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Zinox Threatens to Sue Premium Times for Defamation

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The management of Zinox Technologies Ltd. has given a seven-day deadline to the publishers of Premium Times, a local online publication to retract series of defamatory publications against the company and its officials or face a legal action.

Gideon Ayogu, head, corporate communications, Zinox at a media briefing in Lagos on the continued fabrication of lies against Zinox with questionable intent, stated that Leo Stan Ekeh, Zinox chairman, has never met with Mr. Benjamin Joseph, managing director of Citadel Oracle Concepts,

Ayogu also said that neither Ekeh or any other official of Zinox has had any form of business transaction with the said company.

According to him, this raises questions on the motive behind Premium Times’ continued campaign of calumny against Ekeh which appears a cheap attempt at extortion.

Challenging Premium Times to publish any proof of transactions between Citadel Oracle Concepts Ltd. and Zinox or proof of any criminal charge against Ekeh, Zinox or any officials of the company in relation to the said stories, Ayogu further disclosed that there is no evidence of an indictment by the Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), the Nigerian Police or any law enforcement agency against Ekeh or Zinox Technologies.

Ayogu stated that Premium Times had enjoyed a holiday-of-sorts in their on-going smear campaign against Ekeh chiefly because Joseph’s prosecution is pending before a competent court of law and as a law-abiding corporate citizen, the Management of Zinox wishes the law to have its course and does not intend to interfere with the course of justice.

Also, Ekeh’s well-known soft spot for the media as a pioneer of digital publishing in West Africa with his first company, Task Systems, which Premium Times seems to have mistaken for weakness. In his view, Zinox would rather focus on its mission of digital innovation than be distracted by blackmail.

“Upon reading the first story written by Premium Times, the Management of Zinox wanted to sue the medium and Citadel Oracle Concepts but the Chairman cautioned that there was hunger in the land and that his checks on Mr. Joseph showed a man desperate to make ends meet.  Hence, we were advised not to waste our time. Every other media organization in Nigeria whom Joseph approached had investigated his claims and found no iota of truth in them and as a result, had refused to publish except Premium Times, a medium that is apparently in partnership with him possibly for a destructive intent.

“I personally called the writer, Bassey Udo on two occasions and requested him to verify his clams at the EFCC or Police Headquarters Abuja, or the Police Special Fraud Unit (SFU) Ikoyi, but he was not interested and instead chose to keep putting out one defamatory article after another based on fabricated stories handed down to him by Mr. Joseph.  I made it clear to him that Ekeh will never part with a kobo so he should stop wasting his time and degrading his publication. As a civilized corporate citizen, we have taken this as a final responsible step for Premium Times to make public any agreement, transaction or link between Citadel Computers and Zinox Computers or any staff of Zinox computers since Zinox was launched in 2010. For instance, in their first publication, Premium Times claimed that they saw bank documents which ‘showed transfers of monies between FIRS account at CBN and the fake account as well as approvals by top officials of Zinox Technologies for disbursements from the account to Zinox bank account and those of the suspects.’

“We want to make it clear that Zinox did not receive any such amount in any of its accounts, and hereby challenge Premium Times to produce such document showing or bearing the name of Zinox or the Zinox account.   

“The on-going case for which Joseph is currently being prosecuted is between Citadel Oracle Concepts and another company which our Chairman has shares in. That company is Technology Distributions (TD), the biggest ICT products distributor in Sub-Saharan African representing major IT brands like HP, Lenovo, Dell, Microsoft and many others. TD is a totally different company from Zinox with different directors, shareholders, management team and a different line of business and Zinox was not in any way involved in the transaction.

“It is important to note that in the entire transaction leading up to this case, in all the above investigations and reports, Zinox Technologies Ltd. was not in any way involved. The transaction only involved Technology Distributions Ltd. and its staff. Also, Leo Stan Ekeh was not involved in the said transaction and the investigations. It was only in the last petition to the EFCC that he was asked to come because Benjamin Joseph mischievously mentioned his name in the petition to the Vice President. But in all his subsequent sponsored publications in the media (print and online), Benjamin Joseph targeted only Zinox and Ekeh. Why? The answer is clear.

