News
“Forbes” Richest Men List is Bad Copy of Original
The recent ranking of the richest men in Nigeria reportedly credited to Forbes has stirred a varied assortment of comments not just for the controversial listing of some of greatest debtors in the country but for revealing some golden fishes that have hid in the background for some time.
But for what it was worth, that list was a bad photocopy of the original: it was original to a blog called Strategic Business Team.
Anyways, Forbes Africa has cleared the air on the purported list saying “The information that was published in a recent article that made reference to a list of the wealthiest Nigerian businessmen was not created nor produced by Forbes Africa or its parent company, Forbes”
“Forbes Africa, its parent company in the United States, its affiliates and subsidiaries including staff, hereby unequivocally disassociates itself from the article, the content, thereof and any information that is related to it” it said.
But at the risk of maligning the list, Aliko Dangote was justifiably ranked as the richest African in the world just as “Forbes “ was spot on with Mike Adenuga who has hands in every profitable pie.
There are a few others where “Forbes “got it right after looking at the shares they held in quoted companies; the size; and market share of their companies; the number of companies they own; and its assumed value; the market value of their company’s brand; and the impact of their companies on the Nigerian economy.
But one name that stood out in the Forbes list is Leonard Stanley Nnamdi Ekeh generally known as Leo-Stan, a man who nearly lost his head selling international commodities.
Leo-Stan, a first rate economist, risk manager and digital entrepreneur has built an enviable business empire with his bare hands and special God’s favour.
Nigeria CommunicationsWeek assumes that “Forbes did not contemptibly rank its list in the order it appeared because Leo-Stan and his companies are arguably the only ones in the country not trading with banks’ or other peoples’ money.
He is a solid digital entrepreneur and an Icon of Hope, who has given Nigeria IT identity in the international community.
Leo-Stan is a motivational leader whose vision to “Computerize Nigeria” has reshaped the history of information Technology in the Nigeria in particular and the Third World in general.
He pioneered Desktop Publishing and Computer Graphics in Nigeria, with his first company, Task Systems Ltd in 1989.
Through Task Systems Ltd, he succeeded in computerizing 95% of the Print Media, Advertising Agencies and Publishing Houses in Nigeria! This was just the first step in a journey that would revolutionize the Nigerian Media and Multi – Media sector.
Following his success with his first company, he pioneered the distribution of ICT products in West Africa with Technology Distributions Ltd.
This company is now the No.1 ICT distribution company in Sub Saharan Africa. Under his leadership, Technology Distributions Ltd. has become one of the most recognized and decorated distribution companies in Nigeria and Africa as a whole.
For years, TD has consistently won awards for outstanding performance in areas such as market penetration, revenue generation and preferred partner status.
Entrepreneurs backed by the Tony Elumelu Foundation (TEF) have generated more than $4.2 billion in cumulative revenue since the organisation began its grant programme in 2015, according to Somachi Chris-Asoluka, chief executive officer of the foundation.
Chris-Asoluka, revealed this during a virtual media briefing, where she also stated that over $100 million has been distributed to nearly 24,000 young entrepreneurs across Africa.
She noted that the beneficiaries of the programme have gone on to create about 1.5 million jobs, both directly and indirectly, across various sectors of the continent’s economy.
The performance, she said, has strengthened the resolve of the foundation and its partners to scale up financial support for emerging businesses.
Chris-Asoluka emphasised that the foundation’s interventions are anchored on the conviction that entrepreneurship is central to reducing poverty and reshaping Africa’s economic future.
She explained that selected participants receive a $5,000 seed capital grant, in addition to structured business training and mentorship designed to help them either expand existing enterprises or establish new ones.
Highlighting operational challenges faced by entrepreneurs, she identified inadequate electricity supply as a major constraint.
According to her, many small businesses spend as much as 60 per cent of their earnings on alternative power solutions, including generators and inverters.
To mitigate this challenge, she disclosed that Tony Elumelu, TEF founder, alongside the foundation’s leadership, has been engaging governments across Africa on the urgent need to improve power infrastructure.
