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Chevron Nigeria Local Content Drive: A Credit to President Buhari and Dr. Pantami
By Bode S. Ojerinde – Ph.D
I read with mixed feelings the piece on Chevron Nigeria and its firm belief and support for local content promotion, notably its many years of patronizing Zinox, an indigenous tech giant.
Mixed feelings because, on one hand, I was delighted and extremely proud of the management of Chevron Nigeria for shining the light, leading from the front and even showing the way to government, other sub-national entities in Nigeria, as well as the hordes of other multinationals operating in Nigeria.
The moving article equally made me proud to be a Nigerian because, most times, Nigeria makes the news for the wrong reasons owing to the actions of a misguided few. But to see a renowned, American-based multinational retaining a strong faith in the capacity of a Nigerian tech company, is something worth celebrating.
But on the other hand, the article also elicited some misgivings within me.
Here we are, hailing Chevron Nigeria, an American-headquartered multinational, for choosing a Nigerian brand ahead of other competing foreign brands, including a few known names from the country where it is based, but we can hardly find Nigerian government establishments and their agencies giving a similar fair chance to local businesses.
This was the biggest contradiction that hit me from that well-written article by a Nigerian US-based academic.
Thankfully, the company in question – Zinox – did not betray the trust reposed in it by Chevron Nigeria. It would have been a missed opportunity if Zinox had failed, maybe when it received the first supply contract from Chevron Nigeria, as I doubt that they would have had a second chance and that door would have been closed forever, even to other local players. Such is the merit-driven and highly competitive nature of the tech sector that it would have been virtually impossible for the management of Chevron Nigeria to consider entrusting its supply contract to Zinox for over 16 years without a strong justification.
We must begin to patronize and promote our best brains, rather than accord unnecessary privileges to foreigners. This is the only way we can employ our youths creatively and reduce security challenges confronting the nation.
I have not met Leo Stan Ekeh, the Chairman of the Zinox Group one-on-one but I have followed his landmark strides in the ICT sector. A huge inspiration, I recall when Haroun Adamu, a former Chairman of the Petroleum Trust Fund (PTF) described him at an event as a miracle child, a genius. He had told the story of how Leo Stan returned to Nigeria against the advice of his tutors in the UK, eventually leading the current wave of digital democracy that ushered the Nigerian printing and publishing industry into the next level by computerizing all the newspapers, magazines and book publishing establishments in the country.
According to him, Mr. Ekeh, who used to wear an afro back then as a young man, was like a pastor, an evangelist moving from city to city across Nigeria with a lot of energy, taking his message of digital evangelism to various parts of the country and transforming the landscape with his introduction of technology into the entire printing ecosystem.
Also, in 2001 or thereabouts, I was privileged to attend an oil servicing conference at Eko Le Meridien and during a short break, I was able to sneak into another event taking place at the same venue. The event, which had a long list of dignitaries, prominent Nigerians and even diplomats in attendance including the-then Vice President, Alhaji Atiku Abubakar, the Senate President at the time, Anyim Pius Anyim, many serving Ministers of the Federal Republic and Executive Governors, saw the hall packed full, with many people unable to even get in. That was the launch of Zinox and equally the first time I saw Mr. Ekeh from a distance.
I still recall the emotional gesture he made at that event which left many people in tears. Incidentally, it happened within the short period I spent in the hall. After tracing the history of Nigeria’s disadvantaged status as a country which many in the advanced world believe would not experience technology in the next 30 years, Mr. Ekeh had raised his right hand and declared that he was mentally, physically, financially and spiritually prepared to create an IT identity for Nigeria. That gesture got the hall charged and was a remarkable sight to behold. I left the place highly touched as I had to return to the conference I was attending. But that scene remained with me for a long time.
Same Zinox, a few years later, changed the face of Nigeria and other African countries’ elections by deploying digital democracy tools to aid the process.
Nigerian businessmen are not known to stick to one line of business. The majority are always on the lookout for the next big thing to invest in. However, Leo Stan is one man who has remained consistent in his chosen field of technology and his roadmap.
Therefore, it is hardly surprising that the same man, Leo Stan Ekeh backed by his team, has today achieved all he has in the tech sector.
It is gratifying, a sign of hope and a story that is worth telling, especially with the recent revelation of the long years of patronage from Chevron Nigeria, that this man has achieved so much with little or no support from government, still setting records, creating jobs and a bright future for millions of Nigerian youths.
I recall reading in the same article about Chevron Nigeria how well the administration of former President Olusegun Obasanjo supported local content drive. While I am aware that this was the case, government, at that time, was not really buying a lot of technology products as it was largely analogue in its processes.
There are thousands of Nigerians in the same technology sector who are struggling out there today. Many of them have quietly exited the sector after being unable to keep their heads above water. This brings into sharp relief the commendable efforts of Leo Stan as a shining light who has consistently built new successful businesses, while also expanding the Zinox Group for over 30 years. To see all these happen while not been able to count on the patronage of government is nothing short of a miracle.
