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Ekeh, Zinox Boss Inspires Thousands @ RCCG Summit
Leo Stan Ekeh, serial digital entrepreneur and chairman, Zinox Group, has called on Nigerians to believe in the future of the country, noting that the world is currently in a knowledge century in which there are no barriers to wealth acquisition or achieving greatness.
He made this call at an economic summit organized by the Redeemed Christian Church of God, Christ Church Parish on recently.
With the theme – Economic Outlook and Prospects in Election Year, the summit saw Ekeh share his thoughts on Nigeria’s economy and the future of the digital industry culminating in a standing ovation at the end of his speech.
“You must anticipate the future. It is not static, otherwise you don’t have a reason to grow. The 21st Century is a knowledge century; it is one in which you have a right to be rich, even as an employee because if they under-pay you, you have a chance to get a better job,” Ekeh declared.
Leo Stan Ekeh
“If you are an entrepreneur, then you have a right to make mega-wealth. A lot of you are intimidated when you look at the profile of people like the Aliko Dangotes and Mike Adenugas but you forget that when a man is successful, you only hear the good side of their emergence but if you look back critically, you will see that their rise to the top was not an easy one. When you are psychologically defeated, you have lost the war.
“In life, you must take a conscious decision on who you want to be and if you are a human being and a citizen, you must add value to your environment, community or country. In the 21st Century, you decide who you want to be. The biggest problem with Africa is that our parents want us to make money the same way they did. It means we are all blind. If your father was a taxi driver, you cannot be the most popular taxi driver because today, we have Uber and other ride-hailing apps. But if you created an Uber, then you become the largest owner of commercial vehicles in the world.”
Ekeh who recently oversaw the acquisition of e-commerce giants, Konga from previous owners Naspers and AB Kinnevik followed by a combination of its operations with that of Yudala, declared his chosen field of technology as a leveler and the only profession in the world that can bridge the gap between the rich and the poor individuals and countries of the world.
“Technology is the only way the son of a poor man can become rich in the 21st Century and that is the only way the son of a rich man can consolidate the wealth of the family. You are a stupid, poor man if you cannot challenge the status quo. It was through technology that I transformed the media and multimedia industry and computerized them for the first time.
“Same way we helped create a reliable database of voters for Nigeria through the impressive work Zinox has done with INEC and which we have replicated in other African countries such as Guinea-Bissau. Today, we are currently looking to transit the country to e-Voting which will further go a long way in reducing post-election litigations,” he enthused.
Urging the members of the audience to retain their hopes in a brighter future for Nigeria, Ekeh encouraged the attendees to rise to the challenge and make a positive difference in their circumstances.
“Nigeria is a country with huge potential. There is a future here and no one has a right to stop you: government, individuals or even your father. You must build yourself as a collateral in order to succeed in life. The only way to build that collateral is to be a man or woman of integrity.
“In business, you must acquire a big dose of spirituality and always make provisions for your place of birth, in this case, where you do business. Many entrepreneurs transplant foreign technology or strategies here without considering our existential circumstances or the needs of the country.
“The challenges of your family or country are things that activate innovation and solutions. If you don’t disrupt, you die. In business, you must trade to lead or you get out of that platform. It is not child’s play. What made you rich will not make your child wealthy, unless they add digital style to it, which is technology. When I say we are in a knowledge century, it means no one can stop you from achieving success.
“The failure rate of startups in this country is about 75% and this is a shame to the quality of brains we have in Nigeria. The problem with most of the young people in tech – and this is one of the reasons most tech start-ups fail – is that they do more talking than content and they want to live large. You must incubate and grow. There are so many opportunities to generate creative wealth in the world today.
“Knowledge is open so you need to constantly read and learn but you must embrace humility and be ready to incubate for a period and be spiritually strong. Above all though, you must be close to God. Any successful man or a quality entrepreneur that is not close to God is not really successful.”
Among the many opportunities Ekeh referenced were digital security, digital lifestyle and growing dynamism in the e-commerce sector. He also disclosed his determination to invest in incubation centres to develop youthful talents through mentoring who will transform the fortunes of the nation.
Other speakers at the summit were Dr. Biodun Adedipe, Chief Consultant, BAA Consult; Mr. Abiola Ogunrinde, CEO, Tronica Natural Ltd and Dr. Mrs. Jumoke Oduwole, Senior Special Assistant to the President on Industry, Trade and Investment.
