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Leo Stan Ekeh – the Iconic ICT Entrepreneur @ 65
The man, Leo Stan Ekeh arguably Nigeria’s foremost tech guru and serial digital entrepreneur has championed many firsts in the Nigerian ICT sector.
Mr. Ekeh is the Chairman of Zinox Group, Sub-Saharan Africa’s biggest integrated technology conglomerate which includes viable concerns such as Zinox Technologies Limited, Task Systems Ltd., Technology Distributions Limited (TD Africa) and TD Mobile, among others, through which he deployed some of the biggest ICT projects on the continent.
Mr. Ekeh has also inspired several generations of budding entrepreneurs and startups, many of whom are currently disrupting the technology space in Nigeria and beyond.
On the Nigeria’s Independence anniversary on October 1st 2001, Ekeh enjoyed the rare privilege of being honoured as an Icon of Hope by former President, Chief Olusegun Obasanjo for his sustained pioneering efforts in the area of Information Technology and also as a pride to modern Nigeria.
His ground breaking strides in the Nigerian technology ecosystem recorded another major achievement in 2018 when he made a bold return to e-Commerce (a vertical he pioneered in Africa many years ago through BuyRight Africa Dotcom) with the addition of Konga after acquiring the company from previous majority investors, Naspers and AB Kinnevik.
Barely two years after its acquisition, Ekeh transformed the composite e-Commerce giant into Nigeria’s leading player, with the brand on the cusp of dominating Africa’s biggest market and making inroads into other neighbouring African markets.
Today, this Icon of ICT in Nigeria turned 65 years old, born on February 22, 1956 in Ubomiri Mbaitoli, Imo State to a middle-class family with three brothers and two sisters.
He attended Holy Ghost College, Owerri for his secondary education, after which he went to India for his university education, where he received a Bachelor of Science degree in economics from Punjab University.
Ekeh, however, believes that studying in India was a great turning point in his life, according to him, he found the Indian economy a realistic economy.”
In addition, he is a Global Advisor to Microsoft. He also holds a Post Graduate Degree in Risk Management from Nottingham University, England.
Ekeh equally holds several honorary doctorate degrees from highly respected universities for his enviable record of incisive entrepreneurship and pioneering efforts in the field of Information Technology.
Leo Stan as he is popularly known is a renowned digital democrat and philanthropist has also quietly touched so many lives through the Leo Stan Foundation – his personal foundation.
Among these are charitable works such as donation of N100m to Internally Displaced Persons (IDPs) in the North-East, donation of N50m to victims of the demolished Eke-Ukwu market in Imo State, scholarships to hundreds of indigent students across Nigeria to study both at home and abroad, as well as the set-up of a N1.5bn revolving loan scheme for disadvantaged students and entrepreneurs of Imo origin, among several others.
Furthermore, Ekeh has silently invested in education, provided Medicare to the needy and supported churches and other religious organizations through the Foundation.
During the lockdown occasioned by the COVID-19 pandemic, the Leo Stan Foundation leveraged on staff of the various companies in the Zinox Group to feed over 7000 families across Nigeria for two weeks. He has also regularly supported state governments in Imo, Lagos and other parts of the country through the donations of patrol vehicles to improve security, among other donations.
Indeed, the story of Ekeh’s legendary strides is one of many firsts amid a series of landmark achievements in his chosen field of Information and Communications Technology.
He pioneered Desktop Publishing and Computer Graphics in Nigeria in 1987 with his first Company – Task Systems Ltd.
In addition, Mr. Ekeh launched the first ICT support Company in Nigeria – ITEC Solutions Ltd.
More so, he pioneered the deployment of digital dispensing pumps for petrol and gas stations in Nigeria in partnership with Elf Oil (now Total Plc.) after he was cheated by an attendant at a fuel station.
He also pioneered ICT Distribution in West Africa with the launch of Technology Distributions Ltd. (today known as TD Africa) which has remained the biggest technology, lifestyle and cutting-edge solution distributors in the West African sub-region.
