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Serial entrepreneur Leo Stan-Ekeh may retire at 65

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Zinox Chairman, Leo Stan-Ekeh

Indications have emerged that one of Africa’s leading digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh may have decided to quit as CEO of his technology group by 2021, according to a report by online news platform, TechEconomy.ng.

One of Mr. Ekeh’s closest confidante disclosed that, going by his tone at the Zinox Group corporate retreat held in April, it is clear he will retire as Group CEO when he turns 65 in 2021.

According to the source who pleaded anonymity, Ekeh’s target is to achieve a tech group worth $10B in valuation by this time and if he realizes it, he intends to change the lives of his devoted employees by making every Management staff in the group who has served him loyally a billionaire and others millionaires before retiring into full-time research in the technology sector and social work.

“This is his ambition and I hope he realizes this, especially considering the turbulent Nigerian economy. This was one of the reasons his group did not retrench any staff during the last economic recession, an unprecedented feat that is highly commendable in view of the gale of retrenchment that greeted the economic downturn,” the source disclosed.

Confirming the development, Corporate Communications Advisor, Zinox Group, Mr. Echika Ezuka disclosed that Ekeh’s decision to call time on his stellar career as arguably the continent’s foremost technology entrepreneur is one that was taken after deep consideration, as it would afford him more time to focus on his other humanitarian interests.

Ekeh, who was honoured by former President Olusegun Obasanjo on the occasion of Nigeria’s Independence Anniversary on October 1st 2002 for his sustained pioneering efforts in the area of Information and Communications Technology (ICT) and as a model for modern Nigerian youths, has been consistent with several technology innovations in Nigeria and beyond.

In addition to pioneering Desktop Publishing and Computer Graphics in Nigeria with his first Company – Task Systems Ltd, Mr. Ekeh also pioneered the deployment of digital dispensing pumps in Nigeria in partnership with Elf Petroleum and Schlumberger, France through his company Stanoil.

He launched the first ICT support Company in Nigeria – ITEC Solutions Ltd. and also pioneered structured ICT Distribution in West Africa with the launch of Technology Distributions Ltd. which has remained the biggest distributors in the West African sub-region.

Renowned for his disruptive business mindset and unerring eye for detail, Ekeh equally enjoys the status of manufacturing the first local and internationally certified computer brand in Sub-Saharan Africa through Zinox Technologies Ltd., manufacturers of Zinox brand of computers and digital devices.

Ekeh is credited with the biometric digital revolution in Nigeria, having delivered the INEC Voters’ registration in 2006 when foreign contractors could not deliver after months of promises.

He again supervised the biggest single ICT digital rollout in Africa with INEC in 2010 as well as the largest single e-Library and Wireless cloud rollout project on the continent through one of his companies – Zinox Technologies Ltd.

The serial digital entrepreneur has also been involved with companies such as ICT Brokers, TD Plus, ICT Connect and the launch of Africa’s first ever e-commerce outfit, Buyright Africa.

He also recently expanded the Zinox Group with the addition of Konga, Nigeria’s e-commerce giants after acquiring the company from previous majority investors, Naspers and AB Kinnevik.

Ekeh also has major interests in a few companies located in other continents including Africa, Asia, Europe and the Middle East.

Interestingly, Ekeh has also been credited with pioneering paternity leave in Nigeria when he introduced it in his company a few years ago.

He has received over 85 high-profile awards and served on a good number of Federal Government Committees in the last 15 years including the strategic Nigeria Thinkers, Presidential Committee for Job Creation, ICT Roadmap, among many others.

His retirement will come as a surprise to many, especially in view of his very active lifestyle, devotion to healthy living and Spartan discipline which has made him look much younger than his years.

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Finance

AISA Has Refunded The Fees Paid By Yahaya Bello To EFCC

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The Economic and Financial Crimes Commission (EFCC) says the American International School Abuja (AISA) has refunded the fees paid by the immediate past governor of Kogi state, Yahaya Bello, for his children attending the school.

In response to a letter addressed to the Lagos zonal commander of the EFCC, the school said $845,852 was paid in tuition “since the 7th of September 2021 to date”.

AISA said the sum to be refunded is $760,910 because it had deducted educational services already rendered.

“Please forward to us an official written request, with the authentic banking details of the EFCC, for the refund of the above-mentioned funds as previously indicated as part of your investigation into the alleged money laundering activities by the Bello family.

Since the 7th September 2021 to date, $845,852.84 (Eight Hundred and Forty-Five Thousand, Eight Hundred and Fifty Two US Dollars and eighty four cents) in tuition and other fees has been deposited into our Bank account.

We have calculated the net amount to be transferred and refunded to the State, after deducting the educational services rendered as $760,910.84. (Seven Hundred and Sixty Thousand, Nine Hundred and Ten US Dollars and Eighty Four cents).

No further additional fees are expected in respect of tuition as the students’ fees have now been settled until they graduate from ASIA.”

