FCMB and Diamond Bank: It is a family affair (Shareholders are not smiling)
Dear Africa Interested Professionals: Both banks that are the subject of this article, currently have CEOs that are sons of their owners/founders: Subomi Balogun for FCMB and Pascal Dozie for Diamond Bank. Both CEOs were selected by their fathers and groomed for the top corporate office they now hold. Ladi Balogun has been with FCMB for 18 years consecutively (post business school) and Uzoma Dozie has been with Diamond Bank for 20 years consecutively. The former has been the CEO of FCMB for approximately 12 years and the latter has been the CEO of Diamond Bank for four years. Now lets get down to the crux of the matter. I have always been against the running of companies in Africa by children of the owners and/or founders. This is not driven by any inherent form of incompetency; but, the bleak expectation for shareholders when family interests are pitted against shareholder interests as they often are on an almost daily basis in companies of this nature and i