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Anambra can alter Nigeria’s destiny – Ekeh, Zinox boss
Chairman, Zinox Group, Leo Stan Ekeh has described Anambra as a state with global capacity to influence and positively alter Nigeria’s destiny.
Ekeh affirmed that the state has all it takes to make this a reality. Further, he noted that the wealth, energy and knowledge per square meter in Anambra does not exist in any other part of Africa.
Nevertheless, the Zinox boss urged the state government to open its eyes to the immense opportunities lying within the state with which it can re-configure the narrative for good.
Ekeh made this call at the 2019 Anambra Business and Investment Roundtable on Monday, November 25th, 2019. He spoke on the topic: Doing Business in the 21st Century.
The summit, with the theme – Beyond Infrastructure: Rethinking the Future – was held at the Anambra Governor’s Lodge, Amawbia, Awka.
In attendance at the event was the Anambra State Governor, Willie Obiano; the Deputy Governor, Nkem Okeke; Speaker of the Anambra State House of Assembly, Uche Okafor; the Obi of Onitsha, Nnayelugo Alfred Nnaemeka Achebe; former Governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo and other members of the Anambra state political set-up. Also in attendance were corporate egg-heads and entrepreneurs drawn from various spheres of the economy.
‘I am an Igbo man from Imo State but here I am in Anambra and delighted to be here as well. Why? Anambra state has the global capacity to alter Nigeria’s destiny. You have it all in Anambra State but you have to certify it in the 21st century for it to be rewarding. You have credible human capital, brilliant minds and the right investment climate to make it happen,’ Ekeh noted.
Nevertheless, Ekeh who was the keynote speaker at the event, sounded a note of caution.
The serial digital entrepreneur warned that the state must wake up to the fast-evolving dynamics of the technology-mediated 21st Century.
Urging the Anambra State governor, Willie Obiano to invest in education and upgrade human capital in the state, Ekeh disclosed that this is the surest route to helping Anambra achieve its considerable potential.
‘I must commend the governor for what he is doing in the state. However, the 21st Century requires us to anticipate the future. If you look at the current Zinox Future Visions emblem of a man in deep thought, you will see it speaks to our mindset as a corporate with an eye on the future. This has been my story throughout the over 30 years I have spent in business.
‘You must invest in the next generation, especially the children of the poor because these are the ones with a mindset of disruption.
‘There is analogue knowledge and there is digital knowledge. Our generation relied on 80 per cent common sense and 20 per cent knowledge. But our children have global exposure and the benefit of better education, so they mainly use 80 per cent knowledge and 20 per cent common sense.’
Continuing, Ekeh noted that: ‘The Anambra state government must launch a Knowledge or Digital city in Awka with smart facilities and certified knowledge workers to re-train teachers across platforms and equip them to prepare our children for the digital age.
“In addition, the government should consider setting up and attaching a finishing school to the knowledge capital so that candidates are prepared as global citizens.
‘There is a fundamental problem with the quality of graduates we are currently churning out. Many of them are not fit for the 21st Century work-place. You must invest in these kids to make them relevant in the global marketplace and the multiplier effect will transform the fortunes of Anambra state for good.
‘You must build and equip many young graduates with skills in emerging technologies such as Artificial Intelligence, Robotics, Machine Learning, Cloud Computing and Big Data, among others.
‘I embarked on a similar intervention in Imo State after encountering the child of a widow who aced WAEC with straight A’s but regularly fell short in JAMB. It turned out that many of these students had never seen a computer in their lives but had to use a computer in sitting for the JAMB examinations. So, I spoke with the Commissioner of Technology in Imo State and set up a digital training centre where over 5,400 students are currently being exposed to computer appreciation and other digital skills. I am also paying these students to attend the classes. A week to the exam, there will also be a refresher session to ensure they are brought up to speed ahead of the examination.’
According to Ekeh, the second quarter of the 21st Century will delete many of the known names in business if they fail to rise up to the evolving era of change.
‘Our children will achieve within a few years what many of us struggled to build in 30 years. That is the age we are in. It is an era of miracle wealth. An age in which you do not need a Godfather to succeed. An E-commerce business like Konga, for instance, which is managed by my son and his colleagues has over 187,000 merchants trading on its platform. It can reach customers nationwide and deliver to them without stress. Even on Sundays when some of you are in church, business is on-going on the platform,’ he enthused.
Urging the Anambra state government to rally well-meaning sons and daughters of the state as well as the private sector to partner with it in its mission to transform the state, Ekeh counselled that this move is paramount in view of its long-reaching implications for the state.
‘The state government will never have enough money to handle everything alone. Therefore, you must reach out to Anambra indigenes and other investors to come to the aid of the state. If you invest N5bn in a digital centre, the returns will be massive.
‘But you must set a system to ensure it is properly managed. That way, investors such as myself will be encouraged to come in and invest and then reap some profit from their investment. However, politicians must not be allowed to hijack the system. Every beneficiary nominated must be screened and passed through the process to ensure they are selected on merit,’ he counselled.
Furthermore, Ekeh advised Anambra parents to leverage on their assets and empower their children. He disclosed that it is a reasonable risk to invest in one’s children while stating that human beings have been classified into three in this century – employers, employees and fools.
‘Don’t allow you kids to be rated as fools while you have billions siting in different asset classes,’ Ekeh warned.
Also speaking at the event, Gov. Obiano expressed delight and confidence that the summit will yield immense benefits for the state.
‘…The insights from today’s deliberations will set us firmly on the path to building a more socially prosperous state not only from the riches that lie beneath the soil, but essentially from the infinite possibilities that lie between our ears.’
The well-attended event featured panel sessions on Education and Health, ICT and the Creative Industry, Tourism and Hospitality as well as Housing and Infrastructure.
