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Chevron Nigeria Local Content Drive: A Credit to President Buhari and Dr. Pantami

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By Bode S. Ojerinde – Ph.D

I read with mixed feelings the piece on Chevron Nigeria and its firm belief and support for local content promotion, notably its many years of patronizing Zinox, an indigenous tech giant.

Mixed feelings because, on one hand, I was delighted and extremely proud of the management of Chevron Nigeria for shining the light, leading from the front and even showing the way to government, other sub-national entities in Nigeria, as well as the hordes of other multinationals operating in Nigeria.

The moving article equally made me proud to be a Nigerian because, most times, Nigeria makes the news for the wrong reasons owing to the actions of a misguided few. But to see a renowned, American-based multinational retaining a strong faith in the capacity of a Nigerian tech company, is something worth celebrating.

But on the other hand, the article also elicited some misgivings within me.
Here we are, hailing Chevron Nigeria, an American-headquartered multinational, for choosing a Nigerian brand ahead of other competing foreign brands, including a few known names from the country where it is based, but we can hardly find Nigerian government establishments and their agencies giving a similar fair chance to local businesses.

This was the biggest contradiction that hit me from that well-written article by a Nigerian US-based academic.

Thankfully, the company in question – Zinox – did not betray the trust reposed in it by Chevron Nigeria. It would have been a missed opportunity if Zinox had failed, maybe when it received the first supply contract from Chevron Nigeria, as I doubt that they would have had a second chance and that door would have been closed forever, even to other local players. Such is the merit-driven and highly competitive nature of the tech sector that it would have been virtually impossible for the management of Chevron Nigeria to consider entrusting its supply contract to Zinox for over 16 years without a strong justification.

We must begin to patronize and promote our best brains, rather than accord unnecessary privileges to foreigners. This is the only way we can employ our youths creatively and reduce security challenges confronting the nation.

I have not met Leo Stan Ekeh, the Chairman of the Zinox Group one-on-one but I have followed his landmark strides in the ICT sector. A huge inspiration, I recall when Haroun Adamu, a former Chairman of the Petroleum Trust Fund (PTF) described him at an event as a miracle child, a genius. He had told the story of how Leo Stan returned to Nigeria against the advice of his tutors in the UK, eventually leading the current wave of digital democracy that ushered the Nigerian printing and publishing industry into the next level by computerizing all the newspapers, magazines and book publishing establishments in the country.

According to him, Mr. Ekeh, who used to wear an afro back then as a young man, was like a pastor, an evangelist moving from city to city across Nigeria with a lot of energy, taking his message of digital evangelism to various parts of the country and transforming the landscape with his introduction of technology into the entire printing ecosystem.

Also, in 2001 or thereabouts, I was privileged to attend an oil servicing conference at Eko Le Meridien and during a short break, I was able to sneak into another event taking place at the same venue. The event, which had a long list of dignitaries, prominent Nigerians and even diplomats in attendance including the-then Vice President, Alhaji Atiku Abubakar, the Senate President at the time, Anyim Pius Anyim, many serving Ministers of the Federal Republic and Executive Governors, saw the hall packed full, with many people unable to even get in. That was the launch of Zinox and equally the first time I saw Mr. Ekeh from a distance.

I still recall the emotional gesture he made at that event which left many people in tears. Incidentally, it happened within the short period I spent in the hall. After tracing the history of Nigeria’s disadvantaged status as a country which many in the advanced world believe would not experience technology in the next 30 years, Mr. Ekeh had raised his right hand and declared that he was mentally, physically, financially and spiritually prepared to create an IT identity for Nigeria. That gesture got the hall charged and was a remarkable sight to behold. I left the place highly touched as I had to return to the conference I was attending. But that scene remained with me for a long time.

Same Zinox, a few years later, changed the face of Nigeria and other African countries’ elections by deploying digital democracy tools to aid the process.

Nigerian businessmen are not known to stick to one line of business. The majority are always on the lookout for the next big thing to invest in. However, Leo Stan is one man who has remained consistent in his chosen field of technology and his roadmap.
Therefore, it is hardly surprising that the same man, Leo Stan Ekeh backed by his team, has today achieved all he has in the tech sector.

It is gratifying, a sign of hope and a story that is worth telling, especially with the recent revelation of the long years of patronage from Chevron Nigeria, that this man has achieved so much with little or no support from government, still setting records, creating jobs and a bright future for millions of Nigerian youths.

I recall reading in the same article about Chevron Nigeria how well the administration of former President Olusegun Obasanjo supported local content drive. While I am aware that this was the case, government, at that time, was not really buying a lot of technology products as it was largely analogue in its processes.

There are thousands of Nigerians in the same technology sector who are struggling out there today. Many of them have quietly exited the sector after being unable to keep their heads above water. This brings into sharp relief the commendable efforts of Leo Stan as a shining light who has consistently built new successful businesses, while also expanding the Zinox Group for over 30 years. To see all these happen while not been able to count on the patronage of government is nothing short of a miracle.