“Following from the foregoing, it is clear that the purpose and objective of Joseph and Citadel Oracle Concepts Ltd. is to attempt to persecute, harass and blackmail us into agreeing with their unfounded claims, relying on the false information that the Board Resolution was forged. This intention is proved by the robust publicity they have given this case and castigating the person of our Chairman, Leo Stan Ekeh, OFR.

“This is why in the online publications, the photographs of Ekeh and no other person is displayed and Zinox is used as the caption, even when the company has no bearing with the story. This is blackmail. There is no other explanation for this other than blackmail.

“Citadel Oracle Concept Limited was one of the many IT resellers awarded a contract to supply HP laptops at FIRS in 2012 but had no funds to execute it and like few  others, had approached TD who are authorized HP distributors in Nigeria with the help of his consultant Princess Kama whose Uncle, Chief Onny Igbokwe has been a long term reseller of TD to assist in supplying the laptops at a pre-agreed invoice value. Our investigations showed that his representative, Princess Kama had previously executed several other bids on his behalf. We also have a copy of a Letter of Authority which Joseph issued to FIRS with copies of his international passport accepting the contract and appointing Princess Kama as his authorized representative to handle the transaction. This is verifiable at FIRS.

“In view of previous bad experience and in order to avoid exposing the business to bad loans, TD had nominated its staff – Mr. Chris Eze Ozims and Mrs. Shade Oyebode – to be signatories to an account opened for the purpose of disbursement of funds as regards the contract, solely as security for the laptops supplied on credit.  Upon payment of the sum for the contract, TD had gone ahead to deduct the invoiced sum of the supplied laptops and had its staff resigned as signatories to the account.”

Continuing, Ayogu disclosed that after a disagreement between Joseph and his representative, Princess Kama over the sharing of the proceeds, Mr. Joseph reported to Chief Afe Babalola Chambers that his company was used to defraud the FIRS by Princess Kama and her allies and that the laptops were not supplied. When the lady narrated the true story with documentary proof including a letter of authority signed by him, he withdrew from Afe Babalola Chambers and petitioned the EFCC, Lagos who investigated and saw no merit in his complaint. He then lodged another complaint with Special Fraud Unit (SFU) of the Nigerian Police, Ikoyi and told same lies, alleging that his signature on the board resolution to open the account at Access Bank was forged. 

The SFU launched an investigation at FIRS offices and confirmed that the laptops were supplied with serial numbers intact. However, since the crux of the matter was the denial by Joseph of not signing the Board Resolution to open the account with which the FIRS remitted payment for the supplied HP laptops, of which Mr. Ozims and Mrs. Oyebode were signatories on behalf of TD, the Police sent the documents for forensic analysis to determine its veracity. The evidence proved that the documents were not forged, and were actually signed by him. Hence, the warrants of arrest the Police had issued against Mr. Ozims (a First Class lawyer and Company Secretary of TD) and Mrs. Oyebode (a Chartered Accountant and Executive Director of TD) based on Joseph’s complaints were made on misleading information and ought not to have been issued.

“After a few months, he wrote the office of the Deputy Inspector General of Police (DIG) laying same claims against Princess Kama and TD without informing the DIG that he had earlier reported to the EFCC and SFU, Lagos. The Police again launched a nationwide investigation which confirmed all items supplied with serial numbers. When the Police Headquarters discovered that Joseph has wasted their time and limited resources on a false claim, the Inspector General of Police arraigned him for deceit and false petitioning at an Abuja court under Charge Number CR/216/16 at the FCT High Court.

“Upon inauguration of the new administration of President Muhammadu Buhari, Joseph again wrote the Vice President, Yemi Osinbajo (SAN) that his company was used to defraud the Federal Government of over N200m, and that no laptops were supplied to the FIRS. The VP minuted to the EFCC Chairman. The Procurement Fraud Unit of the EFCC again investigated and found every item supplied and FIRS showed all products supplied with serial numbers nationwide. It was at this point that he partnered with Premium Times to launch a media blackmail against our Chairman, Ekeh and Zinox which had no links to the matter on ground, probably with an intent at extortion.