The Senate on Tuesday deplored what it described as violations of the principles of federal character in the appointments, recruitments and promotions in some key federal institutions and agencies.
Specifically, the upper legislative chamber fingered the Nigerian National Petroleum Company Limited (NNPCL), Pension Commission (PENCOM), the Nigeria Deposit Insurance Corporation (NDIC) and several other Ministries, Departments and Agencies (MDAs) as culprits.
The matter was a subject of debate at plenary as Senator Osita Ngwu called the Senate’s attention to the alleged violations through a motion.
Ngwu’s motion, entitled “Urgent Need to Address Systemic Abuse and Ineffective Implementation of the Federal Character Principle in Nigeria’s Public Sector,” got the attention of the lawmakers.
Ngwu, who led the debate, cited Sections 14(3) and 14(4) of the 1999 Constitution, which explicitly prohibit the dominance of individuals from a few states or ethnic groups in federal institutions.
He observed that while recruitment opportunities are limited, promotions are often based solely on years of service rather than merit, leading to the continued marginalisation of certain regions.
According to him, the lack of accountability in enforcing federal character principles has compromised fairness in the public sector, with senior-level recruitments often influenced by cronyism instead of competence.
Ngwu further observed that while the federal capital principle aims to balance merit with equitable state representation, its poor implementation has negatively affected discipline, morale, and institutional efficiency.
According to him, “The federal character principle, entrenched in the 1999 Constitution of the Federal Republic of Nigeria, mandates fair representation in federal appointments to reflect the linguistic, ethnic, religious, and geographic diversity of the nation.”
He continued, “Section 14(3) and (4) of the Constitution unequivocally stipulate that ‘no predominance of persons from a few states or a few ethnic or sectional groups’ should exist within the federal government or its agencies.”
Ngwu listed the NNPCL and its subsidiaries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the National Agency for Food and Drug Administration and Control (NAFDAC), the Nigerian Ports Authority (NPA), PENCOM, NDIC, the Federal University of Technology Akure (FUTA), the National Library of Nigeria (NLN), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Energy Commission of Nigeria (ECN), the Solid Minerals Development Fund (SMDF), and the Nigerian Nuclear Regulatory Authority (NNRA) as non comliant entities.
He accused them of consistently failing to adhere to federal character Mandates, and often bypassing regulations in their recruitment exercises.
Ngwu warned that unchecked violations of federal character laws would continue to erode the effectiveness of key legislative provisions.
He listed the affected legislative provions to include Section 14(d) & (e) of the Legislative Houses (Powers and Privileges) Act, 2017, Part I(1)-(2) of the Subsidiary Legislation 23 of 1997, and Section 11(2) of the Freedom of Information Act, 2011.
He also raised concerns about the lack of independence of the Federal Character Commission (FCC).
Ngwu observed that despite the Commission’s constitutional mandate, it remains weakened by underfunding, political interference, and a lack of enforcement power.
While approving the probe of the affected entities, the Senate directed its Committee on Federal Character and Inter-Governmental Affairs to conduct investigative hearings into their activities.
The committee is expected to submit its findings within four weeks.
The Lagos State Police Command has arrested four bank employees over their alleged involvement in a sophisticated fraud and money laundering scheme that diverted over £138,924 (more than ₦270 million) from international airline accounts.
CSP Benjamin Hundeyin, command’s spokesperson, disclosed the arrests on Monday during a press briefing at the state police headquarters in Ikeja.
According to CSP Hundeyin, “The suspects conspired to siphon funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
“The fraud was uncovered when the affected bank detected unauthorized transactions and alerted the police.”
Explaining further, the spokesperson said: “Subsequent investigations led to the arrest of the following suspects: Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.
Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.
Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated the illegal transfer of funds to foreign accounts.”
Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being transferred to multiple other accounts, making it harder to trace. Authorities are now working to track down additional accomplices and recover the remaining funds.
“The suspects are in custody and will face prosecution as the investigation continues,” CSP Hundeyin stated.
Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.
Tony Elumelu, founder, TEF, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.
He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.
Elumelu, who is also chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.
According to Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.
“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.
“We understand the challenges they face in contributing to Africa’s economic transformation.
“If empowered and encouraged, these young Africans can drive meaningful change,” he said.
He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.
The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.
“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.
Somachi Chris-Asoluka, chief executive officer (CEO), TEF, noted that since the programme’s launch in 2015, the foundation had.disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.
According to Chris-Asoluka, these businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.
“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.
“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.
“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.
She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.
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