News
Konga Chairman, Zinox Group ED Bow Out in Style
Leo Stan Ekeh, serial digital entrepreneur and chairman, Zinox Group has heaped praises on two recently retired executive management staff, Mr. Olusiji Ijogun, chairman of Konga Group, and Mr. Etiene Etukudoh, executive director, Zinox Group, for their immense contributions and years of outstanding service to the companies, even as he expressed deep gratitude to them for their invaluable efforts and sacrifices.
Chairman, Zinox Group, Leo Stan Ekeh (left) poses with the exiting Executive Director, Etiene Etukudoh (right) and his wife during a valedictory event to mark Etukudoh’s exit.
Ekeh spoke at a smart valedictory event held in honour of Ijogun and Etukudoh.
The event was held at the impressive Yudala Heights located at Idowu Martins, Victoria Island, Lagos on Tuesday, August 3, 2021.
The well-attended event, organized in strict compliance with COVID-19 regulations, saw Executive Management and staff of the Zinox and Konga groups, as well as other guests and associates of the departing staff in attendance.
While delivering his appreciation speech, Ekeh explained his many years of fruitful relationship with the two distinguished personalities and wished them greater heights in their future endeavours.
Ekeh, who described Ijogun as a brother, stated that integrity is a major quality for choice of Chairman for any organization.
“For a company to be successful, the biggest brain is the Chairman and the CEO as they prescribe and supervise the implementation of quality culture, structure and systems. It is not just the knowledge of the business, the integrity of the personality and the quality of leadership.
“The business is bound to fail if the leaders don’t believe in God and that’s a major problem with start-ups in Africa. Konga wouldn’t have survived if I hadn’t known Siji.
‘‘It is a privilege to have Mr. Ijogun as Chairman of the Konga Group and we really appreciate his many efforts,” Ekeh said.
Further, Ekeh drew rich illustrations from his many professional and personal experiences with Mr. Ijogun, noting that his time as Chairman of the Konga Group was a blessing to the entity.
Also speaking about Etukudoh, who spent many performance-filled years at TD Africa where he rose to the position of Managing Director, Ekeh described him as an ideas man who he can always vouch for.
“Etiene is an all-rounder. He worked for all the companies in the Group. He is a good Nigerian and he has style. He’s one young man I can vouch for. He’s brilliant, modern and trustworthy. I have great confidence in him and I always told him when I have new businesses.
“He’s a man of great ideas and we consider it a privilege for him to have worked with us. This relationship is for life. You have me as a father so you can call me anytime,” Ekeh assured.
The event also offered attendees the opportunity to share their goodwill messages as well as their experiences of working with Ijogun and Etukudoh. Many of the speakers were effusive in hailing both men as inspirational professionals who will be greatly missed.
Reacting to the showers of encomiums, Ijogun, a certified corporate guru with a track record of exceptional service with a host of multinationals, expressed gratitude for the opportunity to serve as the first Chairman of the Konga Group after its acquisition by Zinox.
He described Ekeh as a calculated risk taker and an unmatched incubator of businesses who can turn profit from waste.
He also predicted a progressive future for Konga and charged the Group to remain resilient by sustaining its impressive growth trajectory.
“Konga’s growth is phenomenal. Nobody knew online platforms would be the order of the day before COVID-19. To the glory of God, Konga has moved from loss-making to profit-making, with over 15 times greater in terms of revenue and I must commend Mr. Ekeh for the deep pockets.
“ Since inception, we’ve added the Health, Food, Bulk and Travel business and still have more in the offing. With influx of investors, Konga will be a major African business initiative in the nearest future,” Ijogun declared.
Also expressing gratitude for the memorable show of love, Etukudoh reaffirmed his loyalty as a brand ambassador for the Zinox Group.
“I am grateful for the honour. In everything, I just wanted a big brand. I want to celebrate everyone who has been a part of my life. It’s been a journey. I came into the Group and made up my mind to demystify what people call the ‘Oga status’.
