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Ekeh, Zinox Boss Inspires Youth @ Harvesters Entrepreneurship Forum
Leo Stan Ekeh, serial digital entrepreneur and chairman of Zinox Group, has disclosed that a multitude of opportunities exist for the current generation to create and sustain new wealth in the 21st Century, noting that one’s family background or circumstances no longer represent obstacles to achieving success.
He made this call on Saturday February 18th while featuring as the keynote speaker at The Harvesters Entrepreneurs Forum – a monthly event organized by Harvesters International Christian Centre (HICC) to reach and equip entrepreneurs and people of similar inclinations with the theoretical and practical business knowledge to help them achieve and sustain economic success.
Ekeh, who drew a series of resounding ovation for his incisive deliveries and copious references drawn from his experiences in business, emphatically expressed his belief in the innate abilities of the youthful generation to turn around Nigeria’s fortunes for the better.
Speaking on the topic – You, New Wealth and God in the 21st Century – Ekeh disclosed that today’s entrepreneurs have no reason to fail in business.
In his opinion, considering the atmosphere of knowledge democracy and advancements in Information and Communication Technology (ICT) which has put access to information and intelligence at the disposal of everyone, Ekeh is optimistic that the youth are more strategically positioned to out-strip the achievements of the older generation by creating new wealth.
“There are many opportunities for many of you in this generation to create new wealth. Even if you were born into a poor family, you have enough resources available today to change your story and alter your destiny and that of your family. You are smarter, you have the knowledge, the exposure and better infrastructure than the older generations but what you need is up your energy level to deliver your passion. So, what excuse do you have not to make it in life?,” he queried.
“Today, you are seeing a polished Leo Stan but can you imagine Nigeria 29 years ago? No electricity, no telephone, the roads were bad. People didn’t even know they needed light yet some people think the past was better. You should be positive. The first quality in life is to be positive. If you are negative, you failed before you started. Only positive minds achieve success.
“Some of the rich people you look up to today are not as exposed as you are. Many of them acquired wealth through funny means and as such, they cannot sustain or defend it. So you must not feel intimidated. You can start small and scale up gradually. But you must discover your passion in life and follow it.”
Taking a trip down memory lane, Ekeh recounted some of the cultural, infrastructural and ethical challenges he faced as a young man struggling to make it in business after discovering a passion for ICT – a profession declared too futuristic for him to pursue an interest in by his lecturers at his post-graduate school.
“After four months at post-graduate level studying Computer Science at Cork City University, Ireland, I was counselled to change course as they innocently did not see a future for this in Africa in the short term based on my insistence to return to Africa after my studies. This was a reflection of the mindset and state of affairs on the continent towards ICT at the time. But even after completing a degree in Risk Management, I did not abandon my passion. Today, I have successfully built possibly the biggest 360-degree ICT Group in Africa.”
According to him, many young entrepreneurs struggle today as some of them put pleasure ahead of business, thereby making it difficult for them to make a head way in life.
“You must learn to start small and be ready to take pains before pleasure. Sometimes, I see young men – the first business they hit, they go and buy an expensive car. The world recognizes you as a success but you are empty. I see young men who are just starting a company printing the most expensive business cards – gold cards. They give me their card and I look at the guy and take a decision that this chap is fly-by-night entrepreneur. You must go through a structured incubation period and be morally and financially sound to survive in a highly competitive knowledge-driven economy. Are you humble? Humility is the biggest asset anyone who wants to succeed must have. You must have this asset in you to earn God’s favours.”
According to Ekeh, success in business requires a number of qualities including brain power and ability to constantly innovate, hunger to succeed, humility, a positive mindset and of course, a firm belief in God.
“When I started out in business, I took a personal decision for all of my companies to pay corporate tithe. This is usually paid even before salaries. I told my staff I am the last person to engage in retrenchment in spite of the depression. I can only sack a staff if he commits a crime or is a non-performer. I am going through the biggest pains in my life history because things are not adding up anymore due to the recession but I put absolute trust in God and have increased my hunger to survive by over 15% which I consider dangerous to my health but it looks like I have no option. I have my commitment with God and I know he will not push me to that point of major retrenchment.”
While fielding a series of questions during the panel discussion, Ekeh also offered useful insights into areas of potential collaboration between the Lagos State Ministry of Wealth Creation/Employment and youth-focused and empowerment-oriented churches such as HICC to reduce the burden of unemployment on the youth.
