The faces look familiar don’t they? Well these are the Dozie Family, with the able leadership of the Patriarch Pascal Dozie. The man who founded Diamond Bank and was one of the first investors in MTN Nigeria. He is an accomplished businessman by all counts and have a crop of young men looking to take over. The family currently uses their Holdco Kunoch Ltd to hold interest in the bank and other businesses cutting across several industries. Here is how the company explained their business on their website;
Incorporated on the 8th of August 1991 Kunoch Limited was launched by the Dozie family to consolidate the family’s diverse investment portfolio in a holding company. Kunoch leveraged on the structure of a strongly capitalized holding company to divest into pioneering modern banking, driving mobile communication and education and investment in oil & gas and real estate.
From inception Kunoch has adopted environment policy and high level of social responsibility. This has manifested in promoting and investing in environmentally friendly ventures, incubating valuable ventures in education, hospitality industry, financial industry, Information Communication Technology (ICT), and a range of charitable activities.
Kunoch Limited has 4 subsidiaries – Kunoch Constructions Limited, Kunoch Trading Limited, Kunoch Motors Limited and Kunoch Hotels Limited.
The family has essentially bought back shares in Diamond Bank from Actis which will not take its ownership in the bank to 20.65% from 5.86% at the end of 2013. This essentially gives them the single largest control in the bank now with Stanbic Nominees having the next highest with 20.17%. By this acquisition Diamond Bank now owns 2,990,221,499 ordinary shares in the bank. In remains to see how the current Rights Issue will affect the shareholding even though I expect the Kunoch Holdings to keep their percentage holdings.