Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

News

Blackmail, Not Forex, Major Reason for Multinationals Exiting Nigeria – Ekeh

Published

on

Leo Stan Ekeh
Kindly share this post

Leo Stan Ekeh, Serial digital entrepreneur has spotlighted the chief reasons why multinationals are exiting Nigeria and warned that if nothing was done, more of such businesses and indigenous ones may close shop in the coming months and years.

Leo Stan Ekeh

In a press statement, Ekeh who is the Chairman of Zinox Technologies Limited, a Nigerian conglomerate with international affiliations, urged President Bola Tinubu to address the critical issues of corporate blackmail and bullying, which he said frustrate the Federal Government’s effort at promoting ease-of-doing-business in the country.

While acknowledging that scarcity of forex is a challenge for businesses operating in Nigeria, he said these challenge can be surmounted especially with the new push by the Tinubu government to inject more forex into the system.

He stated that the depreciation of the naira, which dropped from N422.00/$ in June 2023 to N951.94/$ in December 2023 at the official window, following the floating of the naira by Central Bank of Nigeria (CBN) is only a convenient reason cited by the exiting multinationals.

“On face value, some of the exiting multinationals cite difficulty in procuring forex as reason for closing shop in Nigeria, but they are only being diplomatic. Many of them have had to contend with all manner of blackmail and corporate bullying from professional blackmailers aided by our slow judicial process.

“This has become an emerging but very destructive business model in our country, and unfortunately, the legal system is handicapped to protect the victims because of the long years it takes to discharge a case,” he said.

According to Ekeh, the escalation of corporate blackmail over the years is responsible for the low attraction of foreign direct investments (FDI) relative to the size of Nigeria’s market and potential.

Referencing an open letter he addressed to President Tinubu, Ekeh cited an issue of blackmail against his Company TD Africa and himself by an Ibadan-based computer firm, Citadel Oracle Concepts Limited owned by an Enugu state indigene, Mr. Benjamin Joseph, as a case study of how much frustration investors suffer for doing business in Nigeria. He said that the matter had been investigated by several constituted agencies and were found to be false.

Consequently, the IGP charged him to court for giving false information in 2016, but for over 8 years Mr. Joseph has not been able to defend a one count charge for false information instituted at the FCT High Court Abuja for a case he reported. Mr. Joseph has been skipping court sessions or feigning ill-health rather than appearing in court to defend himself and prove his claim of fraud after the prosecution closed its case. He rather appeals to successive Attorney-Generals to withdraw the case from court, knowing that his claims and allegations are not true.

Ekeh urged the President to prevail on the Attorney-General, Mr. Lateef Fagbemi SAN, and any other person/institution not to truncate the course of justice but to allow this case and similar cases to run its full course in the interest of justice, fairness and to convince the international community, including international investors, that we respect and abide by the rule of law in Nigeria.

While expressing confidence in the President to address the issue of blackmail, he suggested that Tinubu should aggressively pursue a policy that promotes patronage of indigenous manufacturers and service providers as a way of reflating the economy.

He said: “It is evident that the core of the myriad challenges afflicting the nation today is our failure to develop local capacities. We must embrace self-sufficiency by consuming what we produce and supporting indigenous players across various sectors.”
He regretted that in spite of several local content policies established by the Federal Government, such policies are consistently disregarded by government employees and appointees, wondering why “we send our children to the world’s best institutions, where they excel, yet we overlook the products they create.”

He gave the example of the government of India which recently imposed restrictions on the importation of laptops, tablets, all-in-one personal computers and ultra-small computers and servers with immediate effect. This, according to him, was to boost local productivity both by multinationals operating in India and indigenous Indian companies to create more jobs, encourage proficiency, and discourage capital flight.

“Mr. President, I humbly appeal to you to be deliberate and decisive in encouraging indigenous producers and service providers across all sectors. This way, we create a market for indigenous products, build confidence in our economy and easily attract international investors. The way we treat our local investors will determine how many foreign investors we can attract,” he stressed.

