Under Pascal Dozie’s watch, its longtime chairman, MTN (NG) is now undergoing its greatest transformation since it stated business in Nigeria. It is selling one third of its shares to new investors. The transaction is expected to yield more than $1billion (Three Hundred and Sixty Billion Naira) This would be useful money as MTN is still paying back a penalty of imposed by the Nigerian communication commission for failing to delist unregistered subscribers.
(right) Uzoma Dozie, C.E.O Diamond bank
(center) Afreximbank C.E.O President Dr. Benedict Oramah
in Cairo
Underpinning Nigeria’s importance to MTN is a subscriber base 51.4 million from which it generates one third of its global revenue. Services degenerated somewhat last year in some areas and MTN lost 15% of its subscribers. But the company is fighting back and hopes to recover fully by 2019. To sell the shares, it appointed Stanbic IBTC, Standard Bank of South Africa, Standard Advisory of London and Citigroup Global Markets, as joint transaction advisors and global Co-ordinators, with Stanbic IBTC as the lead issuers.
The listing, by the month of May, on the Nigerian Stock Exchange, adds luster to MTN’s status as a Nigerian company. The listing in Ghana – targeting $787m – would bolster its West African credentials. Back to Pascal Dozie. As MTN sells, would Pascal Dozie’s private investment company KUNOCH buy in? No indication on that, but why not?
How do you define a fixture? It is an object that appears, more or less, immovable, despite any buffeting inflicted on it. From the very start of the new mobile era, Pascal Dozie, as chairman, and MTN, the company, have been fixtures on the nation’s telecommunications scene.
The recent debacle, which saw MTN? saddled with a fine of #660billion by the federal regulatory body, resulted in the exit of senior management members, including an MD at company headquarters in Johannesburg, South Africa. Right through the storm, Pascal and MTN’s high-level team negotiated patiently in Abuja, to see the fine reduced by a half. Operating a telecoms company in Nigeria has long been perceived as having a license to print money.
The recent tumble at Etisalat- and the rebranding into 9mobile sent shockwaves through the system. But MTN carries on. With its huge subscriber base, no one doubts it can pay the reduced fine. It has already paid half and Pascal Dozie remains chairman.
Although reportedly pushing investments in many sectors of the Nigerian Economy, Pascal Dozie’s lasting legacy should be in banking. He founded Diamond Bank, now a solid entity on the scene. What else should gladden a parent’s heart than to the see his son Uzoma become C.E.O of Diamond Bank. And Uzoma is making his own waves, positioning, Diamond as a leading promoter of small and medium scale businesses – the backbone of any economy.
At the side of the main entrance of Diamond Bank Headquarters, at Victoria Island – an edifice of some architectural distinction – are the words PGD House. PGD are the initials of Pascal Dozie.