Furthermore, Ekeh holds the rare status of manufacturing the first internationally certified computer brand in Sub-Saharan Africa: Zinox Computers.
Equally, the biometric digital revolution in Nigeria can be attributed to Mr. Ekeh after he singlehandedly delivered to the Independent National Electoral Commission (INEC) data capturing machine for voters’ registration when foreign contractors could not deliver after months of promises.
Four years later, he again supervised the biggest single ICT digital rollout in Africa with INEC in 2010 valued back then at over $170m, as well as the largest single e-Library and Wireless Cloud rollout project on the continent through one of his companies – Zinox Technologies Ltd.
Today, Ekeh’s contributions and sterling work with INEC have gone a long way in giving Nigeria a credible database of voters and reduced post-election litigations by over 45 per cent.
Mr. Ekeh has also been involved with companies such as ICT Brokers, TD Plus, ICT Connect and, as earlier stated, the launch of Africa’s first ever e-commerce outfit, Buyright AFRICA Dotcom.
A major advocate of digital literacy for all, Ekeh holds the enviable record of donating cutting-edge and well-equipped digital centres to several secondary and tertiary institutions in Nigeria.
Significantly, Ekeh’s Zinox Group pioneered the unheralded but highly commendable practice of paternity leave in Nigeria to reduce stress on young male staff and enable them to support their spouses when they welcome a new baby.
The tech enthusiast is one of the foremost champions of gender equality in Nigeria. He has consistently advocated for and also empowered women and the girl child, whom he regularly addresses and challenges to aspire to greatness at various public events and fora.
His passion for gender equality can be seen at first hand in the Zinox Group where women, led by his wife, Mrs. Chioma Ekeh, occupy the first four executive management positions at TD Africa, the biggest company by revenue in the Group. Also, he had recently appointed another female as Managing Director of Zinox. The Group’s Human Resources Unit is also headed by a female.
Mr. Ekeh’s unerring zeal for productivity and excellence was recently rewarded by the current administration of President Muhammadu Buhari with the National Productivity Merit Award (NPOM) in November 2019.
A distinguished member of the Nigeria Economic Summit Group and Fellow of the Nigeria Computer Society, Ekeh is a recipient of one of the country’s highest National Honours – Order of The Federal Republic (OFR).
Applauded by professionals as a global digital giant and a man whose vision and performance shore up credibility for the indigenous capacities in the ICT sector, Leo Stan Ekeh’s unmatched interventions have seen him receive over 60 local and international awards. He has also served on a good number of Federal Government Committees, which includes the Presidential Committee for Job Creation, Nigeria Thinkers, ICT Roadmap, among many others.
He is happily married to Mrs. Ekeh, a Mathematician, Fellow of the Association of Chartered Certified Accountants (ACCA) and CEO of TD Africa.
The union is blessed with successful children.
News
Africhange Secures IMTO Licence to Streamline Remittance to Nigeria
Africhange, a cross-border remittance service provider, announced today that its Nigerian subsidiary, Currenzo, has secured the International Money Transfer Operator [IMTO] licence from the Central Bank of Nigeria [CBN].
This strategic move significantly improves Africhange’s ability to facilitate inward remittances for immigrants and diaspora communities sending money to Nigeria.
Nigeria remains one of the largest recipients of remittances in Sub-Saharan Africa. According to the World Bank’s Migration and Development Brief, in 2023 alone, remittance to Nigeria accounted for 38% of the region’s $54 billion total.
For many Nigerian individuals, these funds are essential for education, healthcare, and daily living, making accessible and cost-effective remittance solutions vital. With the IMTO licence, Africhange is positioned to deliver a trusted service that improves access to much-needed financial support across borders.
Founded in 2020, Africhange has achieved impressive growth as a fully bootstrapped company, serving over 200,000 users globally and facilitating more than 2 million successful transactions. Operating in over 100 countries—including Canada, Nigeria, the United Kingdom, and Australia—Africhange offers an extensive range of currencies and services that simplify international money transfers.