Consequently, it was not strange when Zinox made the news early in 2018 with its acquisition of e-commerce brand, Konga. Nevertheless, many had queried the rationale behind Mr. Ekeh’s decision. For some, it was a suicide mission. I also understand that at that juncture, Konga was technically dead, as one of my cousins, who was a merchant trading with the business then, reliably informed me that, before the acquisition, the former managers of Konga had invited them to come and pick up their items warehoused with them. But a new story is being told about that e-commerce giant barely three years down the line. Today, that same Konga was recently reported to have broken a global e-commerce record, becoming the first African e-ecommerce company to turn profitable.

The Chevron Nigeria article represents another eye-opener and I wish to congratulate Zinox and, especially, Leo Stan Ekeh, for what he is building. He has done this for over 30 years without any hint of a scandal which is not an easy feat in a Nigerian business terrain that is prone to blackmail and betrayals. Perhaps, what has saved him from the minefield of subterfuge and the pull-him-down syndrome is the fact that many Nigerians are still analogue and Leo Stan is operating in a sector in which only a few Nigerians really understand.

I would equally like to appreciate the current administration led by President Muhammadu Buhari and the referenced Minister of Communications and Digital Economy, Dr. Ibrahim Pantami, a young man I admire, for their unequivocal commitment to Nigeria. I believe their clear signal is helping domestication in this sector and I advise other Ministers of the Federal Republic to emulate Dr. Pantami to create jobs for our educated youths and reduce security challenges caused by employment. I also urge them to concentrate some of their efforts in pushing our best talents forward.

Certainly, we must support and promote our best so that other emerging ones can be encouraged to outdo their feats, not only in the area of technology, but in other sectors as well. There have been a few surprises in the fintech sub-sector and in agriculture where some young Nigerians are leveraging technology in transforming the space.
However, there is no doubt that Nigeria lacks new model mentors and world class entrepreneurs in the mould of Leo Stan Ekeh.

The government must promote our best names, men and women whose rise to prominence is documented, people we know their background and their history and not fly-by-night entrepreneurs or undeserving foreigners.

It is by so doing that we can assure these patriotic/successful entrepreneurs of government’s support and encourage them to do more, inspire the next wave of budding entrepreneurs and contribute in building the Nigeria of our collective dreams.

Bode S. Ojerinde – Ph.D. wrote in from Lokoja, Kogi State


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Nigeria Week Ahead: Inflation, Oil and Naira in focus

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By Lukman Otunuga, Senior Market Analyst at FXTM.

A flurry of high-risk events may pump global financial markets with fresh volatility this week.

Top-tier data, including US Inflation, the unofficial start of earnings season, and US Congress Crypto Week,” among other themes, could spell fresh opportunities.

Amidst this, uncertainty over global trade will add to the mix after President Donald Trump threatened 35% tariffs on the EU and Mexico over the weekend.

Regarding US inflation, this may impact bets around Fed cuts in the second half of this year. Markets are forecasting CPI to rise 2.6% from 2.4% in the prior month, with core CPI rising to 2.9% from 2.8%. Signs of rising prices may shave bets around the Fed cutting interest rates – boosting the dollar as a result.

Closer to home, Nigerias June CPI data due July 15 is expected to show signs of cooling inflationary pressures. This could offer some relief to the Central Bank of Nigeria (CBN) which aggressively hiked interest rates throughout 2024. Inflation is expected to have eased to 21.4% year-on-year from 23% in May – marking the 4th consecutive month of decline. However, the slowdown is largely a technical adjustment aided by the recent gains in the Naira amid higher non-oil exports and a weaker dollar.

The CBN is scheduled to meet later this month and will most likely keep rates unchanged at 27.5%.

One key challenge for the country will be how to re-tweak its budget for lower oil prices. Indeed, the budget was based around oil production at 2 million barrels and oil prices of $75. Brent is trading around $70 with the nation producing 1.544m b/d of crude in May according to OPEC. Nigeria is hoping to raise production to 1.9m b/d by the end of 2025. But its impact on the economy may be muted if oversupply and tepid demand keep oil prices subdued. Brent is up 4% this month but still down over 6% since the start of 2025.


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EFCC Re-Arraigns Echefu, TStv CEO for Allegedly Defrauding Ex-Minister of N1Bn, $1.3m

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Bright Echefu, chief executive officer, Telecom Satellites Limited (TStv), and three co‑defendants appeared before the Federal High Court in Abuja yesterday on an amended twelve‑count indictment brought by the Economic and Financial Crimes Commission (EFCC). The charges allege money laundering, tax evasion, and investment fraud involving approximately ₦1 billion and $1.3 million.

