Connect with us

E-Business

Ekeh Urges FG to Grant Tax Concessions to Save Tech Sector

Published

on

Leo Stan Ekeh, serial digital entrepreneur and chairman, Zinox Group
Kindly share this post

Leo Stan Ekeh, serial digital entrepreneur and chairman of Zinox Group has charged the Federal Government to seriously consider extending exceptional tax concessions to the technology sector as a means of encouraging the huge undoubted youthful potential in the sector to create a new economy.

 

According to Ekeh, the tech sector that is driving leading economies in the world, is struggling seriously in Nigeria.

 

And in spite of the great and sincere efforts of the present administration, the Nigerian economy is also fatigued as a result of its predominantly analogue nature.

 

In his opinion, millions of Nigerian youths nurse big dreams and have the capacity to thrive in a new and futuristic economy that is technology-driven, but urgently need government support in terms of structured capital and tax concession during their incubation period.

 

Ekeh affirmed that these young men and women have globally certified education and need the right environment to exhibit their capacity, noting that if the country cannot provide it, the situation will create unfortunate ones who would resort to scientific robbery, kidnapping and many other vices. He also warned that the nation may not experience all-inclusive peace until we provide for these brilliant kids.

 

The Zinox chairman made this call at the Silverbird Man of the Year Awards held at the prestigious Eko Hotel & Suites, Victoria Island, Lagos on Friday, February 23rd 2018.

 

In attendance at the event was a host of dignitaries from the public and private sectors including former Vice President, Atiku Abubakar; Deputy Senate President, Ike Ekweremadu, several serving Governors including Ekiti State Governor, Ayo Fayose; Rivers’ State Governor, Nyesom Wike; Governor of Kebbi state, Abubakar Bagudu and the Bayelsa State Governor, Seriake Dickson. Also present was the CBN Governor, Godwin Emefiele, Senators Dino Melaye and Ademola Adeleke as well as Hon. Femi Gbajabiamila. Others include Chief Abba Folawiyo, Senator Daisy Danjuma, Lady Maiden Ibru and Stella Chinyelu Okoli, among others.

 

Ekeh, who received the Extraordinary Business Achievement Award at the event, disclosed that globally, technology has become the driving force behind the fortunes of many nations.

 

According to him, the 10 richest men in the world and the biggest companies in the world today can all be found in the technology sector – a reality that shows how technology remains the only profession that can help Nigeria bridge the gap between it and other advanced countries in the world.

 

“Technology is the only profession in the world today that can make the son of the poorest man the richest man in the world. Though still struggling, I am a practical testimony of the possibilities in the sector, having led several technology teams that deployed in Iraq, Libya, Guinea Bissau, etc. However, I am still Nigeria-based. It is not just its lifestyle nature but technology is the only profession in world today in which you can experience miracle wealth. Our kids have read, seen and worked in tech companies or tech-driven companies in the world that became multi-billion dollar companies within five years and they are smarter than many of these foreign entrepreneurs but their only sin is that they are Nigerians and living in Nigeria.

 

“I have experienced this frustration for over 30 years and it is too late for me to complain. These kids are 21st Century youths and the majority of them are not interested in agriculture and will never be forced to adopt it because of its unstructured nature. Youths today are faith-driven and can anticipate the future better than their parents and leaders.  My research shows that over 85%  of them would rather prefer to make money only from tech-driven platforms which certifies them as global citizens or do nothing.”

 

Continuing, Ekeh disclosed that, “If the Federal Government of Nigeria can invest 20% of what she has invested in the Agricultural sector in the Tech sector, over 75% of present unemployed youths would become employed or self-employed in a profession that has a future. I am not against investment in the Agricultural sector, but it is a sector of extreme passion today due to its present analogue nature.  Our leaders should ask their children who trained in quality institutions if any of them would want to do farming, for example. I’m sure the answer you will get is 100% NO. So, who do you expect his child to go into farming? Farming is good, but it is a profession of passion. You can’t force a young man or woman to farm,” he declared.

 

While commending the government and its agencies, especially the Federal Inland Revenue Service (FIRS) for improving the tax revenue base of the country, Ekeh pleaded with the Federal Government to encourage a new and prosperous economy by allowing entrepreneurs in the ICT sector a decent tax-free period of at least ten years – an incentive that will see Nigeria prosper immensely in the technology front.

 

“If this is granted, this country will experience, within the next five years, an army of tech billionaires whose one year tax payments shall significantly be more than our present ten years’ collections. We must see the bigger picture and prepare for tomorrow instead of frustrating people at incubation period. IT companies in today’s Nigeria are the poorest corporates and slowly disappearing – a situation which I find very unfortunate. Tech kids are restless and need time to develop, experiment and deliver products into the market successfully. Most times you succeed with one out of the thirty you invested money and time in.  It takes time to stabilize in a country that is not digitally-driven. I am in a better position to tell this story because I have been in same sector for over 30 years. The sector is full of hype because it is a youth-dominated profession and when the FIRS personnel read, they come to the conclusion that you are a multi-billionaire and then go after your company.