By leveraging advanced technology, the platform minimizes the cost and complexity of cross-border transactions, enhancing the immigrant experience and supporting communities, especially those of African descent.
After four years of deep market understanding, maximizing unit economics, and reaching cash flow positivity, Africhange is now poised to raise funds in the coming year to fuel rapid expansion and bring its impactful solutions to even more users worldwide.
The new IMTO licence allows Africhange to manage inward remittances directly into Nigeria without relying on intermediaries. By removing third-party involvement, this capability enables partnerships with local banks, streamlining payment processes and lowering costs for customers.
Furthermore, the company can offer better rates and faster services for Africans living on the continent and abroad. Africhange is dedicated to maintaining the highest compliance standards with regulatory requirements across all markets, ensuring that customer transactions are secure and transparent.
David Ajala, CEO of Africhange, stated: “As an immigrant-founded company, we understand first-hand that sending and receiving money across borders is a key part of daily life for our users, who are immigrants of African descent. Securing the IMTO licence allows us to offer a faster, more affordable way for people to support their loved ones back home.
For Africhange, it means we’re stepping into a new era where we can empower both individuals and businesses to make seamless, direct transactions in Nigeria. We’re excited about the doors this opens to bring greater impact to the lives of the communities we serve.”
With a strong track record of success, Africhange has established partnerships with three Nigerian banks and is actively seeking to expand these relationships. It also has a reliable settlement partner in Nigeria, ensuring secure processing for local transactions. Building on this partnership alongside the IMTO licence.
Tega Gabriel, Head of Growth of Africhange, added: “This IMTO licence acquired from the CBN brings incredible opportunities to form direct partnerships with Nigerian banks and other international money transfer operators.
“Connecting directly with local partners lets us speed up transactions and improve the remittance experience for our users sending money to Nigeria. As we scale, these partnerships will strengthen our reach across Nigeria and beyond, bringing us closer to our vision of accessible financial services for the global diaspora.”
The licence acquisition follows Africhange’s recent expansion to the UK and builds on the licences already acquired in its Canadian and UK markets, intending to strengthen its service offerings. Looking ahead, the money transfer platform is preparing to launch operations in the US and EU markets, further scaling its footprint in the remittance sector and reinforcing its position as a leader in cross-border financial services.
News
How Hackers Manipulated, Stole N622m from Interswitch within Minutes- Police
Justice Yellim Bogoro of the Federal High Court in Lagos has heard how Daniel Ikeoha and Sylvester Ebeta, two alleged hackers, manipulated Interswitch Nigeria Limited’s Payment Gateway switch and siphoned N622 million within minutes.
Police intelligence operatives from Special Fraud Unit, Ikoyi, Lagos State, who later uncovered the two alleged, arraigned before Justice Bogoro for causing multiple fraudulent transfers and withdrawals of N622 million from various bank accounts of other customers to their own accounts.
Justice Bogoro, the presiding judge, ordered both Daniel and Sylvester remanded in the Ikoyi facility of the Nigerian Correctional Services (NCoS), after they pleaded not guilty to the charges of alleged conspiracy, hacking into the Interswitch’s server and unlawful conversion/taking possession of proceeds of an unlawful acts.
The offences which contravened Sections 27(1)(b) and 14(1)of the Cyber Crimes (Prohibition, Prevention Etc.) Act, 2015 as Amended in 2024, read along with Section 14(1) of the same Act.
The offence also contravened Section 18(2)(b)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
Justine Enang, the prosecutor and a chief superintendent of police at the Legal Department of PSFU, Ikoyi, Lagos, alleged that the defendants and others at large have between January 2022 and October 12, 2023, conspired among themselves to commit illegal acts.
Enang told the Court that the two defendants and others at large, unlawfully suppressed the Interswitch Payment Gateway Merchants to interchange the system switch and caused multiple fraudulent transfers and withdrawals of N622 million, from various bank accounts of other customers to their own accounts.