The well-attended event, with the theme – Crafting A Winning Business Strategy – was streamed live to HICC’s Lekki branch and had in attendance other notable speakers including the Commissioner for Wealth Creation and Employment, Lagos State, Babatunde Durosinmi-Etti; Faculty Member, Lagos Business School, Dr. Anderson Uvie-Emegbo as well as Senior Pastor, HICC and Convener of the event, Pastor Bolaji Idowu, among others.
African law enforcement agencies arrested 651 suspects and recovered over $4.3 million in a joint operation targeting investment fraud, mobile money scams, and fake loan applications.
As INTERPOL revealed on Wednesday, Operation Red Card 2.0 identified 1,247 victims between December 8 and January 30 while targeting cybercrime operations linked to over $45 million in financial losses.
Authorities across 16 countries also seized 2,341 devices and took down 1,442 malicious websites, domains, and servers during this joint action coordinated by the African Joint Operation against Cybercrime (AFJOC).
In Nigeria, police officers dismantled an investment fraud ring that was recruiting young people to run phishing, identity theft, and fake investment schemes, taking down over 1,000 fraudulent social media accounts in the process.
They also arrested six members of a Nigerian cybercrime gang that used stolen employee credentials to breach a major telecom provider.
Kenyan investigators also apprehended 27 suspects while investigating fraud networks that used social media and messaging platforms to lure victims into fake investment schemes.
In Côte d’Ivoire, 58 suspects were arrested as part of a crackdown on predatory mobile loan apps that targeted victims with hidden fees and abusive debt-collection practices.
“These organized cybercriminal syndicates inflict devastating financial and psychological harm on individuals, businesses and entire communities with their false promises,” said Neal Jetton, the head of INTERPOL’s Cybercrime Directorate.
“Operation Red Card highlights the importance of collaboration when combatting transnational cybercrime. I encourage all victims of cybercrime to reach out to law enforcement for help.”
One year ago, African law enforcement arrested another 306 suspects in the first stage of this INTERPOL-led operation targeting cross-border cybercriminal networks.
This is the latest INTERPOL operation targeting African cybercrime, with thousands of arrests and multiple multimillion-dollar operations disrupted or dismantled in recent years, following Operation Serengeti and Operation Africa Cyber Surge.
Lagos State Government has commenced the implementation of a 5% Withholding Tax (WHT) deduction on gaming winnings, in line with applicable Nigerian tax laws and regulatory directives governing the gaming industry.
The deduction applies to net winnings from licensed gaming platforms operating within Lagos State and is deducted at the point of payout. All licensed gaming operators in Lagos have been directed to comply immediately with the framework.
Under the new arrangement, 5% of qualifying gaming winnings will be automatically deducted before payment is made to players and remitted to the Lagos State Internal Revenue Service (LIRS) as the statutory tax authority.
According to the State Government, the measure forms part of Lagos’ broader drive to strengthen tax compliance, transparency, and accountability in the rapidly expanding gaming sector.
Players are required to provide their National Identification Number (NIN) in compliance with KYC (know your customer) rules, while all deductions and remittances will be handled by licensed operators in line with regulatory requirements.
Players will receive their winnings net of the statutory deduction, with proper records maintained for transparency. The WHT deducted also serves as a tax credit to the player.
All licensed gaming operators in Lagos State have now been formally directed to commence the deductions with immediate effect.
Federal High Court in Abuja, on Tuesday adjourned the $150 million dollars suit filed by Chianugo Peter, a Nigerian, against Google LLC and GoDaddy.com LLC over shutdown of his YouTubeAudio.com domain name until April 22 for hearing.
The case, which was before Justice Obiora Egwuatu, could not proceed due to the absence of the judge in today’s proceedings.
Although Emmanuel Ekpenyong, Peter’s lawyer, and Mark Mordi, who is counsel to Google LLC, were in court, Justice Egwuatu was said to be in another official assignment.
The matter was consequently fixed for April 22 for hearing.
Peter had filed the suit over allegations bordering on the shutdown of his YouTubeAudio.com domain name after eight years of promotional and marketing efforts in breach of the contract.
Peter, through his lawyer, named GoDaddy.Com LLC and Google LLC as the 1st and 2nd defendants in the suit filed on April 14, 2023 and marked: FHC/ABJ/CS/238/2023.
In his earlier originating summons filed by Ekpenyong of the law firm of Fred-Young & Evans LP, the Nigerian sought a $150 million in compensation from Google LLC and GoDaddy.com LLC for the alleged cyberspace contract breach.
