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Ekeh, Zinox Boss Hinges Success of African Entrepreneurs on Common Sense, Spirituality

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Leo Stan Ekeh, Africa’s leading technology entrepreneur, has laid out a blueprint for budding and potential business investors in Africa, noting that African entrepreneurs must apply 40% common sense, 20% spirituality and 40% knowledge of the business to succeed on the continent.

 

He made this charge during a keynote address delivered at the Africa Summit organized by Nottingham University which held in the United Kingdom (UK) on June 15th 2018.

 

Ekeh who also addressed a mentorship session with a cross-section of African/International students of the institution, disclosed that Africa is a continent on the rise, noting that technology is bound to resolve some of the contemporary problems faced by African economies.

 

He, nevertheless, lamented the high failure rate of start-ups on the continent – an anomaly he attributed to the desire by entrepreneurs to take pleasure before pains.

 

“Success for an entrepreneur in Africa does not come cheap. This is because the continent is still struggling with a lot of infrastructural deficiencies, many of which technology will help resolve soon. To succeed in the peculiar business terrain in many African economies, an entrepreneur requires 40% common sense – especially since common sense is not by any chance, common; 20% spirituality which is important in view of the highly religious nature of Africans and 40% knowledge of the particular business one is investing in.

 

“It is, however, worrisome to see the high failure rate among start-ups on the continent. A lot of young African entrepreneurs are not ready to take pleasure before pains. As a result, they get too excited at the first sign of business break through and allow sentiments take over.”

 

Noting that African entrepreneurs must connect spiritually with their true origins, Ekeh submitted that Africa’s booming population which is expected to gross over 25% of the entire world’s population by 2050 is one that is overwhelmingly dominated by youths, thereby making Africa more important than ever to the global economy and arguably the world’s most attractive continent.

 

“Africa has for long been held back by its quality of leaders, many of whom are partially analogue due to their age and originating circumstances. This is not entirely their fault though as it is caused by a number of factors beyond their direct control. However, things are changing. There is a conscious interest in most African countries in the calibre and status of leaders that take office. Also, the current generation of youths have the benefit of better education and global exposure as a result of the internet-mediated world we live in. With the right leadership in place and technology accorded its rightful place as the driver of its future development, Africa may just be the continent for smart investors to bet on.

 

“It must be noted though that Africa needs investors with the right conscience to help change its narrative for good; investors who are interested in growing the economy, in creating employment opportunities and empowering local talents in the various communities and urban centres and not venture capitalists or angel investors who are only keen on milking the continent for profit and short-term gains,” he stated.

 

Also speaking on his decision to acquire e-commerce giant Konga, Ekeh revealed that the company is one of the examples of a corporate organization with a conscience, noting that Konga is bound to hit a market valuation of over $4b by 2022, going by the structures the new management is putting in place, many of which will empower millions of Nigerians and Africans, by extension and which will be one of the biggest success stories out of Africa.

 

Ekeh who reminisced on his time as a boarder at Nottingham University in the mid-1980s and from where he proceeded to Cork City University to conclude his postgraduate degree in Risk Management, also paid respects to one of his former tutors, Prof Bob Carter who passed on in 2012.

 

In his reaction, Victor Udeozor, managing director, Nottingham Africa Summit,  expressed appreciation for the rich contributions and interventions delivered by Ekeh at the summit.

 

While voicing the desire for many other successful entrepreneurs in the mould of Ekeh to emerge from Africa, he enjoined attendees and students, many of whom are looking forward to investing in Africa, to draw deeply from the experience and useful insights provided by Ekeh in making a success of their ventures.

 


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Students Loans’ Beneficiaries to Start Repayment 2 Years after Graduation-  NELFUND:

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Nigerian Education Loan Fund (NELFUND) has said that students in tertiary institutions and approved vocational centres would start repayment of the loan two years after graduation.

Students Loans’ Beneficiaries to Start Repayment 2 Years after Graduation-  NELFUND:

However, NELFUND management specifically stated that the repayment of the loan would commence if the students secured a job or went into business.

Mr. Akintunde Sawyerr, managing director, NELFUND, said the Act specify a moratorium of two years after graduation for the students to begin repayment of the loan.