EFCC Re-Arraigns Echefu, TStv CEO for Allegedly Defrauding Ex-Minister of N1Bn, $1.3m

Bright Echefu, chief executive officer, TStv

In addition to Echefu, the defendants are TStv Executive Director, Felix Igboanuga, Telecom Satellites Limited itself, and Briechberg Investment Ltd.

According to the April 5, 2025, amended charge sheet the EFCC accuses the quartet of defrauding Mr. Tanimu Turaki, Managing Director of Kalsiyam Global and former Minister of Special Duties, alongside BYI General Limited, out of a combined investment of ₦1 billion and $1.3 million. The commission has also included a ₦66 million alleged tax default.

The revised indictment lists:

Count 2: ₦33,909,542.47 in unremitted Company Income Tax

Count 3: ₦13,519,382.00 in unremitted VAT

Count 4: ₦19,488,860.00 in unremitted PAYE

Counts 5–12: Various fraud‑related transactions, including ₦380 million from Kalsiyam Farm, ₦400 million from BYI General Ltd and $1.35 million in loans secured under false pretences.

All defendants pleaded not guilty once again. At the hearing before Justice Mohammed Umar, Echefu’s lead counsel, Senior Advocate Eyitayo Fatogun, informed the court of ongoing settlement discussions with the complainants.

“There are moves to settle this matter and there was a meeting on Saturday between myself and the Nominal Complainant as it is about investment,” Fatogun stated.

“The Defendants have paid some money and I was thinking that the matter be adjourned for report of settlement.”

EFCC counsel A.S. Tomwell confirmed receipt of those payments but emphasized the necessity of entering a plea before considering any adjournment. The court thus ordered the formal reading of the charges and adjourned the trial to October 15, 2025.


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More Woes for MultiChoice as Ghana Orders 30% Price Cut

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The government of Ghana has ordered MultiChoice Ghana to reduce DSTV subscription costs by 30%, noting the significant appreciation of local currency and growing dissatisfaction with current rates.

This comes as Nigeria Data Protection Commission (NDPC) has fined MultiChoice Nigeria ₦766,242,500 for breaching the Nigeria Data Protection Act (NDPA).

According to Mr Babatunde Bamigboye, head Legal, Enforcement & Regulations, NDPC, the investigation, which commenced in the second quarter of 2024, was triggered by suspected breach of privacy rights of Multichoice subscribers and illegal cross-border transfer of personal data of Nigerians.

MultiChoice, which operates across Africa, continues to lose revenue and subscribers.

Ghana’s minister of communication, digital technology, and innovation, Samuel Nartey George, made the call last week during a meeting with a DSTV team led by Dr. Keabetswe Modimoeng, group executive for regulatory and corporate affairs.

According to a ministry statement, George said the government’s responsibility is to respond to Ghanaians’ concerns over high DSTV pricing and outdated content offers.

The Minister pointed out that despite a 30% increase in the cedi’s value over the past five months; DSTV prices have not reflected the positive economic trend.

‎The statement went on to say the minister is therefore calling for a 30% price reduction to match the cedi’s appreciation and to pass on economic benefits to consumers.

According to the statement, while MultiChoice has implemented promotional packages, people prefer a direct price reduction over temporary discounts.

George said feedback from public engagements revealed that many users are dissatisfied with DSTV’s content, describing it as outdated save for Premier League football. They also believe that the current cost is not justified.

‎”To address the concerns, he said MultiChoice Ghana has until July 21 to formally respond to the government’s request. The Minister expects a concrete proposal by this date, allowing time for further engagement before the end of July,” the statement said.

‎In response, Dr. Modimoeng acknowledged the government’s concerns and expressed gratitude for the opportunity to dialogue.

The MultiChoice team reacted positively to the minister’s request and committed to provide input by July 21st. They emphasised the need of balancing public interest and business sustainability.

This is the continent’s latest pricing conundrum for the pan-African pay-TV business, following fee disputes with Nigerian and Malawian authorities.

In Ghana, the demand for price cuts comes as MultiChoice is under pressure, having lost revenue and subscribers in the financial year that ended March 31, 2025. Last month, the company announced its financial year-end results.

In a statement to shareholders last month on the Stock Exchange News Service, the company said the past two financial years have been a period of significant financial disruption for economies, corporates and consumers across Sub-Saharan Africa due to challenging macro-economic factors.

Combined with the impact of structural industry changes in video entertainment, such as the rise of piracy, streaming services and social media, this has materially affected the overall performance of the MultiChoice Group, it noted.

Over this period, MultiChoice said the group lost 2.8 million active linear subscribers and had to absorb a R10.2 billion negative impact on its top line due to local currency depreciation against the US dollar.

For the year, the company reveals that linear subscribers were down 1.2 million, or 8% year-on-year, to 14.5 million active subscribers, with the loss evenly split between South African (600 000) and rest of Africa (600 000).

 


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