News
Blackmail, Not Forex, Major Reason for Multinationals Exiting Nigeria – Ekeh
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.
New data from CFA Society Nigeria is reshaping how the country’s financial sector thinks about talent development, with Access emerging as the single largest source of CFA candidates in Nigeria, distinction industry watchers say signals a deeper shift in how leading institutions are building investment expertise from within.
In its Where Nigeria’s Finance Professionals Work series, published in a national daily, CFA Society Nigeria placed Access first among employers of CFA candidates nationwide, with 82 candidates enrolled in the programme, more than double the 38 recorded at the next-placed institution and well ahead of every other bank or financial services firm on the list.
Access also ranked second among employers of CFA charterholders, with 11 professionals who have completed all three levels of the Programme and met its experience and ethics requirements.
For an industry that has long measured itself by balance sheet size and branch count, the rankings point to a different kind of competition: one over who is building the deepest bench of certified, globally credentialed talent.
CFA Society Nigeria compiled the data from its Salesforce Membership Database as at June 2026, and described the exercise as a way of recognising employers whose people “bring rigour, integrity and global best practices into the workplace every day.”
Analysts following the sector say the outcome is notable less for the ranking itself than for what it suggests about talent strategy across Africa’s financial services industry. A single institution developing more aspiring charterholders than the rest of the market combined raises the floor for professional standards nationally, not just within one balance sheet.
Every candidate who advances through the CFA Programme adds to a shared pool of ethics-trained, analytically rigorous professionals that Nigeria’s capital markets, pension funds and asset managers all eventually draw from.
Access Holdings Group Chief Executive Officer Innocent C. Ike, commenting on the rankings, framed the achievement in terms of institution-building rather than recruitment: “Every candidate on that list represents our commitment to building institutions and professionals that endure.”
The remark echoes a broader thesis increasingly voiced by market observers, that talent depth, not scale alone, is what will determine which African financial institutions earn lasting global credibility.
That distinction sits at the centre of Access’s stated ambition to become the World’s Most Respected African Financial Services Group. If the CFA numbers are any indication, the Group’s route to that goal runs less through square metres of branch network and more through the calibre of the people sitting inside it, a bet that Nigeria’s finance professionals, and the institutions that will one day hire them, are already placing alongside Access.
Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages
Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.
Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.
According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.
Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.
Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.
He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.
The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.
The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.
The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.
eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.
The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.
In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”
Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.
However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.
She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.
“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.
Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.
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