Ekeh also urged the President to activate the suspended national census because “Nigeria has already made substantial investment in the programme with the acquisition of critical technologies and training of personnel”, explaining that allowing those systems to lie fallow would lead to huge waste.

He said Nigeria needs a credible national headcount now more than at any time given the flaws and logistics challenges that attended the distribution of palliatives across the nation, adding “a credible database is key for decision-making for planners, policy makers and investors.”

While stressing the need to bring the suspended census to a closure, he advised the government to release the over 500,000 units of Tablet PCs used during the census to different educational institutions nationwide after the headcount to enable the students acquire relevant digital skills that will make them globally competitive.


Kindly share this post

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

News

NAFDAC Destroys over N1 Trillion Fake Drugs in Anambra

Published

on

Mojisola Adeyeye, director general, NAFDAC
Kindly share this post

National Agency for Food and Drug Administration and Control (NAFDAC) has incinerated counterfeit, substandard, and fake pharmaceutical products valued at over N1trn at the Anambra State Waste Management Authority Dump Site in Agu Awka, Anambra State.

NAFDAC Destroys over N1 Trillion Fake Drugs in Anambra

Mojisola Adeyeye, director general, NAFDAC

The haul, including banned substances like Analgin and controlled drugs such as Tramadol 225mg, was confiscated during a month-long enforcement operation targeting major drug markets.

The destruction which happened on Friday, was overseen by Martins Iluyomade, South-East Zonal Director, NAFDAC, representing Mojisola Adeyeye, director general, followed raids on Onitsha Bridge Head Drug Market (Ogbu-Ogu) and Ekumi/Tenant Road drug market in Aba.

She said, “We have come to realise that the time has come to put an end to the circulation of substandard medicines in Nigeria,”

The director also linked the proliferation of such drugs into society, to national insecurity.

She said, “The volume that we found during this exercise is more than enough to destabilise a country,”

According to Adeyeye, the operation uncovered an array of counterfeit goods, with Adeyeye highlighting the seizureMojisola Adeyeye of bulk volumes of narcotics and other medicines that are not approved because of their effect.

She credited the action with saving millions of lives and urged the public to report suspicious products, saying, “When they see something, they should say something.”

Mike Ozoemanam, managing director, Anambra State Waste Management Authority, representing Governor Chukwuma Soludo, praised NAFDAC’s efforts.

He said, “The governor took the bull by the horns because we saw the correlation between the fake drugs and the effect on our youths. We do not want it in Anambra State.”

The agency also commended the media’s role in the fight against fake drugs, calling for continued public support.

 


Kindly share this post
Continue Reading

News

Bolt Shares the Spirit of Ramadan with Kano Drivers-Partners

Published

on

Kindly share this post

Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.

The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.

The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities.

The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.

Speaking during the event, Osi Oguah, the General Manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.

“This Iftar event was more than just a meal, it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”

Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered.

Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.

Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano.

“This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”

Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.


Kindly share this post
Continue Reading

News

FG Invests N2.5Bn in Satellite Surveillance System to Revolutionise Mining Sector

Published

on

Kindly share this post

Federal government has unveiled N2.5 billion Satellite Surveillance System aimed at revolutionising the mining sector by boosting efficiency, improving safety measures, and fostering economic growth.

FG Invests N2.5Bn in Satellite Surveillance System to Revolutionise Mining Sector

Dr. Olugbenga Oyewole, managing director, MikyWay Visuals Limited, detailed how the satellite technology will transform Nigeria’s mining landscape in an interview with Voice of Nigeria,

Oyewole, who represents the commercial wing of the National Space Research and Development Agency (NASRDA), the body responsible for implementing the satellite infrastructure, described MikyWay Visuals Limited as a “pseudo-government company,” highlighting its ties with the government through NASRDA.