No fewer than 952 Nigerians have been killed by Lassa fever, cholera, measles, diphtheria, and yellow fever in 2024.
This is according to data from the National Public Health Institute, Nigeria Centre for Disease Control and Prevention (NCDC).
A breakdown of the data showed that as of week 52, the country recorded 9,685 suspected cases of Lassa fever, 1,187 confirmed cases, and 191 deaths across 28 states, and 138 local government areas.
As of October, the centre recorded 14,237 suspected cases of cholera, 378 deaths in 36 states, and 339 LGAs.
The centre also recorded 18,187 suspected cases of measles, 9,330 confirmed cases, and 73 deaths in 36 states and the Federal Capital Territory across 751 LGAs as of October 2024.
Comparatively, suspected cases of cholera in the current year increased by 220 per cent compared to what was reported as of week 39 in 2023. Likewise, cumulative deaths recorded have increased by 239 per cent in 2024.
As of September, the NCDC recorded 12,085 suspected cases of diphtheria, 7,784 confirmed cases, and 309 deaths in 21 states across 170 LGAs.
The NCDC also recorded 1,484 suspected cases of Mpox, 124 confirmed cases, across 28 states, and the FCT as of November 3, 2024.
As of September, the country recorded 2,248 suspected cases of yellow fever, 18 confirmed cases, from 592 LGAs in 36 states and the FCT, and one death.
Taiwo Oyedele, chairman, Presidential Advisory Committee on Fiscal Policy and Tax Reform (PACFTR) has said that contrary to speculations, individuals earning about N1.7 million or less per month will pay lower Pay as You Earn (PAYE) tax under the proposed Tax Amendment Bills before the National Assembly.
Besides, workers earning the new minimum wage and slightly more will also be fully exempted from tax obligations.
Addressing various tax issues on X, formerly Twitter, Oyedele said these thresholds will result in over 90 per cent of workers in the public and private sectors paying lower taxes while high income earners will pay slightly more in a progressive manner up to 25 per cent for the ultra-high net worth individuals.
His explanation came against the backdrop of general concerns that workers might pay more under the proposed tax reform initiatives of the federal government.
According to him, planned changes to the current tax table of personal income brackets and rates was to discourage arbitrage in some cases between the two income tax regimes.
He said the current tax table was introduced in 2011, stating that due to high inflation and lack of review, the structure has resulted in “fiscal drag” where many low income earners have been pushed to the top tax bracket over time.
This, he said, meant that an individual earning just N400,000 a month was paying the same top marginal income tax rate as a wealthy individual earning about N20 million per month.
“Therefore, the tax table has become regressive rather than progressive, as it was originally designed.
“Also, the current personal income tax regime does not encourage formalisation given that the effective top tax rate on companies is nearly double that of enterprises, which also encourages arbitrage in some cases between the two income tax regimes.
“Hence, the proposed changes seek to address these issues and simplify the system by incorporating current reliefs and allowances into the bands and rates to achieve an overall lower effective tax rate for the majority of workers,” Oyedele said.
Further addressing concerns over taxation of workers’ income in the proposed regulation, he clarified that apart from the N800,000 per annum, which was exempted from tax, there was a rent relief of up to N200,000 per annum, which together will exempt individuals earning up to N1 million per annum (about N83,000 per month).
He said: “This is particularly beneficial to low income earners. Also, the new tax bands and rates have been designed to avoid a situation where individuals earning slightly more than the exemption threshold are taxed to an extent that makes them worse off than a person whose income is within the exemption threshold.
“For example, a person earning N30,000 per month is exempt from tax while a person earning N30,001 per month will pay about N500 leaving the latter with a net of N29,500 which is N500 worse than the person earning N30,000.
“Under the tax bills, this problem has been addressed, as everyone will be eligible to the first tax-free bracket.”
He also revealed that statutory deductions, including pension and National Housing Fund contributions, were still applicable under the new tax bills.
According to him, “These are contributions under the National Housing Fund, National Health Insurance Scheme, Pension Reform Act, interest on loans for developing an owner-occupied residential house, annuity or premium paid for life insurance, and rent relief up to N200,000 per annum.”
He said while part of the objectives of tax reforms was simplification, the impact of the Consolidated Relief Allowance (CRA) and Personal Relief had been incorporated into the tax table such that the overall goal of exempting low income earners and reducing taxes for middle income earners was achieved.
Addressing worries over the removal of CRA and personal relief, which seemingly amounted to giving a relief with one hand and taking it back with the other, Oyedele pointed out, “By integrating the reliefs into the tax brackets and rates, many taxpayers with basic education would be able to calculate their taxes with little or no assistance thereby achieving the dual objectives of lower tax burden and tax simplification.”
On suggestions that the tax rate for the second band seemed quite steep, moving from zero per cent to 15 per cent, he said, “By comparison, the second band under the bills, which is to be taxed at 15 per cent, is currently being taxed at a marginal rate of 21 per cent even after all reliefs and allowances.
“So, while the 15 per cent may appear steep from zero per cent for the first band, it is lower compared to the current tax table.
“The real impact for a person earning about N3 million per annum equivalent to the aggregate of the first and second brackets is a lower effective tax rate of 10 per cent compared to about 12 per cent under the current tax table.”
Federal government will establish a national credit guarantee company in May to lend to businesses and individuals, according to President Bola Tinubu.
Bola Tinubu
Tinubu in an speech on Wednesday, said that “To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
He said the company would partner with government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, as well as the private sector and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,” Tinubu said.
Eight months ago, Tinubu launched the Nigerian Consumer Credit Corporation, to enhance access to credit to employed Nigerians.
The implementation of the programme was planned in stages, beginning with Federal civil service employees and now the general public.
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