Consequently, it was not strange when Zinox made the news early in 2018 with its acquisition of e-commerce brand, Konga. Nevertheless, many had queried the rationale behind Mr. Ekeh’s decision. For some, it was a suicide mission. I also understand that at that juncture, Konga was technically dead, as one of my cousins, who was a merchant trading with the business then, reliably informed me that, before the acquisition, the former managers of Konga had invited them to come and pick up their items warehoused with them. But a new story is being told about that e-commerce giant barely three years down the line. Today, that same Konga was recently reported to have broken a global e-commerce record, becoming the first African e-ecommerce company to turn profitable.
The Chevron Nigeria article represents another eye-opener and I wish to congratulate Zinox and, especially, Leo Stan Ekeh, for what he is building. He has done this for over 30 years without any hint of a scandal which is not an easy feat in a Nigerian business terrain that is prone to blackmail and betrayals. Perhaps, what has saved him from the minefield of subterfuge and the pull-him-down syndrome is the fact that many Nigerians are still analogue and Leo Stan is operating in a sector in which only a few Nigerians really understand.
I would equally like to appreciate the current administration led by President Muhammadu Buhari and the referenced Minister of Communications and Digital Economy, Dr. Ibrahim Pantami, a young man I admire, for their unequivocal commitment to Nigeria. I believe their clear signal is helping domestication in this sector and I advise other Ministers of the Federal Republic to emulate Dr. Pantami to create jobs for our educated youths and reduce security challenges caused by employment. I also urge them to concentrate some of their efforts in pushing our best talents forward.
Certainly, we must support and promote our best so that other emerging ones can be encouraged to outdo their feats, not only in the area of technology, but in other sectors as well. There have been a few surprises in the fintech sub-sector and in agriculture where some young Nigerians are leveraging technology in transforming the space.
However, there is no doubt that Nigeria lacks new model mentors and world class entrepreneurs in the mould of Leo Stan Ekeh.
The government must promote our best names, men and women whose rise to prominence is documented, people we know their background and their history and not fly-by-night entrepreneurs or undeserving foreigners.
It is by so doing that we can assure these patriotic/successful entrepreneurs of government’s support and encourage them to do more, inspire the next wave of budding entrepreneurs and contribute in building the Nigeria of our collective dreams.
Bode S. Ojerinde – Ph.D. wrote in from Lokoja, Kogi State
DStv has launched a new campaign tagged “We Got You”, aimed at giving customers more entertainment value at the start of the year without additional cost.
DStv
The campaign, which runs from January 1 to February 28, 2026, allows subscribers who pay for their current package in full to enjoy an automatic upgrade to the next DStv package.
The initiative is designed to ease the pressure that often comes with January, a period marked by school resumption, tighter budgets and increased household demands.
Through the offer, DStv is rewarding customer loyalty by unlocking more channels, stories, sports, children’s content, local productions and international programmes at no extra charge.
Speaking on the campaign, Tope Oshunkeye, Executive Head of Marketing, West Africa, MultiChoice, said, “We want our customers to step into the year feeling valued.
“When you buy your package, we upgrade you because you deserve more. This is our way of bringing extra excitement, choice and convenience into your home.”
According to DStv, the offer is open to existing subscribers who remain active during the promotion period, customers who reconnect their decoders, and new subscribers who join between January 1 and February 28.
Under the offer, subscribers who pay for DStv Yanga will be upgraded to DStv Confam, Confam customers will receive DStv Compact, Compact subscribers will be upgraded to Compact Plus, while Compact Plus customers will enjoy access to DStv Premium.
The upgrade applies only to decoder viewing, and subscribers will revert to their original packages at the end of the promotion period.
Federal Inland Revenue Service (FIRS) has officially given way to the Nigeria Revenue Service (NRS), signalling a pivotal shift in the country’s revenue administration framework as the Nigeria Revenue Service Establishment Act 2025 takes full effect from January 1, 2026.
NRS
President Bola Ahmed Tinubu signed the landmark legislation in June 2025, alongside a comprehensive package of tax reforms designed to streamline compliance, expand the tax net and bolster federal revenue for critical infrastructure and social services.
At a colourful ceremony in Abuja on December 30, 2025, NRS Executive Chairman, Dr Zacch Adedeji, unveiled the agency’s new logo and corporate identity, describing it as a beacon of modernisation and efficiency.
Adedeji, who doubles as the pioneer helmsman, stated that the fresh branding embodies “a renewed commitment to a unified, service-driven revenue system” in line with global standards and Nigeria’s economic aspirations.
“The new identity underscores continuity in mandate, enhanced capacity and proactive taxpayer support, fostering trust and shared prosperity,” he added, according to a statement by his Special Adviser on Media, Mr Dare Adekanmbi.
The NRS emergence caps decades of advocacy for tax overhaul, repealing the FIRS (Establishment) Act 2007 and vesting the new body with broader powers for revenue assessment, collection and accountability.
Judicial hurdles were cleared when an FCT High Court dismissed suits seeking to stall implementation, paving the way for the four key Acts — Nigeria Revenue Service, Tax Administration, Nigeria Tax and Joint Revenue Board — to roll out seamlessly.