“By using satellite data, we are able to monitor, assess, and provide actionable insights to help improve Nigeria’s mining sector,” he noted.

He said the key component of the satellite monitoring system is the creation of a comprehensive mineral map of Nigeria, which will outline the locations of various mineral deposits across the country, “by integrating satellite data with mining licenses issued by the Ministry of Solid Minerals, inspectors can easily identify illegal mining activities and ensure compliance with regulations.”

The Managing Director further explained that miners will be equipped with Radio Frequency Identification (RFID), tagged ID cards, which will enable authorities to verify the legitimacy of mining operations.

He noted that the satellite surveillance also serves a crucial safety function by assessing the integrity of mining sites.

“If a mine is at risk of collapse, the technology will trigger early warnings, allowing authorities to evacuate workers and prevent disasters.

“Satellite data gives us an overview of the entire country, and it doesn’t forget anything,” he said.

Oyewole stated that the system will track the movement of mined materials, process taxes and royalties, and generate QR codes that will facilitate the traceability of minerals as they are transported across the country.

“When customs or law enforcement encounter a truck carrying minerals, they can scan the QR code to verify the authenticity and trace the mineral back to its source,” he explained.

The first phase of the project will include the implementation of these technologies, while the second phase will focus on deploying the electronic reporting platform.

“The goal is to optimise revenue, enhance safety, and ensure that Nigeria’s mining industry operates responsibly and sustainably.”

Oyewole emphasised the principle of “working smart” in operations, noting that targeted strategies can significantly enhance efficiency.

For instance, rather than monitoring every border for illegal exports, customs officials can focus on specific routes, optimising resources.

This smart approach also extends to the mining sector, where inspectors can be directed to high-activity areas, minimising unnecessary manpower.

Oyewole explained that in cases where real-time data is needed, “drones connected to satellite communication are employed for live monitoring.”

Citing the ability to provide live footage of mining operations and share it instantly with government officials, allowing them to direct their teams efficiently.

He also touched on the security of satellite surveillance data, emphasising that access would be restricted on a “need-to-know” basis.

Mining inspectors would only have access to information relevant to their operations, while sensitive data would be available to select agencies like the Ministry of Mines and Steel Development, National Security Adviser (NSA), and the Department of State Services (DSS).

In addition, the technology allows for the review of historical data, which can be crucial for tracking unpaid revenues or past illegal activities.

On the topic of satellite and security data, Oyewole mentioned that the technology being used is beyond reproach.

“You can’t deceive anyone,” he said, referring to spectrophotometers and RFID chips that ensure the authenticity of materials being transported.

“If you are carrying in a truck, maybe you are carrying maybe some gold sand or something, and you get to the customs or anybody, or you meet the mining marshal, and you tell them that this is a bentonite, I’m going to just apply for them to drill pretending as if it’s ordinary sand.

“The spectrophotometer, once you point it at it, it will tell you exactly what and what are in that thing that you are carrying.”

In addressing concerns about the potential for corruption or compromise, Oyewole was confident that the transparency of the technology would eliminate such risks.

“Even if I, as the managing director, were to compromise, the ministry, NSA, or DSS would have access to the same data, making any attempts at deceit impossible.”

Oyewole also advocated for the establishment of refineries in Nigeria to further process minerals, such as gold, to international standards.

By doing so, he suggested, Nigeria could ensure the traceability of its minerals and maximise their economic value.

The government’s proactive approach to creating a traceable and responsible mining industry, he added, will be a key factor in boosting Nigeria’s global competitiveness in the sector.

He believes Nigeria embracing geospatial technology, is essential to effective national governance.

“The difference between Nigeria and America, lies in the use of technology and data agency collaboration. If we leverage these properly, Nigeria can emerge as a global leader, just as America has and we are excited, and this will not be another abandoned project,” he concluded.

 

 

 

 

 

 

 


Kindly share this post
Continue Reading

Trending