 

“I plead with the Federal Government to grant tax concessions to the technology sector. Tech guys have the potential to create sustainable wealth and transform this country for good. I challenge the people in government, including the few present here such as the Deputy Senate President, distinguished senators and several Governors.”

 

Ekeh, who heaped praises on the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and his team for protecting the economy from failure during the recent economic recession, also called on him to intervene in the IT sector more than he has done in the Agricultural sector by extending support to millions of young Nigerians yearning for an opportunity to transform the fortunes of the country.

 

“I advise him to have a simple conversation with his kids during breakfast and see where their faith for decent future belongs.”

 

He rounded off by encouraging the younger generation to remain focused in a brighter future.

 

“Having done this for the past 35 years as a disruptive digital entrepreneur in Africa, I can only encourage the younger ones here. When I look at the global figures and the stock market, the biggest enterprises in the world are tech companies. It tells me there is a future for you, so do not be discouraged,” he concluded.

 

Arguably Africa’s biggest technology entrepreneur, Ekeh has built the Zinox Group into a foremost integrated ICT conglomerate with a 360-degree spectrum orientation and advanced competencies in manufacturing, software development, distribution, core and enterprise ICT solutions, retail and after-sales support, among others.

 

His recent acquisition of e-commerce giants, Konga – a development that is widely expected to raise the profile of e-commerce in the country – has further gone a long way to show the far-reaching ambitions of Ekeh who launched BuyRight Africa, Nigeria’s first e-commerce company about 10 years ago.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Published

on

Kindly share this post

Access Holdings Plc and Coronation Group have partnered with Tate Modern to commemorate World Art Day with a virtual session highlighting the global significance of Nigerian modernism.

Access Holdings, Coronation Partner Tate Modern to Spotlight Nigerian Modernism

Access Holdings

The event, titled “In Conversation with Osei Bonsu: Inside Nigerian Modernism,” featured a virtual tour of the Nigerian Modernism exhibition and discussions on the evolution of modern art in Nigeria.

The session brought together staff members across both organisations, reflecting growing institutional engagement with arts and culture as a driver of societal development.

Speaking at the event, Chief Communications and Marketing Officer of Coronation Group, Ngozi Akinyele, emphasised the role of art in shaping identity and national development.

She said that beyond financial capital, cultural and intellectual capital are essential in defining a nation’s prosperity and inspiring dialogue.

Akinyele noted that both organisations were committed to democratising access to art, ensuring it is accessible to a wider audience rather than a select few.

The discussion also featured insights from Tate Modern Curator, Osei Bonsu, and art expert Daniel Wallis, who examined the development of Nigerian modernism and its global relevance.

Bonsu said Nigerian modernism represents an independent reimagining of global art, rooted in the country’s diverse cultural heritage and expressed through unique visual languages.

According to him, the movement challenges narrow, Eurocentric definitions of modernism and highlights the richness of African artistic expression.

The session further underscored the growing international recognition of Nigerian art, particularly through exhibitions at Tate Modern.

Participants also reflected on the visit of Bola Ahmed Tinubu to the exhibition, described as a milestone in promoting Nigeria’s cultural heritage globally.

In his closing remarks, Chief Communications Officer of Access Holdings, Amaechi Okobi, reaffirmed the organisation’s commitment to advancing African narratives on the global stage.

He said the collaboration with Tate Modern aligns with broader efforts to promote dialogue, preserve cultural identity and support the creative sector.

The event reinforced a shared commitment by Access Holdings, Coronation Group and Tate Modern to elevate African art globally and ensure Nigerian cultural narratives continue to shape international conversations.


Kindly share this post
Continue Reading

E-Business

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

Published

on

Kindly share this post

Nigeria Data Protection Commission (NDPC) has issued a regulatory advisory to data controllers and processors across the country following what it described as escalating threats to Nigeria’s data security architecture.

NDPC Issues Critical Advisory as Hackers Target Nigeria’s Key Digital Systems

NDPC

In a statement signed by Babatunde Bamigboye, lead of Legal, Enforcement and Regulations, the commission said its technical assessment revealed that some shadowy threat actors were engaged in coordinated operations targeting financial systems and critical digital infrastructure in Nigeria.

The commission urged public institutions to comply with the presidential directive of Bola Ahmed Tinubu, which emphasises the strategic importance of data in national development.

According to the NDPC, the President had declared that “data is the new oil,” stressing the need for Ministries, Departments and Agencies (MDAs) to rigorously capture and safeguard information in line with the Nigeria Data Protection Act, 2023.

