General News
Ekeh, Zinox Advocates Alternative Energy in Face of Oil Slump
Mr. Leo Stan Ekeh, chairman of Zinox Group, has urged Nigerians to embrace a smarter approach to managing rising costs of living and doing business because of the present economic crunch occasioned by the fall in crude oil prices and depreciating value of the local currency.
Ekeh who commended the on-going reforms in the energy sector, pointed out that power supply remains a major source of expenditure for homes and businesses and has urged Nigerians to consider more reliable and cheaper sources of alternative energy.
He spoke at a telecoms conference organized by Nokia Networks in Lagos.
“Falling oil prices and the sliding value of the naira means less revenue for the government and reduced public spending. This is a period of pocket-tightening as the luxury of the times cannot continue. As the economy falters, we must also adjust by applying smart, common-sense survival tips.
“One major area that comes to mind is energy cost. You cannot run a business without power. Our homes too require constant electricity but if you do the math, you will realize that a lot of Nigerians incur huge monthly expenses for electricity which an alternative energy source can deliver more efficiently and at a significantly lesser cost.”
While explaining that he had been able to leverage on alternative energy through iPowerPlus (certified inverters, batteries and smart solar) to cut his monthly energy bill of over N850, 000 by 50%, Ekeh decried the wasteful culture of some Nigerians while emphasizing the need to explore prudent and ingenuous ways of navigating the current economic crunch.
“As a people, we cannot afford to go on being wasteful and expect to survive the crunch. Instead, we must become more resourceful, fiscally intelligent and find creative means of cutting down on our cost of living and doing business.”
Ekeh, who chaired the telecoms conference which had in attendance representatives of major players in the industry including Chief Executive Officer (CEO) of Etisalat Nigeria, Mr. Matt Wilshire; Managing Director, Airtel Nigeria, Mr. Segun Ogunsanya; MTN’s Corporate Services Executive, Mr. Wale Goodluck and Nokia’s Head of Central, East and West African sub-region, Mr. David Gaul, noted that the huge cost of doing business in the country would be lowered significantly once the nation achieves constant supply.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
Justice D.I. Dipeolu of the Federal High Court in Ikoyi, Lagos, has convicted two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, for illegal capital market operations.
The Economic and Financial Crimes Commission (EFCC) disclosed that the companies were arraigned on June 16 by the Lagos Zonal Directorate 2 of the EFCC on a five-count charge for operating collective investment schemes without valid licences from either the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
The charges allege that between 2021 and 2022, the firms collected approximately N80 million from several investors but failed to refund the money or pay accrued interest. One of the counts stated that the companies operated without a valid licence to conduct investment management, violating Section 57 of the Banks and Other Financial Institutions Act 2020.
The companies pleaded not guilty, but EFCC investigator Nnadikwu Izuchukwu Collins presented evidence that included a petition from investors who claimed the firms promised high returns through agricultural and forex trading investments. The petition revealed the group invested a total of N93 million.
Investigations showed neither FARM360 nor MCBHADMOS held the necessary licences from the SEC or CBN. A Fidelity Bank statement revealed that the N80 million received was used for personal purposes. The directors of both companies remain at large, with efforts underway to apprehend them.
The prosecution submitted bank statements, the investor petition, and official correspondence with the CAC, CBN, and SEC as evidence, all of which were admitted by Justice Dipeolu.
The court convicted both companies on all counts and imposed fines of N5 million per count.
In a related case, the court also convicted Quintessential Investment Company Limited for similar illegal capital market activities, following its arraignment on two counts of operating collective investment schemes without CBN approval.
Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.
Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
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