News
Ekeh Charges S/East Govs to Work for Nnamdi Kanu’s Release
Leo Stan Ekeh, Chairman, Zinox Group, has charged the five Governors of the South-East to take up the release of Nnamdi Kanu, detained leader of the Indigenous People of Biafra (IPOB) as a one-point agenda to President Bola Tinubu, noting that a positive outcome will quell the restiveness in the region and usher in sustainable prosperity.
Leo Stan Ekeh
Ekeh made the call on Thursday, September 28 at the 2023 South-East Summit on Economy and Security in Owerri, the Imo State capital.
In what was the highlight of the day’s session, Ekeh, a Forbes Best of Africa Leading Tech Icon and major investor in the South-East and other regions across Nigeria, disclosed that no concrete investment or development can take place in an atmosphere of tension and insecurity. Consequently, he urged the governors to put aside party affiliations and forge a common front to press for the release of the pro-Biafra agitator, Kanu. Ekeh, whose speech drew a standing ovation and a rapturous reaction from the audience, submitted that the South-East is a huge economy waiting to happen, added that the region is blessed with an abundance of human capital, a new breed of outstand leaders and willing investors ready to turn its fortunes around for good.
‘‘The average Igbo youth is smart, energetic and imbued with a dose of spirituality. Equipped with the necessary tools in an enabling environment, these qualities can transform our youths into world beaters and global champions. We also have quality leaders as Governors in the five South East states with the confidence to transform the region, an example of which I witnessed yesterday with the unprecedented gesture of the Imo State Governor, Hope Uzodinma to youths in the state. Working together, I believe we can site a centralized digital hub in the region which will produce certified billionaires in the next few years.
‘‘However, we must first take steps to secure the release of Nnamdi Kanu as this will instantly bring about a measure of calm and sanity in the region. Kanu is a critical factor in the security issues of the South-East. President Bola Tinubu is not a stubborn or inconsiderate leader. I am sure he will listen. When he was Governor of Lagos State, he took the advice of some of us to include deserving Igbos in his cabinet and this was how Ben Akabueze emerged,’’ he counselled.
The well-attended summit had in attendance notable Igbo sons and daughters from various spheres of endeavour, including the five South East Governors, serving Ministers and Members of the House of Representatives, captains of industries, top ranking officers from the military and other security services, academic dons and corporate eggheads, representatives of women and youth leaders, among others.
In his welcome address, Imo State Governor Uzodimma, who doubles as Chairman, South-East Governor’s Forum, harped on the need for unity and oneness among people from the zone to rescue it from implosion. Uzodinma cited the spate of insecurity and the antics of non-state actors in the region. Nevertheless, he promised that the Governors of South-East are working together to ensure that Igboland returns to its previous glorious era.
‘‘Participants must rise from the summit with a clear road map that our people will follow to regain the lost freedom and businesses without molestations and harassments. We must stop the senseless sit-at-home,” he stated.
Uzodinma suggested the floating of South-East Development Fund to fund development research. He also hailed the planned dredging of Oguta Lake to Atlantic Ocean as a step in the right direction, while also commending the Nnewi, Aba and Onitsha businessmen and women for exhibiting and sustaining the business spirit of Ndigbo.
On his part, Anambra State Governor, Chukuma Soludo called for a 100-year development plan for the region. Soludo said the region must make all efforts to thrive despite the ongoing insecurity, adding that the South-East zone is not the most insecure place in the world.
‘‘It is very good to lament but I would rather like to see a glass as half full than half empty. The South-East is ready for business. We must all believe in our ability to turn things around and get the South-East going again. We need not just ourselves, we need Nigeria. Ndigbo needs Nigeria and Nigeria needs Ndigbo. Ndigbo needs Africa and the world and the world and Africa need Ndigbo. As an itinerant people, we cannot be an intolerant people. We need the partnership of everybody, partnership of the rest of the country, partnership of the diaspora and partnership with the international community.”
For Abia State Governor, Dr. Alex Otti, dialogue represents the way forward in addressing the insecurity in the zone. He called for an understanding of the anger in the land, adding that leaders in the region must pursue justice, stamp out all forms of violence and stop the extortion of the poor by the rich.
Also speaking at the summit, Enugu State Governor, Dr. Peter Mbah talked up the need for a connecting road to all South-East states and a unified market to aid the region enjoy comparative advantage for specific products. He also encouraged the need for regular meetings between all stakeholders in the states.
The Ebonyi State Governor, Rt. Hon. Francis Nwifuru, who was represented by his Deputy, Princess Patricia Onyemechi also buttressed some of the points raised by the other speakers, while also recommending closer monitoring of children to nip nefarious associations in the bud and the need for the people of the South-East to believe in themselves.
Equally important, the keynote speaker and Director General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala lamented the regressing fortunes of the South-East and the negative impacts of the insecurity in the zone on potential investment.
Nevertheless, Okonjo-Iweala, who spoke via Zoom, referenced the rich human capital of the region. Among her recommendations to the Governors is the convening of an investment forum, the creation of an apprenticeship scheme from which talented youths can secure gainful employment, set-up of a digital infrastructural centre in the region, leveraging the connections and competencies of professionals of South-East technocrats in the Diaspora to come back home and help in developing the region, establishment of a financial bond by the governors and optimization of the opportunities in Agriculture, Oil and Gas and other sectors.
Earlier, Anyim Pius Anyim, a former Senate President and Secretary to the Government of the Federation, has also lent his voice to the call calling for a review of the Biafra agitation. He also emphasized the need for better strategies to rid the region of the prevailing insecurity which he described as brutal.
The summit also witnessed goodwill messages from the leadership of Ohanaeze Ndigbo Worldwide, with its President Chief Emmanuel Iwuanyanwu calling for more investment by the Federal Government in the South-East. There were also goodwill messages from other key stakeholders including traditional rulers and other establishments, while the Summit Planning Committee, led by its Chairman Sen. Chris Anyanwu also received praises from virtually all the speakers for the professional organization of the event.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
Tinubu Orders NIMC to Enrol Every Nigerian by End of this Year – DG
Nigerians Accumulate $59Bn in Cryptocurrency Assets —FDC
Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory
Nokia’s 14 Years of Mobile-Phone Supremacy Ended in an Afternoon
MTN Nigeria Slashes Cost of Broadband Internet Router, Unwraps New Data Bundles for Low-Budget Users
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
News1 day agoXora Finance, Fintech Firm Refuses to Hire Nigerians over Alleged Dishonesty
Telecom1 day agoNCC Advances Dig Once Policy, Engages Stakeholders on Cost-Based Framework for Duct Sharing
General News1 day agoFG Secures Fresh $208.3m World Bank Loan for Cash Transfer
Telecom1 day agoNCC to Keynote Telecom Sector Sustainability Forum 7.0
News1 day agoPalmPay Nigeria Appoints Samuel Oluyemi as Chief Operating Officer
News1 day agoHow Ponzi Scheme Victims can Seek Legal Remedies — Lawyers
General News1 day agoSERAP Sues INEC over Alleged N800Bn 2027 Tinubu Campaign Fund
E-Business1 day agoKaigama,Catholic Archbishop of Abuja Warns against Misuse of AI