“What we found funny while this prolonged attempt at extortion was going on were several calls by faceless numbers to our Chairman requesting him to try and resolve this issue with huge sums of money to save his hard-earned name and that of Zinox. These calls only ceased after he warned the callers that he will track and unearth their identity with digital satellites and report them to the appropriate authorities.

“In conclusion, why is Premium Times which is headquartered in Abuja not able to walk into the offices of the EFCC, Police Headquarters, Abuja, the FIRS and Attorney General’s Office and confirm the claim of their partner, Joseph. We have received several appeals from some industry practitioners to discontinue the criminal prosecution of Joseph at an Abuja court under Charge Number CR/216/16, we wish to inform them that we did not sue Mr. Joseph as it was the Police that charged him for misleading them, and we would not wish to waste our resources on a man that we do not know. It is for the court to determine if he is innocent or not, and not for Premium Times to embark on a media trial of the case.”


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FRC, ICPC Seal Anti-corruption Alliance

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The Fiscal Responsibility Commission (FRC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have signed a memorandum of understanding (MoU) to enhance institutional synergy and accountability in public finance management.

The partnership is also to deepen transparency and strengthen the fight against corruption in Nigeria.

The Executive Chairman of the FRC, Mr. Victor Muruako, and the Executive Chairman of the ICPC, Dr. Musa Adamu Aliyu, expressed profound satisfaction over the partnership, describing the signing as timely and symbolic, coming on a day dedicated globally to integrity, transparency, and the fight against corruption.

Speaking at the ceremony, both chairmen reaffirmed their agency’s shared commitment to prudent management of Nigeria’s resources, fiscal discipline, and the coordinated strategies to confront corruption and financial mismanagement.

Under the MoU, both agencies will collaborate extensively in capacity building, joint investigations, information sharing, asset recovery, and enforcement operations.

The ICPC, through its Anti-Corruption Academy of Nigeria (ACAN), will provide specialised training to FRC staff in forensic investigations, financial crime detection, digital evidence recovery, and prosecution strategies. In turn, both agencies will exchange resource persons for workshops and public enlightenment programmes.

The agreement further empowers both institutions to conduct joint investigations and coordinated operations where violations cut across the mandates of both the Fiscal Responsibility Act, 2007 and the ICPC Act, 2000. It also establishes a framework for mutual assistance in tracing, freezing, confiscating, and recovering stolen public funds.

On information sharing, the MoU guarantees the confidential exchange of intelligence, financial records, and technical data, while upholding strict ethical standards and full compliance with all applicable laws.

According to the parties, the collaboration will significantly enhance Nigeria’s anti-corruption architecture by eliminating institutional silos and strengthening enforcement outcomes.

The Memorandum of Understanding, which can be terminated with a 30-day notice by either party, marks a renewed and expanded phase of cooperation between the two key integrity institutions.

The signing ceremony concluded with both chairmen reaffirming their resolve to work tirelessly to promote accountability, transparency, and sustainable national development in line with the Constitution of the Federal Republic of Nigeria and existing anti-corruption laws.

Meanwhile, the Chairman of the FRC, Victor Muruako, has commended the ICPC Chairman, Dr. Musa Adamu Aliyu, and his team for sustaining the Commission’s legacy as one of Nigeria’s frontline anti-corruption institutions. Muruako particularly highlighted the signing of the MoU between the two agencies, describing it as a major step toward strengthening inter-agency collaboration in tackling corruption at all levels of government.

According to him, both agencies have, in recent months, intensified joint efforts to enhance accountability and prevent corruption at the local government level. These efforts, he noted, focus on improved budget preparation, prudent management of public funds, and the modernisation of tax, financial and asset administration systems.

He emphasised that where acts of corruption are detected, the law must take its full course to deter future offenders.


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Debt Rises in AI Data Centre Boom

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As AI fever has propelled global stocks to record highs, the data centres needed to power the technology are increasingly being financed with debt, adding to concerns about the risks.

A UBS report last month said AI data centre and project financing deals surged to $125 billion so far this year, from $15 billion in the same period in 2024, with more supply from the sector expected to be pivotal for credit markets in 2026.

“Public and private credit seems to have become a major source of funding for AI investments, and its rapid growth raised some concerns,” said Anton Dombrovskiy, fixed income portfolio specialist at T. Rowe Price.

