Connect with us

News

Blackmail, Not Forex, Major Reason for Multinationals Exiting Nigeria – Ekeh

Published

on

Leo Stan Ekeh
Kindly share this post

Leo Stan Ekeh, Serial digital entrepreneur has spotlighted the chief reasons why multinationals are exiting Nigeria and warned that if nothing was done, more of such businesses and indigenous ones may close shop in the coming months and years.

Leo Stan Ekeh

In a press statement, Ekeh who is the Chairman of Zinox Technologies Limited, a Nigerian conglomerate with international affiliations, urged President Bola Tinubu to address the critical issues of corporate blackmail and bullying, which he said frustrate the Federal Government’s effort at promoting ease-of-doing-business in the country.

While acknowledging that scarcity of forex is a challenge for businesses operating in Nigeria, he said these challenge can be surmounted especially with the new push by the Tinubu government to inject more forex into the system.

He stated that the depreciation of the naira, which dropped from N422.00/$ in June 2023 to N951.94/$ in December 2023 at the official window, following the floating of the naira by Central Bank of Nigeria (CBN) is only a convenient reason cited by the exiting multinationals.

“On face value, some of the exiting multinationals cite difficulty in procuring forex as reason for closing shop in Nigeria, but they are only being diplomatic. Many of them have had to contend with all manner of blackmail and corporate bullying from professional blackmailers aided by our slow judicial process.

“This has become an emerging but very destructive business model in our country, and unfortunately, the legal system is handicapped to protect the victims because of the long years it takes to discharge a case,” he said.

According to Ekeh, the escalation of corporate blackmail over the years is responsible for the low attraction of foreign direct investments (FDI) relative to the size of Nigeria’s market and potential.

Referencing an open letter he addressed to President Tinubu, Ekeh cited an issue of blackmail against his Company TD Africa and himself by an Ibadan-based computer firm, Citadel Oracle Concepts Limited owned by an Enugu state indigene, Mr. Benjamin Joseph, as a case study of how much frustration investors suffer for doing business in Nigeria. He said that the matter had been investigated by several constituted agencies and were found to be false.

Consequently, the IGP charged him to court for giving false information in 2016, but for over 8 years Mr. Joseph has not been able to defend a one count charge for false information instituted at the FCT High Court Abuja for a case he reported. Mr. Joseph has been skipping court sessions or feigning ill-health rather than appearing in court to defend himself and prove his claim of fraud after the prosecution closed its case. He rather appeals to successive Attorney-Generals to withdraw the case from court, knowing that his claims and allegations are not true.

Ekeh urged the President to prevail on the Attorney-General, Mr. Lateef Fagbemi SAN, and any other person/institution not to truncate the course of justice but to allow this case and similar cases to run its full course in the interest of justice, fairness and to convince the international community, including international investors, that we respect and abide by the rule of law in Nigeria.

While expressing confidence in the President to address the issue of blackmail, he suggested that Tinubu should aggressively pursue a policy that promotes patronage of indigenous manufacturers and service providers as a way of reflating the economy.

He said: “It is evident that the core of the myriad challenges afflicting the nation today is our failure to develop local capacities. We must embrace self-sufficiency by consuming what we produce and supporting indigenous players across various sectors.”
He regretted that in spite of several local content policies established by the Federal Government, such policies are consistently disregarded by government employees and appointees, wondering why “we send our children to the world’s best institutions, where they excel, yet we overlook the products they create.”

He gave the example of the government of India which recently imposed restrictions on the importation of laptops, tablets, all-in-one personal computers and ultra-small computers and servers with immediate effect. This, according to him, was to boost local productivity both by multinationals operating in India and indigenous Indian companies to create more jobs, encourage proficiency, and discourage capital flight.

“Mr. President, I humbly appeal to you to be deliberate and decisive in encouraging indigenous producers and service providers across all sectors. This way, we create a market for indigenous products, build confidence in our economy and easily attract international investors. The way we treat our local investors will determine how many foreign investors we can attract,” he stressed.

Ekeh also urged the President to activate the suspended national census because “Nigeria has already made substantial investment in the programme with the acquisition of critical technologies and training of personnel”, explaining that allowing those systems to lie fallow would lead to huge waste.

He said Nigeria needs a credible national headcount now more than at any time given the flaws and logistics challenges that attended the distribution of palliatives across the nation, adding “a credible database is key for decision-making for planners, policy makers and investors.”

While stressing the need to bring the suspended census to a closure, he advised the government to release the over 500,000 units of Tablet PCs used during the census to different educational institutions nationwide after the headcount to enable the students acquire relevant digital skills that will make them globally competitive.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Nigeria, Others Lag Behind as Egypt Tops Africa in AI Readiness

Published

on

Kindly share this post

Nigeria and other Sub-Saharan Africa countries rank ninth out of nine global regions as Egypt has emerged as Africa’s leading country in artificial intelligence readiness, ranking first on the continent and 51st globally in the 2025 Government AI Readiness Index published by Oxford Insights.

The impressive ranking has been lauded as underscoring North Africa’s growing influence in the global AI race.

According to Egypt’s Ministry of Communications and Information Technology (MCIT), the country scored 57.5 points out of 100, climbing 14 places from 65th in 2024.

The Nile nation also ranked fourth in the Middle East and North Africa (MENA) region, behind Saudi Arabia, Israel and the United Arab Emirates.

The Oxford Insights index assesses 195 governments using 69 indicators across six pillars, including policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.

Egypt topped the Policy Capacity pillar globally with a perfect score of 100, tying with the UK, Serbia and Australia, an indicator of strong national AI policymaking and institutional readiness.

Oxford Insights noted that countries such as Egypt are “expanding the use of AI across national priorities while shaping policies to strengthen domestic AI ecosystems,” although gaps in infrastructure and talent development remain in some contexts.

MCIT minister Amr Talaat attributed Egypt’s strong performance to deliberate government action.

“This achievement reflects our efforts to integrate artificial intelligence into public services and accelerate digital transformation through Egypt’s second National AI Strategy. We are positioning Egypt as a regional AI hub while ensuring AI delivers real economic and social value,” he said.

Launched for 2025–2030, Egypt’s National AI Strategy targets sectors such as healthcare, justice and public administration, while aiming to train 30 000 AI specialists by 2030 and raise AI’s contribution to GDP to 7.7%.

Talaat also highlighted Egypt’s cybersecurity credentials when he highlighted that the country ranked among the top 12 globally in the ITU’s Global Cyber security Index.

Regionally, the results expose sharp contrasts across Africa. Sub-Saharan Africa ranks ninth out of nine global regions, with an average score of 28.04, reflecting persistent gaps in AI infrastructure and public sector adoption.

However, countries such as Kenya, South Africa, Mauritius and Nigeria lead the sub-region, while Rwanda and Ethiopia are gaining momentum through innovation hubs and policy reforms.

In contrast, the MENA region ranks fifth globally, buoyed by significant investment in AI infrastructure and policy capacity, particularly in Gulf states.


Kindly share this post
Continue Reading

News

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

Published

on

Kindly share this post

Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”

SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”

In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”

According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”

SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”

SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.

“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”


Kindly share this post
Continue Reading

News

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Published

on

Kindly share this post

Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.

“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.

He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.

Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.

He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.

The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.

“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.

Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.

He said the system allows real-time monitoring of activities on the bridge and surrounding waters.

Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.

He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.

According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.

He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.


Kindly share this post
Continue Reading

Trending