The prosecutor told the court that the defendants wired the N622 million to their under-listed banks and accounts: Kuda Microfinance Bank, account no. 2012900334; UBA Plc, account no. 2259918436; Zenith Bank Plc, account no, 225135546; Eco Bank Nigeria Limited, account no. 4360057510 and 4360057503; GTB Plc account nos. 0025473624, 0560512839; FCMB, account nos. 7358218027, 7358218010; Moniepoint Microfinance Bank, account no. 5397559320; GTB Plc, account no. 0167915358; Stalonvee Concept, Stalonvee Concept, account no. 6397559320, 5397602542 and Zenith Bank Plc, account no. 240753383.
- S. Hart, their lawyer, informed the court that she had two applications before the Court for the Court to determine.
She told the court that the first application is challenging the court’s jurisdiction in entertaining the charges against her client, because her clients have been charged before a magistrate court. Hence, the charges against them before the Court was an abuse of court process.
She also told the Court that the second application is the bail application of her clients.
In response, the prosecutor told the Court that the charge before the Magistrate Court has been withdrawn.
On the application for bail, the prosecutor told the court that he has responded to same, by filing a counter-affidavit.
Based on the submissions of the parties, Justice Bogoro ordered parties to move the bail application. And upon taking arguments on the bail application, Justice Bogoro adjourned ruling till 14th November, 2024, while ordering that the two defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) pending when the bail application will be determined.
News
Standard Chartered, BII Renew $350 million Commitment to Support Trade Finance in Emerging Markets
Standard Chartered, a leading international cross-border bank, and British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, announce the signing of a USD350 million risk participation agreement. This facility aims to bolster the trade finance needs of SMEs and corporates across Africa and South Asia and to boost economic growth in these regions.
Since the initial agreement in 2013, Standard Chartered and British International Investment have enabled over USD10 billion in trade volumes in over 10 countries across Africa and South Asia including Kenya, Tanzania, Nigeria, Bangladesh, Pakistan and Nepal. In the past year, approximately USD450 million of trade has been supported via this facility.
The renewed facility will cover an expanded number of dynamic markets and seek to provide much needed support in trade and economic growth in Africa and South Asia by further enabling trade finance access and liquidity across Standard Chartered’s extensive global network. It will support many sectors such as food, agriculture, healthcare, industrials, metals infrastructure, electrical, electronics, technology, telecom and mobility to name a few.
The facility also supports the United Nations’ Sustainable Development Goals of Decent Work & Economic Growth (UN SDG 8), Industry Innovation & infrastructure (UN SDG 9), Responsible Consumption & Production (UN SDG 12).
The UK’s Development Minister Anneliese Dodds said: “I am delighted to see BII and Standard Chartered renew their facility to deliver trade finance throughout Africa and South Asia. This is an important partnership that will support SMEs and corporates to grow and deliver critical goods and services.
“Trade plays an important role in economic transformation, and this risk-sharing facility demonstrates how BII can work with financial institutions to support our shared development objectives.”
Nick O’Donohoe, CEO, BII, said: “We are proud of the positive impact that this long-standing trade finance facility with Standard Chartered has had in Africa and South Asia. By enabling over $10bn in trade volumes, the facility continues to empower businesses and facilitate the vital flow of essential goods and services including food and healthcare.
This is pivotal in supporting economic growth and creating new opportunities in these regions. It is also a step closer to narrowing the global trade finance gap.”
Saif Malik, CEO, UK and Head of Banking & Coverage, UK, Standard Chartered said: “We are thrilled to renew our commitment to work with BII in support of trade. As a leading international banking group, we play a vital role in enhancing access to the capital and liquidity that is essential for global trade.
This strategic agreement will provide significant support to businesses with high potential but constrained access to finance. It aligns to our vision of the role that banking and finance can play in supporting the growth ambitions of corporations that innovate for the future by connecting the world’s most dynamic markets in trade, investment and capital flows.
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