The commission therefore advised all data controllers and processors to urgently strengthen their technical and organisational measures to protect personal data and ensure compliance with the law.

It listed key measures to include the appointment of trained and certified Data Protection Officers, implementation of comprehensive privacy policies and information security standards, as well as conducting Data Privacy Impact Assessments.

Other measures recommended by the NDPC include deployment of robust identity and access controls such as Multi-Factor Authentication, adoption of zero-trust security architecture, prompt remediation of system vulnerabilities, and continuous patch management.

The commission also emphasised the need to secure cloud infrastructure, application programming interfaces (APIs), databases and access credentials, alongside real-time monitoring, logging and threat detection systems.

Further recommendations include encryption and secure credential handling, regular vulnerability assessment and penetration testing of critical systems, as well as routine backup and resilience testing.

The NDPC warned that organisations that fail to implement appropriate data protection measures in accordance with the Nigeria Data Protection Act, 2023 risk legal liabilities.

It reiterated its commitment to providing regulatory support to organisations while ensuring the protection of personal data and strengthening institutional resilience across all sectors.


Kindly share this post
Continue Reading

E-Business

Africa’s Forex Market in 2026: Key Trends Every Trader Should Watch

Published

on

Kindly share this post

The forex market across Africa is witnessing more participants and more regulatory attention than it did just a few years ago. This growth is part of a bigger picture: Sub-Saharan Africa is expected to expand by 4.3% in 2026, while global forex turnover already hit an estimated $9.6 trillion daily in April 2025. However, there’s more to it than macroeconomic figures.

Africa's Forex Market in 2026: Key Trends Every Trader Should Watch

The trends reshaping the market are happening from within. Here are six worth paying close attention to.

1. Trading Has Moved to the Phone

The number of people accessing the market via mobile phones exceeds those accessing it via traditional bank systems. GSMA states that in Sub-Saharan Africa alone, there are more than 1.1 billion registered mobile money accounts.

The International Monetary Fund states that digitalisation and increased usage of the internet are changing payment systems in the Sub-Saharan Africa region.

Mobile access changes traders’ behavior. It lowers the barrier to entry and speeds up deposits and withdrawals. Therefore, brokers who can provide a quality mobile trading experience will have a huge advantage.

2. Regulators Are Watching

The market is becoming more structured and more transparent. In South Africa, the FSCA regulates market conduct for financial institutions. In Kenya, the Capital Markets Authority regulates capital markets and maintains a licensing system that includes online forex brokers.

Nigeria’s SEC has publicly warned that online retail forex trading can be subject to abuse when unregulated. It also provides tools for investors to check operators’ registrations.

As a result, in 2026, more traders are likely to favour brokers that can show clear licensing, transparent operations, and stronger investor safeguards.

3. Volatility Varies by Country

A common mistake is perceiving the African market as one entity. In reality, according to RegTech Afrika, there are 21 countries out of a total of 54 that have a chance of seeing their currencies depreciate in 2025, with some of them losing value by as much as 6% or more.

A trader watching the rand, naira, shilling, or cedi, regional headlines needs more than regional headlines. Country-level macro data, central bank moves, and the US dollar will still play a major role.

4. Cross-Border Payment Infrastructure Is Quietly Improving

Platforms like PAPSS are helping make payments across African countries faster and easier to complete in local currencies. According to official announcements of PAPSS, it has become operational in 18 countries across Africa, with its latest launch in Algeria in 2025. It has also become operational in Kenya through a partnership with KCB Group, as well as in Rwanda through a partnership with Bank of Kigali.

Step by step, Africa is becoming a more financially connected continent.

5. Execution Quality Is the New Standard

Data from the BIS shows that in April 2025, three-quarters of FX trades were intermediated by the global centers of the United Kingdom, the United States, Singapore, and Hong Kong. Therefore, the best liquidity and best prices are still linked to global conditions.

For local markets, this raises the bar. Forex traders are becoming increasingly aware that tight spreads, while important, mean little without reliable prices and execution. Brokers like JustMarkets that can bring all of these elements together are in a much stronger position than competitors.

6. Education as a Necessity

Regulatory disclosures from major global brokers illustrate how tough it is to trade without proper knowledge. According to publicly available disclosures, between 70% and 80% of retail investor accounts lose money when trading CFDs.

Forex traders who understand risk management and which financial news to follow have a better chance of surviving the market. Brokers who invest in education are more likely to be seen by traders as valuable partners rather than mere facilitators.
The Market Rewards the Prepared

Africa’s forex market in 2026 is shaped by volatility, stricter rules, and mobile-first trading. The traders who combine market knowledge with the right tools and the right broker will find real opportunity here, while those who don’t adapt will find the market increasingly unforgiving.


Kindly share this post
Continue Reading

Trending