She further stated that investments by programme beneficiaries cut across critical sectors such as agriculture, artificial intelligence, manufacturing, and technology innovation.
Chris-Asoluka also announced that the foundation’s 2026 cohort of entrepreneurs will be formally unveiled by Elumelu in Abuja.
A new financial operations platform, Morney, has officially launched in Nigeria to help businesses face growing pressure to digitise their finance processes as the country’s shift towards electronic invoicing.
Developed by Morzoe Technologies Inc. and introduced locally through its partner, BuySimply Services Limited, the platform is designed to help organisations streamline and automate financial workflows.
Speaking at the launch, Head of Growth at BuySimply, ‘Mide Olubi, said many Nigerian organisations still depend on fragmented systems such as emails and spreadsheets to manage expenses, supplier invoices and payments.
According to him, this approach often results in inefficiencies, delayed processes, weak oversight and a higher risk of errors.
He noted that Nigeria’s increasing adoption of electronic invoicing and tax digitisation frameworks is accelerating the need for structured and transparent financial systems. Businesses, he said, must move away from manual processes and adopt platforms that provide clear visibility into financial operations.
Morney integrates payments, procurement, expenses and invoicing into a single system, enabling finance teams to automate approvals, monitor transactions in real time and maintain accurate records.
The platform also supports supplier onboarding and invoice processing, helping organisations better manage operational spending.
The company revealed that businesses across sectors such as FMCG, manufacturing, energy, banking and telecommunications are already adopting the solution to improve efficiency and strengthen financial control.
It added that the partnership with BuySimply reflects a broader trend of digital transformation, as organisations respond to evolving regulatory requirements and the demand for more efficient financial management systems.
Dr Krishnan Ranganath (Krish) to Lead UniCloud Africa in Continental Digital Infrastructure Push
UniCloud Africa Limited, the premier pan-African cloud platform dedicated to advancing the continent’s digital sovereignty, has announced the appointment of Dr. Krishnan Ranganath as its Chief Executive Officer.
Dr. Krish, a seasoned industry leader known for building and scaling digital infrastructure while maintaining rigorous operational excellence, steps into the role as UniCloud Africa accelerates its mission to redefine the continent’s digital landscape.
The appointment coincides with the groundbreaking launch and immediate availability of UniCloud Africa’s enterprise-grade Sovereign Cloud and Artificial Intelligence (AI) infrastructure across six key markets: Nigeria, Ghana, South Africa, Zambia, Senegal, and Mozambique, even as it plans to launch in Kenya, Tanzania, DRC, Uganda, Ethiopia and Côte d’Ivoire as part of further continental expansion.
Operating under the mission of “One Cloud, One Africa,” UniCloud Africa provides governments and enterprises with a world-class, fully compliant sovereign cloud alternative to high-latency offshore providers,ensuring a robust, scalable foundation tailored to Africa’s unique environmental and economic needs.
“UniCloud sits at the epicentre of Africa’s cloud evolution. We are committed to deploying 100% sovereign infrastructure across the continent. My focus is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure to accelerate the evolution of the African digital ecosystem,” said Dr. Krish, CEO of UniCloud Africa Limited.
He disclosed that his focus at UniCloud Africa is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure, and will deploy GPUs in certain economies based on market potential and need.
While admitting that the challenges from AI integration to the green energy transition are immense, Dr Krish believes that the opportunities are greater. “I am eager to collaborate with our partners and customers to redefine the digital frontier and accelerate the evolution of the African digital ecosystem,” he added.
Ladi Okuneye, Co-founder and outgoing CEO (who remains as a director on the board) remarked: “As we enter this new chapter of growth, I am confident that Dr Krish’s extensive experience in the African digital landscape will add immense value. His technical depth and regional insight make him the ideal leader to drive UniCloud Africa forward.”
Before he was appointed CEO of UniCloud Africa, Dr. Krish was, until last month, the Regional Executive – West Africa at the Africa Data Centres (ADC).
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