Despite pockets of controversy, including claims of bill alterations, the Budget Office affirmed the laws’ authenticity, prioritising fiscal stability and investor confidence.
For ordinary Nigerians and enterprises, the NRS promises simplified processes, digital innovations and reduced red tape to ease compliance burdens while curbing evasion.
Technical Assistant on Broadcast Media to the Chairman, Mrs Aderonke Atoyebi, reassured that core values of integrity, fairness and professionalism persist, with staff nationwide driving the transition.
Industry watchers anticipate a surge in non-oil revenue, crucial as Nigeria navigates global headwinds, with the NRS positioned to elevate the tax-to-GDP ratio through transparent engagement.
Gold remains one of the most powerful commodities in the global financial architecture. It is widely recognized that, for traders in Nigeria, specifically, currency pressures, inflation expectations, and shifts in global liquidity make up the macro environment more often than not; hence, understanding the correlation of gold with key Forex assets is more of an economic insight than a trading tactic.
The correlation between gold and currencies, equities, bonds, and even energy markets provides a broader framework for interpreting global risk sentiment. A growing number of Nigerian investors use this correlation to hedge against inflation, read capital-flow trends, and adjust trading strategies across major currency pairs.
Why Gold Matters in Today’s Macro Environment
This can be explained by looking at the larger picture and how global factors either positively or negatively impact the price of gold: spiraling inflation, geopolitical tension, tightening by central banks, and the flight-to-safety dynamic that heightens in moments of market stress. African traders, especially those active with international brokers such as JustMarkets, are very sensitive to how gold performs not only as a commodity but also as a macro indicator.
Indeed, the strongest correlations of gold are more often found with the US dollar, major bond markets, equity indices, and energy instruments in periods of high geopolitical risk. Each one of these offers a different angle for Nigerian traders to approach macroeconomic changes.
Gold and US Dollar: The Most Watched Correlation
The inverse correlation between XAU and the USD remains one of the bedrock relationships in global finance. It usually weighs on gold because a stronger dollar raises the opportunity cost of holding the metal. Conversely, the opposite has occurred when the market has priced in rate cuts, rising inflation, or policy uncertainty.
This relationship provides Forex traders in Nigeria with a macro perspective:
USD strength; pressure on gold; bullish signals for USD-pairs like USD/JPY or USD/CHF
USD weakness; appreciation of gold; potential strengthening of the non-USD majors
This dynamic is often emphasized by platforms such as JustMarkets in their markets analytics, allowing traders to match the technical setup with real policy shifts from the Federal Reserve.
Gold and Bond Yields: A Window into Global Risk Appetite
Gold is highly sensitive to real interest rates. When US real yields fell, it sent gold higher because investors saw it as a hedge against inflation and thus a haven. Yet higher yields tend to dampen demand for precious metals.
To traders, this correlation is a reason for short-run volatility around announcements like:
US CPI
FOMC decisions
Results of Treasury auctions
In countries like Nigeria, when domestic inflation is high and Naira pressure amplifies sensitivity to global risk, the movement of gold often proves an early indicator of how capital might rotate between safe havens and risk assets worldwide.
Gold and Equity Markets: The Fear Gauge
While geopolitical tensions or recession fears tend to deflate equity markets, they strengthen gold. This negative relationship is considered helpful for traders looking to deduce spikes in volatility and risk-off flows. Examples include:
Sharp US30 or NAS100 declines coupled with XAU/USD rallies
Broad-based sell-offs driven by political uncertainty or commodity shocks
This dynamic helps explain to the Nigerian analysts focused on policy and political economy how global risk events transmit to the local market through capital-flow sentiment.
Gold and Energy: Transmission via the Inflation Channels
Although gold and oil are not directly correlated, both respond to inflation expectations. Surging oil prices can fuel inflation forecasts that support the price of gold.
This channel is particularly important in the case of Nigeria, a major oil exporter. When crude markets temporarily tighten due to supply disruptions or OPEC policy decisions, gold becomes a complement to hedge against global inflation risk.
Trading with the Use of Gold Correlations
A structured approach allows traders to put gold’s relationships into practice:
Start with the macro driver.
Identify whether inflation, geopolitics, or monetary policy is the primary force shaping markets.Translate the macro event into correlation expectations.
Example: falling bond yields lead to a weaker USD, which in turn supports gold and could lead to upside in EUR/USD.Use correlation clusters instead of isolated signals.
Gold + USD + bonds provide a more reliable picture than gold alone.Apply risk management aligned with volatility cycles.
Gold’s volatility often spills over into major currency pairs.
Market platforms like JustMarkets emphasize these cross-asset links to help traders simplify complex macro interactions into actionable insights.
Why Nigerian Traders Pay Close Attention
The Nigerian economy is highly integrated into global commodity flows; inflation cycles, dollar liquidity, and geopolitical developments tend to reach the local market faster than the pace at which policy adjustments can be made.
Gold serves as a barometer of global risk, a hedge against currency depreciation, and a signal of moves in the key USD pairs that headline Nigeria’s trading activity.
In a region increasingly active in the Forex market, understanding the relationships involving gold is not just about trading but also a strategic tool for analyzing global economic behavior
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