“Although up until now an increase in supply has been met with relatively healthy demand, this is the area to watch especially taking into account large financing needs estimates,” Dombrovskiy added.

The Bank of England warned last week that the growing role of debt in the AI infrastructure boom could heighten potential financial stability risks if valuations correct.

Christopher Kramer, portfolio manager and senior trader on Investment Grade Credit team at Neuberger told Reuters that the market has seen a structural shift as the largest technology companies finance their AI infrastructure ambitions.

“They really haven’t been focal points in our market from a debt issuance standpoint, and that’s obviously shifting really dramatically … anytime you have that, it creates a lot of opportunity,” he said on November 28.

“We’re excited just from the standpoint that the market’s changing. You’re going to have a different dynamic, it creates an opportunity to take risks and create value for our investors,” Kramer added.


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FG to Use Digital Economy Initiatives to Curb Corruption Among Youth

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Lateef Fagbemi (SAN), the Attorney-General of the Federation and Minister of Justice, has said that Federal Government is intensifying its use of digital-economy initiatives to curb corruption among young Nigerians.

Speaking at the commemoration of the 2025 International Anti-Corruption Day held on Tuesday in Abuja, the AGF said the administration of President Bola Ahmed Tinubu has deliberately positioned technology, innovation training, and digital-skills development at the heart of its anti-corruption strategy for young people.

The event, organized by Technical Unit on Governance and Anti-Corruption Reforms (TUGAR) domiciled at the Nigeria Extractive Industries Transparency Initiative (NEITI) had the theme: “Uniting with Youth Against Corruption: Shaping Tomorrow’s Integrity”.

Fagbemi, who delivered the keynote address, said the government believes that empowered, skilled and economically engaged youths are less vulnerable to corrupt influences.

According to him, programmes such as the 3 Million Technical Talents Programme (3MTT) and the recently launched Nigerian Youth Academy (NiYA) are already equipping millions of young Nigerians with ICT and digital-innovation skills, reducing their dependence on patronage systems that fuel corrupt practices.

“A hopeful youth is harder to corrupt; an engaged youth is harder to mislead; and an empowered youth is a powerful force for national transformation,” Fagbemi said.

He explained that by investing in digital literacy, tech entrepreneurship and innovation-driven training, the Tinubu administration aims to create a generation of young Nigerians who are globally competitive and resistant to corruption.

Beyond digital skills, the AGF pointed at several government efforts to expand educational access through the Nigeria Education Loan Fund (NELFUND), and support youth entrepreneurship via the Nigeria Youth Investment Fund (NYIF) and the iDICE programme, providing funding, training and mentorship for young innovators in tech, entertainment, agriculture and design.

Fagbemi added that the inclusion of young people in governance, through appointments and expanded civic-engagement platforms, was another strategic tool to strengthen integrity and transparency in public life.

He urged stakeholders to deepen efforts to integrate anti-corruption values into school curricula, establish integrity clubs, mentor young leaders, and leverage ICT tools to promote transparency, whistleblowing and public accountability.

Earlier, the Head of TUGAR, Mrs Jane Onwumere said the gathering was especially meaningful because it reflected a shared truth: that tomorrow’s integrity rests significantly in the hands of the youth.

“The theme therefore, is not just a slogan but a call to action and a reminder that young people are not only beneficiaries of good governance, they are co-architects of it.

“Corruption has affected lives and the economy negatively in many ways. One of such is the “japa wave” which has seen young Nigerians leave the country in droves in search of greener pastures. This syndrome has drained the country of resources and human capital. It has in many situations split the family unit, a critical foundation for anti-corruption efforts”, Onwumere, added.

In his speech, the Executive Secretary, NEITI, Hon. Musa Sarkin Adar expressed the agency’s commitment to empowering young Nigerians not only as advocates for accountability but also as active partners in shaping the future of integrity in the extractive industries and beyond.

“At NEITI, we recognize that corruption undermines opportunities for growth, distorts resource governance, and deepens inequality. We also know that a united, informed, and courageous generation can dismantle these barriers.

“This is why NEITI will continue to expand civic education, strengthen our reporting mechanisms, support youth-led innovation, and create more platforms for constructive engagement with young professionals, students, and entrepreneurs”, he added.

 


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