One of the top 20 wealthiest investors on the Nigerian Exchange, Pascal Dozie, has seen an increase in net worth thanks to his stake in MTN Nigeria, currently valued at more than $148 million.
The Nigerian multimillionaire businessman is the founder of Diamond Bank, a Nigerian multinational financial service provider that was acquired by Access Holdings in December 2018 currently in a merger with Access Bank. In 2019 Diamond Bank fully merged with Access Bank to form a new entity under the name Access Bank with a Diamond Bank-inspired logo.
Pascal Dozie, who made his first entrepreneurial move in 1985 after spotting a chance in the Nigerian financial services sector, was a crucial contributor to the expansion of MTN Nigeria.
MTN Nigeria is one of Africa’s largest telecom service providers, which has approximately 69 million customers linked across the whole country. From 60 percent in December 2020, its 4G network currently now serves 70 percent of the populace.
The telecom behemoth, currently led by Karl Toriola, is the most rewarding of the MTN Group, a global telecom conglomerate with operations in 20 African and Middle Eastern nations.
Bringing MTN to Nigeria
Pascal Dozie was contacted by MTN South Africa in the early 2000s to assist the company in raising 40% of the money needed to launch a Nigerian subsidiary.
MTN South Africa agreed to contribute 60% of the funding but also demanded that Nigerians buy stakes and contribute up to 40%.
He was able to raise half of the necessary funds—a 20% stake in MTN Nigeria—thanks to investments from a select group of friends he told that trusted his judgement. MTN South Africa had to contribute more money to make up the difference. Today that Pascal Dozie investment has increased to become $148 million.
Overview of Pascal Dozie’s stake in MTN
After holding the position of chairman from 2001 to 2019 for the telecom service provider, Dozie still holds a 1.6 percent share in MTN Nigeria, valued at N165.36 billion ($148.5 million).
His stake in the top telecom company is currently worth $60.3 million less than it was on May 19, 175 days prior, when the group’s share price climbed above N270 ($0.6135) a share on the Nigerian Exchange, raising the market value of his position to almost $210 million.
Dozie earned a massive dividend of $6.6 million this year as a result of the company’s successful financial year in 2021, when the group’s earnings rose past $710 million.
As the telecom company announced a double-digit gain in earnings at the end of the first three quarters of its 2022 fiscal year, he is also on pace to receive another huge payout in 2023.
According to the group’s most recent financial results, MTN Nigeria’s profit increased by 22.1% in the first nine months of 2022, from N220.31 billion ($500.6 million) in the same period the previous year to N269.04 billion ($611.3 million), as it continued to grow its service revenue while also maximising efficiency through the application of cost-cutting measures.
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