Sawyerr said if the students start work, his employer would be expected to remit 10 percent into NELFUND dedicated account.

He added: “The loan does not have a specified repayment tenure. It makes it easy for students to apply for the loan. NELFUND would pay according to the documents provided by the institutions. We cannot put tenure on the loan; some will die, drop out, ‘Japa’ or refuse to pay. While those who went into business would pay into same account.

“It is a revolving a loan. We will not put students under pressure to get the loan and we are not going to state a tenure because it is not a commercial loan.’’

According to him, the loan is meant for students in public universities, polytechnics, colleges of education and vocational institutes, who apply via NELFUND portal and are expected to present their JAMB admission letter, NIN and BVN.

He explained that non-students would not have access to the loan and that NELFUND has put the necessary machinery in place to ensure that beneficiaries can be reached when the need arises.

His words: “We are using technology to run the new system. The process of application is online through our dedicated portal and we are limiting human contact as much as possible. Once you have a Bank Verification Number (BVN) and National Identification Number (NIN), which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” Sawyerr stated.

The MD disclosed that students already in institution are eligible to apply for the loan at any level of their study and must be at the beginning of each academic session.

He noted that such students would have to provide their admission and matriculation details in addition to BVN and NIN.

Sawyerr added that about 1.2 million Nigerian students in tertiary institutions and government-recognized vocational centres would be among the first batch of beneficiaries and that the figure would increase as time goes on.

The NELFUND boss disclosed that the scheme would be funded from one per cent of the total annual revenue by the Federal Inland Revenue Service (FIRS), which would amount to N194 billion if the agency meets its projection.

Sawyerr observed that the loan would be paid in two segments, the first, being the school fees, which would be paid directly to the institutions while stipend would be paid into students’ account for their day-to-day upkeep.

He added that the amount individual students would access varies because of the course of study, school fees and geographical location of the institutions.

“You don’t start paying back the loan until two years after your National Youth Service Corps (NYSC) scheme and you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he/she defaulted, then the student becomes a criminal and we will work with government agency that can help us get the money back, for example, EFCC, ICPC,” Sawyerr stated.


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GPA Raises Alarm, Says Malaria Vaccine Can Cause Meningitis

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Global Prolife Alliance (GPA), global health organization, has told the National Assembly that the intended malaria vaccine currently proposed by Bill Gates, American billionaire, for Nigeria can trigger meningitis in the populace.

GPA Raises Alarm, Says Malaria Vaccine Can Cause Meningitis

Dr. Philip Njemanze, chairman of GPA, gave the warning in a statement released to newsmen in Owerri, the Imo state capital.

Njemanze, known for being pro-health in the Catholic church, charged the national assembly not to be in a hurry to succumb to the pressure of the bill currently before the house.

He said the vaccine may trigger the deaths of millions of Nigerian children prone to cerebral meningitis, especially in the northern part of the country.

Part of the letter read “Among the side effects is a tenfold increase in cerebral meningitis. Nigeria is endemic for cerebral meningitis. A tenfold increase could cause the deaths of millions of children, especially in northern Nigeria.

“Please intervene and call for a public hearing, for an open public discussion on the pros and cons with expert opinions from both sides. This will help the Nigerian people to be better informed about granting or withholding consent for the vaccination.

“Your intervention could save millions of lives, especially in northern Nigeria, where meningitis is most endemic, particularly at this time of serious insecurity,” Njemanze warned.

 

 


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NERC Cedes Regulatory Oversight of Enugu Electricity Market to State Government Agency

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The Nigerian Electricity Regulatory Commission (NERC) has ceded the regulatory oversight of the Enugu electricity market to the Enugu Electricity Regulatory Commission (EERC), which is owned by the state government with effect from May 1, 2024.

This is the first-ever transfer of regulatory powers from the NERC to a state government electricity regulator.

“On completion of the Transfers under subsections (2) and (3), whichever occurs later in time, the Commission shall have no further regulatory responsibility whatsoever for electricity market activities carried on entirely within the State to which regulatory responsibility has been transferred and for which the Additional Successor Company has been incorporated and conferred with assets, liabilities, employees, rights and obligations,” NERC said in a statement signed by Sanusi Garba and Dafe Akpeneye.


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