‘‘After today, nobody remembers the title but how you treated them. I’ll recommend that every staff work closely with the Chairman for at least one year before they leave the company.
“Chairman has been a big brother and his hunger has no part two. I’m grateful to Chairman, his wife, Mrs. Chioma Ekeh and everyone else. This is a great family and we have to keep it growing forever,” he said.
Rosemary Hewat, former group chief people officer (CPO), Kuda Technologies has dragged the company to a UK court over alleged sex discrimination, victimisation and unfair dismissal.
Babatunde Ogundeyi, chief executive officer, Kuda
Hewat filed a case in UK Employment Tribunal accusing the company of victimization and forced dismissal in April 2024.
Kuda provides digital banking services in Nigeria and UK. In Nigeria, the company owns Kuda Microfinance Bank licensed Bank of Nigeria.
Kuda hired Hewat in August 2021 where she managed global HR operations from Kuda’s UK office.
Based on the court filing, Hewat alleged that she faced discriminatory behavior that contradicted Kuda’s Diversity, Equity, and Inclusion (DEI) policy.
She also accused Babatunde Ogundeyi, chief executive officer, Kuda, of undermining her and fostering misogyny and intimidation.
In the filing, she alleged that in a retreat in Lagos in December 2023, the CEO called two female employees “low class” and accused them of lacking “quality or luxury.”
She alleged that the comment left the two women in tears.
She further detailed how the company’s action induced financial hardship on her.
She sought compensation for unfair dismissal, sex discrimination, and emotional distress.
This case has led to debate over workplace leadership.
Jurgen Proschinger, CEO, Triangle Forces, said via his X handle @triangleforces, “These allegations highlight critical issues around workplace equality and leadership accountability. Companies need to uphold values that foster an inclusive environment for all employees.
Elaina McAdams, founder, CAUHEC, in her reaction said, “It’s important to address these serious allegations for the integrity of all involved.”
Federal government has asked an Abuja Federal High Court to compel Binance to pay N79.51 billion and N231 million, which is equivalent to $81.5 billion, as penalty for alleged economic losses caused by its operations in Nigeria.
Federal Inland Revenue Service (FIRS), the plaintiff, in a charge marked FHC/ABJ/CS/1444/2024, against Binance, is also seeking payment of $2.001 billion in income taxes for 2022 and 2023.
In the lawsuit, Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, are accused of contravening Nigerian laws, including failing to register with the country’s tax agency, FIRS, for tax compliance and allegedly causing economic losses to the country during the review period.
This lawsuit makes it the third lawsuit currently before the trial court against Binance.
The FIRS and the Economic and Financial Crimes Commission (EFCC) had charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite of the Federal High Court in Abuja.
The monetary claims in the lawsuit include a 10 percent penalty for non-payment of taxes for 2022 and 2023, a 26.75 percent interest rate (the prevailing Central Bank of Nigeria lending rate) per annum from January 1, 2023, and January 1, 2024, respectively, among other penalties.
In the latest lawsuit, FIRS alleged that Binance concealed its business activities in Nigeria, despite having a significant economic presence in the country.
The Federal Government also accused Binance of breaching Nigeria’s Companies Income Tax Act, the Federal Inland Revenue Service (Establishment) Act 2007, the CBN Regulatory Framework for Mobile Money Services, and the CIT Significant Economic Presence (SEP) Order.
The SEP Order, signed by Zainab Ahmed, former finance minister and gazetted in May 2020, defines significant economic presence as foreign companies deriving at least N25 million annually from digital services in Nigeria.
An affidavit deposed to by Jimada Yusuf, a member of the Special Investigation Team from the Office of the National Security Adviser, revealed that Binance had been operating in Nigeria for over six years without registration.
Yusuf stated that during a 2024 meeting with the Securities and Exchange Commission, Binance executives (Anjarwalla and Gambaryan) admitted to having 386,256 active Nigerian users on its platform, with a trading volume of $21.6 billion and net revenue of $35.4 million for 2023.
