₦airaland Forum

The sad chronicles of incompetence

Diamond Bank: Birthed by the Father, Burried by the Son By Mazi Obioma Ezenwobodo

Mr. Pascal Dozie founded and nurtured Diamond Bank from 1991 to 2005. After growing the bank to an enviable height for 14 years, he relinquished the Chief Executive position to Mr Emeka Onwuka at the end of 2005. His exit would however be heralded with improved performance of the bank, which recorded a profit of N5.445 billion for the year 2005.

Onwuka, effectively took over from January 2006 and steadily grew the bank to profit after tax of N3.977b in 2006, N7.086b in 2007, N12.82b in 2008 and N1.328b in 2009. The bank posted loss of N11.214b in 2010 and another loss after tax of N13.940b in 2011.
Alex Otti took over in 2011 and in his first full year of 2012 the bank posted a profit after tax of N22.108b, N32.5b in 2013 and N28.36 when he handed over in 2014. The bank also saw its total assets rise from N564.9b in February 2011 to N1.18 trillion by December 31, 2012 and N1.52 trillion in 2013.

Otti doubled the full staff count from around 2,000 in 2010 to over 4,000 in 2014. He expanded the bank's network from 210 branches in 2011 to over 265 branches three years later. Under his watch also, the bank established an international subsidiary in the United Kingdom, in addition to expansion in Francophone West Africa (Senegal, Togo, and Ivory Coast).

Otti's performance was so sterling that the Central Bank classified the bank as one of the eight systematically important banks in Nigeria under his watch. Otti's era was the golden era of the demised bank.

Then entered Uzoma Dozie, the son of the founder Pascal Dozie, as the Chief Executive of the bank in March 2014 and the bank’s fortune started nose-diving.
In 2015, his first full year as head of the bank, the bank’s profit after tax went down from N28.36b to N5.656b. It went down further to N3.499b in 2016 and a loss of N9.011b in 2017.

In 2017, noticing that it could no longer continue to cope with losses from its subsidiaries, the bank sold its West African operations in Benin, Togo, Cote d’Ivoire and Senegal to Manzi Finances S.A., a Cote d’Ivoire-based financial services holding company and the bank later sold its United Kingdom’s operations.
In 2018, the bank went into coma and had to be merged with Access Bank.

Competence, not family ties, grows business. Until Nigerians learn to separate these two, the end will always be sad.

https://m.facebook.com/story.php?story_fbid=10214236155759809&id=1292601382

Moral lesson, Don't ever mix business issues with family issues. Always threat both separately.

Just look at how a wasteful son ran down his father's hard labour

lalasticlala Seun OAM4J their is great lesson to learn here

Donald95:
Moral lesson, Don't ever mix business issues with family issues. Always threat both separately.

Just look at how a wayward son ran down his father's hard labour

lalasticlala Seun OAM4J their is great lesson to learn here

Do you know what wayward means?

Birth is an innovator that betrays longitudinal distress leaving man a subject of political dispatch... Moreover human leaves before verification process of insanity ensuring Devine intervention.... Thank you

Same thing would happen to corrupt polithiefcians....... All the wealth den thief, dere pickin go sell all......

Please,
Someone should help me check if Paschal Dozie at one time belonged to People's Club of Nigeria.
I know why I am asking.

d

Hope my money is safe. That's my own.

This is a sad one

Some of these people look mixed with beautiful skin tone. Are they really Nigerians? I guess they are Biafrans.

This is what will happen if we ask Igbo youths to manage Nigeria

k


Senate to discuss former Chief of Defence Staff’s murder Thursday

https://pulsenaija.com.ng/news/alex-sabundu-badeh/

uba is still the best in the world.

hmmmmmmmmm! wonders in the increase

Make sure you are alone before Watching this hot video please don't allow anyone catch you Watching it>>
https://www.youtube.com/watch?v=RS5IgW7yWHI&itct=CA0QpDAYCyITCIfipv7rmt8CFcPAnAodoqoN7VIORW1teWRvbyBjb21lZHk%3D&client=mv-google&gl=NG&hl=en[/b]

.....

Lol

zurich1010:
Some of these people look mixed with beautiful skin tone. Are they really Nigerians? I guess they are Biafrans.

The fact is Igbos are not dark skin people naturally. When they arrived Africa from Israel they were essentially white or light brown. Overtime, they began to mix with dark skin Africans, which resulted in some of them being dark skin but the fact is they and Ibibio have the highest amount of lightskin people in West Africa.

Sad story.

Apart from nepotism and corruption. This is also a major threat to Nigerian banks.

More might pack-up in 2019.

Thank God for AMCON.

Ok

BuhBye:
Do you know what wayward means?

Wayward is an understatement. Rascal is a better description

Africans don't do it right. In better climes, the son would have been understudying the father right from the inception of the bank if he was meant to take over. He would have done IT in virtually every department of the bank in almost all the geopolitical zones to learn and to get first hand experience.

However even parents here fail to groom their children well for succession, they believe going to an Ivy League college for a degree in Business Administration is enough. Truth is, nothing beats experience one gets from climbing steadily from the ranks and understudying their betters in the process. .

Pretty saddening, may God not allow us destroy the sweat of our parents nor put them to shame but rather increase it and pass down for generations to come

Ok...issoryt

That was how the SARAKI's crashed a Bank and fled with Nigerians hard earned money. Useless father and son.
Nairalanders remind of the bank name

Competent CEOs take failing companies and turn them around.... Buhari.... PDP 16 years..

Alex Otti should be begged and brought back to the Bank!