The plaintiff alleged that the defendants shut down his domain and business name: YouTubeAudio.com and transferred the rights over the name to Google LLC, an American multinational technology company.
Google LLC, in its initial statement of defence dated Nov. 9, 2023, and filed Nov. 10, 2023, by its lawyer, Mr Mordi, SAN, of the law firm of Aluko & Oyebode, urged the court to dismiss Peter’s suit as being unmeritorious and lacking in merits.
Justice Egwuatu had, in April 2024, gave Chianugo Peter the go-ahead to amend his originating processes after his lawyer moved the application for same and it was not opposed by the defence counsel.
In his amended statement of claim dated April 29, 2024, Peter sought ten reliefs.
He sought a declaration that GoDaddy.com was wrong to shut down the YouTubeAudio.com domain name on Dec. 7, 2022 and that Google was wrong to remove “YTAudio” with its website youtubeaudio.com from its Google PlayStore on Dec. 25, 2023 without adequate compensation to him.
He said this is notwithstanding that YouTubeAudio.com domain and business name is different and distinct from YouTube trademarks.
Chianugo Peter wants the court to declare that he is entitled to compensation from the defendants for the loss of the YouTubeAudio.com brand and goodwill which has accrued on the brand and domain name for eight years of promotional and marketing works from July 2, 2015 to Dec. 7, 2022.
He sought an order directing the defendants to pay the sum of $50 million to him for promotional and marketing works on the YouTube Audio business name and YouTube Audio.com domain name for eight years from July 2, 2015 to Dec. 7, 2022.
He sought a $100 million in damages for loss of anticipated profits associated with the brand equity and goodwill of YouTube Audio and YouTube Audio.com domain name.
Peter also sought from the defendants, the sum of 50 million naira to enable him to carry out fresh registrations of its new name and secure an alternative domain name to host its application to attract users.
The Nigerian sought an order directing the defendants to pay the sum of 10 million naira to him for prosecution of the suit.
Alternatively, Peter prayed the court for an order for GoDaddy.com to reinstate and hoist the YouTubeAudio.com domain name which was shut down on Dec. 7, 2022 and for Goggle to also reinstate YouTubeAudio.com on its Google PlayStore platform which was unilaterally removed on Dec. 25, 2023.
Chianugo Peter submitted that he acquired rights over YouTubeAudio.com domain name from Go Daddy.com LLC who conducted a search before confirming that he could make use of the name.
The plaintiff averred that he promoted the domain and business name from 2014 to 2022 and even wrote to Google to introduce YouTubeAudio’s services and to partner with it in 2014 and 2021 but received no response from it on both occasions.
He said in February 2021, he applied for and YouTubeAudio.com was registered on Google Adsense platform for displaying advertisement on the website.
Besides, Peter said in August 2021, the domain and business name was registered on Google Playstore.
According to him, the plaintiff consistently paid GoDaddy.com LLC for registration and use of the domain name from 2015 to 2022.
But Google LLC, in its amended statement of defence and counterclaim dated and filed May 31, 2024, averred that its registration of the YOUTUBE trademarks at the Trademarks Registry gives it the exclusive night to the use of the said trademarks.
It submitted that it has incurred expenses in the sum of 24,040 64 dollars in dealing with Peter’s “deliberate infringement of the counterclaimant’s YOUTUBE trademarks.”
The company, therefore, sought a declaration that Peter’s registration and use of the YouTubeAudio business name with BN 2395035 at the CAC is an infringement of its YOUTUBE registered trademarks.
It prayed the court for an order directing Peter to pay the company the total sum of $24,040.64 being the expenses incurred in dealing with his infringement of the YOUTUBE registered trademarks.
It equally sought an order directing the plaintiff to pay the company the cost of defending the suit.
In his amended reply to Google’s amended statement of defence dated 12th July 2024, Peter responded that it is not in doubt that Google LLC owns YouTube trademarks, however, YouTubeAudio is distinct and different from YouTube trademarks.
Chianugo Peter submitted that Google LLC, being a foremost search engine in the world, knew that he had earlier written to it, that he was making use of the YouTubeAudio domain name for the past eight years without any objection or caveat by either GoDaddy.com or Google.
“Hence, Google LLC is estopped from claiming any right over the YouTubeAudio domain name,” he said.
GoDaddy.com LLC had neither filed any process nor represented in court.
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