In a chat with The Cable, the spokesperson of the EFCC, Dele Oyewale, confirmed that the school has refunded the money.

‘’The money has been paid into public account,” Dele Oyewale was quoted as saying

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Finance

Godwin Emefiele Disobeyed Direction Of Law With Intent To Harm The Public, He Printed ₦684.5M Using ₦18.9B Says EFCC in fresh charge

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The Economic and Financial Crimes Commission has filed a fresh charge at the High Court of the Federal Capital Territory against the embattled former governor of the Central Bank of Nigeria, Godwin Emefiele.

EFCC in the charge accused Emefiele of approving the printing of N684,590,000 at the rate of N18.96 billion.

EFCC also alleged that Emefiele broke the law with intent to harm the public during his implementation of the naira swap policy of the administration of former President Muhammadu Buhari.

The anti-graft agency also accused Emefiele of unlawfully approving the withdrawal of N124.8 billion from the Consolidated Revenue Fund of the Federation.

EFCC’s top prosecutor, Rotimi Oyedepo, SAN revealed that Emefiele will be arraigned on a new four-count charge before Justice Hamza Muazu

Counts one to four of the charge, read,

“STATEMENT OF OFFENCE: Public Servant disobeying direction of law with intent to cause injury to the public contrary to and punishable under Section 123 of the Penal Code Law, Cap. 89 Laws of the Federation, 1990.

“PARTICULARS OF THE OFFENCE: That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of N375,520,000.00 pieces of colour swapped N1, 000, at the total cost of N11,052, 068,062 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

This and three other charges were stated against him. They read;

“COUNT 2: “That you, GODWIN IFEANYI EMEFIELE, between the 19th of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the Central Bank of Nigeria Act, 2007, by approving the printing of 172,000,000 pieces of colour swapped N500 (Five Hundred Naira) Notes, at the total cost of N4, 471,066,040 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.

“COUNT 3: “That you GODWIN IFEANYI EMEFIELE between the 19th day of October 2022 and 5th March 2023 in Abuja, knowingly disobeyed the direction of Section 19 of the CBN Act, 2007, by approving the printing of 137,070,000 pieces of colour swapped N200 (Two Hundred Naira) Note, at the total cost of N3, 441, 005, 280 without the recommendation of the Board of Central Bank and the strict approval of the President, Federal Republic of Nigeria which conduct of yours caused injury to the public and you thereby committed an offence.”

“COUNT 4: “That you, GODWIN IFEANYI EMEFIELE, on or about the 7th day of October 2020, in Abuja, within the jurisdiction of this Honorable Court, knowingly disobeyed the direction of Section 80 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended), by approving the withdrawal of the total sum of N124, 860, 227, 865.16 from the Consolidated Revenue Fund of the Federation in a manner not prescribed by the National Assembly, which conduct of yours caused injury to the public and you thereby committed an offence.”

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Transport

Federal Government To Launch Out 2700 CNG Buses, Tricycles Ahead Of First anniversary Of Tinubu’s Administration

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The Presidency on Sunday said it was ready to launch about 2,700 CNG-powered buses and tricycles before May 29 when President Bola Tinubu turns one year in office.

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.”

It said the Federal Government is set to deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.

The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, revealed this in a statement he signed Sunday titled ‘Presidential CNG initiative set for rollout.’

“From the end of May, Nigeria will take some baby steps to join such nations that already have large fleets of CNG vehicles.

The CNG tricycle
The CNG buses

“All is now ready for delivery of the first set of critical assets for deployment and launch of the CNG initiative ahead of the first anniversary of the Tinubu administration on May 29.

“About 2,500 of the tricycles will be ready before May 29, 2024…working towards delivering 200 units before the first anniversary of the Tinubu administration,” said the Presidency.

He also said that over 600 buses are targeted for production in the first phase which will be accomplished in 2024.

In October 2023, about five months after the removal of the petrol subsidy, President Tinubu launched the Presidential CNG Initiative to deliver cheaper, safer and more climate-friendly energy.

The CNG Initiative was designed to deliver compressed natural gas, especially for mass transit.

The Federal Government earmarked N100bn (part of the N500bn palliative budget) to purchase 5500 CNG vehicles (buses and tricycles), 100 Electric buses and over 20,000 CNG conversion kits, with plans to develop CNG refilling stations and electric charging stations nationwide.

The FG had said the initiative would ease the burden of the increased pump price on the masses.More information added that the creation of a new plant on the Lagos-Ibadan Expressway that will assemble the tricycles while Brilliant EV will assemble electric vehicles when it receives the Semi Knocked Down components.

The Presidency explained further, “The SKD parts manufactured by the Chinese company LUOJIA in partnership with its local partner to support the consortium of local suppliers of CNG tricycles are set for shipment to Nigeria and expected to arrive early in May.

It is expected that before 2027, There’ll be a considerable wave of these buses and tricycles in use.

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