Accordingly, the affidavit also accused Binance of operating without required licences and permits, non-compliance with the Money Laundering Act, offering unauthorised financial services, and providing currency speculation services.
The NSA said that Binance unlawfully listed and traded the Nigerian Naira on its platform, even after claiming it had delisted the currency following investigations.
The affidavit also alleges that Binance refused to provide detailed business records spanning six years, despite a Federal High Court order mandating disclosure to FIRS via the EFCC.
The FIRS, represented by Kanu Agabi, SAN, lead counsel, was present in court on February 11, 2025, when the suit was called upon for a hearing before Justice Inyang Ekwo; however, Binance’s legal team was absent.
Agabi informed the court that attempts to serve Binance directly had been unsuccessful, and he had filed a motion for substituted service on them.
Justice Ekwo granted the motion and directed that substituted service be carried out within seven days. The case was adjourned to March 3, 2025.
FIRS is seeking the following reliefs in the suit: “A declaration that Binance is liable to pay annual corporate income tax for having a significant economic presence in Nigeria.
“A declaration that Binance and its executives must file income tax returns for 2022 and 2023. An order compelling Binance to pay $2.001 billion in taxes for 2022 and 2023.
“Penalties, including 10 percent annual interest and a 26.75 percent CBN lending rate, until the taxes are fully paid. Compensation of $79.51 billion and N231 million for economic losses.”
The fresh lawsuit came days after Tigran Gambaryan, executive of Binance Holdings Limited, in a statement through his X account, accused Nuhu Ribadu, Nigerian NSA, and some lawmakers in the House of Representatives of bribery and corruption.
However, the Nigerian government described Gambaryan’s allegations as misinformation and defamatory.
Valentine’s Day is a time for love, appreciation, and heartfelt gestures. As is tradition, many people took to social media to show their valentine gifts from loved ones.
PalmPay, a leading fintech platform in Africa, joined in the celebration to reward its customers with a 7-day campaign, giving back to its users in the most thoughtful ways. Through shopping giveaways and luxury experiences, PalmPay stood out by showing that it truly values and appreciates the people who trust its platform every day.
During the campaign, PalmPay engaged its users on the streets of Lagos through vox pops, adding a personal touch to the celebration. Some lucky shoppers were treated to a delightful shopping experience, making their Valentine’s season even more special.
One of the lucky winners at Buymore Supermarket, Rowland, couldn’t hide his excitement: “I’ve never won anything before, so when I was selected for the shopping giveaway, I was completely shocked”. Grateful for the thoughtful gesture, he praised PalmPay’s generosity and expressed his eagerness to introduce his friends to the brand.
Meanwhile, at an upscale boutique, Charles received a luxury shopping experience worth N105,000, walking away with premium clothing items. Overwhelmed with joy, he shared: “I never expected this! I’m so happy. Thank you, PalmPay.
The campaign’s grand finale was a heartfelt celebration of love as PalmPay treated an elderly couple to a luxurious Valentine’s Day celebration. The couple was pampered with a relaxing spa day, a glamorous makeover, and an intimate dinner at a fine restaurant to honor their inspiring love story.
For Mrs. Basiratu Azeez popularly known as ‘Mummy Bolu’, the experience was nothing short of a dream come true: “This is my first time going out like this, and I’m truly happy. Thank you, PalmPay, for choosing me. As a caterer, I’m always focused on serving others, but since I got this call, I’ve had the chance to enjoy new experiences. I am glad PalmPay is giving back to its loyal customers.”
Her husband Mr Azeez, beamed with joy: “I’m beyond excited as I’ve never seen an organization do something this special.”
This thoughtful gesture not only celebrated love but also showcased PalmPay’s deep emotional connection with its users.
PalmPay: Always Rewarding Its Users
With this Valentine’s campaign, PalmPay proved once again that its connection with users goes beyond transactions. Whether through giveaways or rewarding products on the PalmPay app, the brand remains committed to making a positive impact on the lives of its users.
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