General News
Inflation, Diesel, Other Market Forces Escalate Cost of Services
Global Economic Woes
With only about a month before the end of 2022, it is difficult for the year to be remembered for anything other than the war in Ukraine and the chaotic shock waves that inflation drove into the fabric of the global economy.
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Largely driven by surging costs in prices of food and utilities, the situation was aggravated at the time the global economy was starting to show signs of recovery following the gripping Coronavirus induced recession.
Inflation figures in the US reached new levels not experienced in forty years, as the Bureau of Labour reported 8.6% for the month of May 2022, the highest since 1981. In the UK, it has been a similar scenario, with 9% inflation quoted for May 2022, the highest since 1982.
It is pretty much the same across the globe with Spain, Greece, France, Portugal among others, all caught in the web of inflation. Turkey’s jarring 54.8% is easily the worst among all countries captured in the report.
Double whammy for businesses in Nigeria with no silver bullet in sight; inflationary pressures as a result of currency devaluation, increased diesel and energy costs and food inflation due to insecurity.
Bringing it closer to home, the alarm bells are ringing for Nigeria, with the National Bureau of Statistics recording the inflation rate at 20.77% for September 2022 while analysts project 21.32% for October 2022.
Although Nigeria is faring better than neighbouring Ghana, whose inflation figure stands at 40.4% for October 2022, the implications of this on the cost of doing business in Nigeria are significant.
More challenging is the proposed 17.4% increment in electricity tariff for businesses within the EKO Electricity Distribution Company area, effective 1st January 2023, in-line with the July 2022 review of the Multi-Year Tariff Order by the Nigerian Electricity Regulation Commission (NERC).
This will adversely impact the formal economy, by increasing the cost of doing businesses within the jurisdiction of the power distribution company, forcing such businesses to contend with trade-offs to deal with these higher costs.
With diesel generators being the leading source of backup power in Nigeria and a litre of diesel selling for between N780 and N800, the situation has exacerbated to the point that some of the financial institutions, hitherto thought to operate above the high cost of doing business in the country, have had to reduce their hours of operation to save costs.
With power being a critical part of operations for most companies either in telecommunications, media, banking, manufacturing and tech, the impact on bottom line is huge when the cost of diesel and power subscriptions are factored into monthly and annual expenditure.
More unsettling is the fact that inflation, as far as Nigeria is concerned, has continued to grow almost on a monthly basis. The September 2022 figure at 20.77%, the highest in 17 years, was up from the 20.52% posted for August 2022 and 19.64% for July 2022.
If inflation, high cost of diesel and increase in electricity tariff are the factors businesses in Nigeria have to grapple with, their journey towards margins, the basic rationale behind setting up a business, would be considered tortuous by any analyst. How much so when the thorny issue of currency devaluation is added to the mix?
With the currency devaluation, Nigerians have seen the Naira exchange for dollar at the rate of N438 to $1, up from the prevailing N413/$1 rate a few months back at the official market. However, this is now only the case on paper, with the crushing unavailability in official markets leading to a surge in the parallel markets.
Although there has been a reprieve of sorts for the Naira in the last few days, the currency is still being exchanged for between N710 and N780 in the parallel market.
Africa’s growing digital economy is not immune from the impact of these cost pressures
With Nigeria being one of Africa’s largest ICT markets in terms of telecom subscribers and internet users, the surging prices are placing tremendous pressure on the industry. Telecom operators, data center providers and companies running their own ICT infrastructure are facing this onslaught of high prices.
At a time when digital transformation is viewed as critical for the economy to improve its productivity, the sector is under pressure from higher costs which it is seeking to pass on to businesses and consumers.
Unlike the banking industry and brick and mortar establishments that are able to cut back service hours, networks and data centers are required to run 24X7 whether they are utilized by a handful or millions of customers and subscribers and these always-on operations are placing tremendous cost pressures on these companies.
For businesses, even more than for households, it is a case of double jeopardy as they have to bear the cost of back-up power with diesel, while also covering the increasing costs of grid electricity, or at least the little or nothing of it which they enjoy.
It is remarkable that Nigeria has witnessed the entrants of many new data center operators in recent times and there are questions if these operators will be able to get services off the ground with low public power availability and high costs of diesel back up.
Tough decisions ahead
These developments are forcing data service providers, manufacturers, FMCGs, similar to businesses in Europe, to review prices as the only way to stay afloat, while ensuring continuity of services to customers.
As the year comes to an end and businesses put together their strategies for the year ahead, some difficult decisions need to be made, to weather the stormy waters that lie ahead.
General News
Krishnan Exits Africa Data Centre to Embark on Professional Chapter

Dr. Krishnan Ranganath, the hitherto Regional Executive – West Africa at Africa Data Centres (ADC), Africa’s largest network of interconnected, carrier- and cloud-neutral data centre facilities, has moved on from the company after half a decade of record growth.

