions across Nigeria’s business and political landscape. While tributes pour in celebrating his life, others are questioning whether his legacy truly served the masses—or simply preserved the status quo of economic elitism.

Dozie, who died on April 8, 2025, at the age of 85, is remembered by many as a pioneer in banking and telecommunications. But as the nation mourns, some critics are taking the opportunity to spotlight the oligarchic nature of Nigeria’s corporate world—arguing that figures like Dozie helped entrench systems that benefitted only a privileged few.

Educated at the prestigious London School of Economics and City University London, Dozie used his expertise to build Diamond Bank from the ground up in 1990. The bank rose to prominence before merging with Access Bank, but was criticized for focusing more on elite clientele than inclusive financial access. His son, Uzoma, eventually succeeded him, reinforcing concerns about dynastic control of business power.

As the pioneer chairman of MTN Nigeria, Dozie played a central role in ushering in the mobile revolution—but some argue this came at the cost of market monopolization, stifling smaller local players and contributing to high telecom costs.

Despite being honored with the Commander of the Order of the Niger (CON), some Nigerians view his rise as emblematic of how economic and political opportunities in the country remain locked within a tight circle of powerful families and western-educated elites.

While his family praises his “unwavering Catholic faith” and lifelong service, critics are calling for a broader national conversation on the structures he helped build—asking: Was Pascal Dozie a visionary architect of progress or a custodian of exclusionary capitalism?

He is survived by his wife, Chinyere, five children, and a legacy now being re-examined through a more critical national lens.