I woke up this fine April morning to the news of the passing of a legendary man, the original Diamond, whose vision transformed the Nigerian banking industry. Pascal Dozie, popularly known amongst the initiated as PGD, was the founder of Diamond Bank. The bank’s entrance into the scene disrupted the market and gave birth to the transformational impact of technology in banking, business and genrally life in Nigeria.
Leaving the stage on the 8th of April 2025, a day shy of his 86th birthday, PGD’s exit is as shocking as the impact of his vision. He pioneered a new way of banking through the innovative Diamond Integrated Banking System (DIBS) which made it possible to deposit cash in one branch, and withdraw the same cash in any of the branch of the Bank. Before then, customers could only withdraw cash from the same local branch where their account was opened.
Diamond Bank entered the scene in 1991 and introduced an audacious, radical innovation in the banking sector. Banking in Nigeria before then, was a tale of woes. Poor services, manual systems and dependence on cash bedeviled the sector. It was unimaginable that anyone could envision the changes that occured thereafter. Suffice it to say that the entrance of Diamond Bark sparked off a stiff service driven competition for market share, that benefitted customers and the economy at large. In his words, “we took strategic initiatives that fundamentally blazed the trail and changed the banking landscape.”
I was privileged to have worked with Diamond Bank in the tail end of the PGD days. I joined the bank in February 2001 and what struck me first was the massive investment and belief in the people. Every Diamond, as the Staff were referred to, had his own computer and had no reason to fail in meeting any deliverables. Hello, this was in the year 2001. Let that sink. The bank was to go paperless in that same year and it was done without any fuss. This is something that many organizations are still struggling with in 2025.
The bank’s change of it’s banking software from Microbanker to Flexcube was equally audacious and was made possible by the unflinching commitment of the people. As a converted Diamond, having joined from another bank, I was to hear that PGD believed that there was no limit to the elasticity of the human spirit. Nothing was impossible to the Diamond and we went about work with that mentality.
My time at Diamond Bank remains the most impactful period of my banking career. I still recall precious memories of the bank’s 10th anniversary and my participation as a soloist and pianist with the Care 2000+ Choir led by Angela Okonma. We did so well that the compere; Ali Baba joked that the “Igbo man” raised his own choir instead of hiring people to sing at the event. PGD was to later give us a generous cash gift in recognition of our effort, and I recall that the obscene amount I got from the largesse had infuriated my Branch Manager.
PGD was a man of many parts and his influence transcended the banking sector. As the pioneer Chairman of MTN Nigeria, he was equally as transformational in telecommunication as he was in banking.
A humble man, PGD was to continue commuting with his Peugeot 505, to the dismay and embarrassment of the bank’s executives, until he was hounded to submission and compelled to enjoy some of the comforts his status commanded.
A recipient of the National Award of the Order of the Niger (OON), PGD was a national treasure and the whole nation mourns as do all Diamonds.
Rest in Peace Pascal Gabriel Dozie (PGD)! May God comfort your Wife and family.
Diamonds are Forever!
Kene Okoye