This was confirmed in a LinkedIn post, where he noted that after more than five years of transformative leadership, he is signing off to embark on a new professional chapter.
Reflecting on his tenure, Dr. Ranganath noted that the journey was defined by resilience and a commitment to building infrastructure designed for the future.
“What started as a mission to navigate the complexities of a new market has evolved into a chapter of immense growth. We didn’t just build data centres; we built the foundation for West Africa’s digital future. I am immensely proud of the culture of operational excellence we’ve fostered and the milestones we have achieved together,” Dr. Ranganath said in a message to our inquiry.
Dr. Ranganath joined ADC during a pivotal era, tasked with establishing the brand as a formidable challenger in the competitive West African market. Under his guidance, the region evolved from a bold experiment into a definitive powerhouse of digital infrastructure, moving from the installation of its first rack to becoming a trusted, well-established partner in the colocation and cloud services space.
During his five-year leadership, Dr. Ranganath managed several key strategic pillars. He led market entry and expansion by navigating complex regulatory and environmental landscapes to turn regional challenges into competitive advantages. He also drove infrastructure excellence by scaling operations from foundational setups into a high-capacity, well-established powerhouse. Finally, he provided cultural leadership by building a high-performance team from the ground up that balanced strategic breakthrough with a collaborative, human-centric work environment.
In the emotionally-laced message, Dr. Ranganath extended his gratitude to the ADC team, describing them as the heartbeat of the company’s success in West Africa. “To my team and colleagues: thank you for the late nights and the strategic breakthroughs that fueled our progress. I leave with great memories and a sharp focus on what’s next.”
While Dr. Ranganath has not yet revealed his next destination, he encouraged his professional network and industry stakeholders to stay tuned for the announcement of his upcoming ventures.
General News
Leo Stan Ekeh at 70; thanks Tinubu, Obasanjo, Nigerians, Global Tech Community

Leo Stan Ekeh, Chairman of Zinox Group and Africa’s foremost digital disruptor, has expressed gratitude to President Bola Ahmed Tinubu, and former President and African statesman, Chief Olusegun Obasanjo, for their goodwill messages and prayers on his birthday.

Ekeh, who turned 70 on Sunday, February 22, also extended gratitude to governors; former governors, including Babatunde Raji Fashola, former governor of Lagos state; National Assembly members; captains of industries, members of the global tech community, some of whom sent delegations to his house aside virtual goodwill messages sent from across the globe; royal fathers and the media.
In a post-birthday prayer and thanksgiving meeting with some members of the ICT media in his Ikoyi residence at the weekend, Ekeh said he was overwhelmed by the deluge of good wishes from Nigerians of all tribes and tongues.
Ekeh reflected on his relationship with President Tinubu over the past decades, describing Tinubu as a trustworthy and loyal friend who does not hesitate to make sacrifices for the good of the people he leads.
“President Tinubu has been my supporter long before I launched Zinox. He has always shown brotherly love,” he recalled.
He mentioned Mr. Sam Amuka, publisher of Vanguard newspapers; Lt. General T.Y Danjuma (retd), Founder, South Atlantic Petroleum; and Pa Obafemi Awolowo’s family as some of the many Nigerians with established companies who “experienced me and trusted me in the early days of my business life, and I didn’t disappoint”.
Recounting how Nigerians celebrated him on his birthday, he said: “In all my years, I have never seen such a show of love from Nigerians via different communications channels, from calls to social media. I was deeply touched by the kindred spirit of Nigerians. It tells me one thing: Nigerians are caring and loving people, and they appreciate quality and value-driven impact.
“I want to use this medium to say ‘thank you’ to those who sent me messages of goodwill, prayers through different communication platforms that I could not immediately acknowledge. I appreciate you all,” he said.
It will be recalled that President Tinubu while celebrating Ekeh on his birthday described him as one of “Nigeria’s pioneering innovators in the information technology sector.”
The President also commended Ekeh for his “commitment to promoting the Nigerian brand and creating opportunities for young Nigerians,” amongst his other achievements in the tech sector.
President Obasanjo, accompanied by his wife, Chief (Mrs.) Bola Obasanjo, who visited Ekeh to pray for him, described Ekeh as a “very kind man and an achiever who inspired many youths at a critical point in Nigeria’s information technology history.” He also prayed for the Zinox Group boss to live for 100 years and beyond.
As a sitting President, Obasanjo honoured Ekeh as an Icon of Hope and a role model for Nigerian youths on October 1st, 2001, and subsequently with the national honour of the Officer of the Federal Republic (OFR).
Others who joined Obasanjo in honouring Ekeh were former Lagos state governor, Babatunde Raji Fashola and his wife, former INEC Chairman, Professor Maurice Iwu and his wife, Chairman of MTN, Dr. Ernest Ndukwe and his wife; Mr. Atedo Peterside, Founder of Stanbic IBTC Bank and his wife; Chairman of Fidelity Bank, Mrs. Amaka Onwughalu and her husband; Managing Director Fidelity Bank, Dr. Nneka Onyeali-Ikpe; Mr. Udoma Udo-Udoma, Chairman Seplat Energy and his wife; Mr. Sam Amuka; Prof Anya O. Anya; Mr. Chris Uwaje, tech policy expert and his wife; Mr. John Momoh, Chairman of Channels Media Group and his wife; Mr and Mrs Walter, CEO of Providus bank, Mr. Roosevelt Ogbonna, group CEO of Access bank, Mrs. Victoria Ajayi, CEO of TVC Communications and her husband; Mrs. Nkeiru Anumudu, CEO of Globe Motors, secondary school mates of Ekeh including Charles Oputa (Charly Boy) who came with his wife; Leo Stan’s elder brother HRM Eze George Ekeh (aka Saint George), the traditional ruler Ishi Ubomiri Autonomous Community in Imo state; representatives of multinationals with whom he has partnered all through the years; among
General News
JAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents

Joint Admissions and Matriculation Board (JAMB) has said it has uncovered criminal syndicates that are deploying artificial intelligence tools to impersonate its officials and defraud candidates preparing for the Unified Tertiary Matriculation Examination (UTME).

Is-haq Oloyede, registrar of the board, disclosed this on Saturday in Abuja, warning that candidates and parents involved in the scheme would face severe consequences.
Mr Oloyede also said three top officials of the board have been found to have collaborated in sabotaging the system and have been recommended for dismissal.
He added that two other officials and a member of staff of Ahmadu Bello University, Zaria, are currently undergoing criminal prosecution for involvement in activities inimical to the integrity of the examination body.
Mr Oloyede said investigations revealed that more than 100 candidates were linked to the scheme, with 83 confirmed to have made payments to the syndicates.
He added that those involved cut across 25 states with three school proprietors in custody for aiding and abetting examination malpractice.
He further said the board had made recommendations to the Minister of Education for the cancellation of the affected registrations.
“What is important for us to emphasise here is that the students themselves and their parents are willing collaborators and cannot be regarded as innocent,” he said.
Mr Oloyede also expressed concern about the involvement of underage candidates, noting that about 38,000 underage candidates have registered for the 2026 UTME.
He said many of the candidates who patronised the syndicate are underaged, who have been pushed by their parents beyond their academic capacity.
While noting that JAMB’s mandate is limited to conducting examinations, he urged parents to refrain from encouraging malpractice.
“Parents must understand that paying for fraud does not secure a child’s future. It destroys it. You are teaching them that cheating is a strategy, that deception is acceptable, and that merit is optional,” he said.
Mr Oloyede rejected suggestions that the board should negotiate with suspects, including some who allegedly fled the country after last year’s examination.
He added that some computer-based test (CBT) centres had already been sanctioned.
He warned that paying for examination fraud or belonging to online groups offering such services would attract sanctions.
“Let it be clearly understood by all Nigerians that paying for examination fraud is a crime. Receiving illegal assistance is a punishable offence. Being a willing member of a WhatsApp group where these fake services are offered will no longer be condoned. Ignorance will not be accepted as a defence,” he said.
Mr Oloyede said the board is working with security agencies to tackle the fraud schemes.
He thanked the Office of the National Security Adviser, the Directorate of State Services, the Nigerian Police Force and the Nigeria Security and Civil Defence Corps for their support.
“As for capacity, we have the capacity to deal with all these issues. If we did not have the capacity, we would not be able to stay ahead of them. As they are planning, we are planning,” he said.
He added that JAMB has strengthened its technical systems, including the ability to detect prohibited devices during examinations.
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