Telecom
Leo Stan Ekeh Highlights Nigeria’s Tech Potential @France–Nigeria Investment Forum
By Tolu Aderemi-Cole
This year’s France–Nigeria Investment Forum, a major highlight of President Bola Tinubu’s visit to France, ended on a sound note and was mutually rewarding for both countries.
For some of us who have attended a few such forums in the past, this year’s edition stands out as the best from a Nigerian perspective, especially because of the organization and selection of relevant, successful Nigerian entrepreneurs who attended.
Though it was a government-to-government outing, the event was largely driven by the private sector, including experienced foreigners who functioned as moderators. In the past, the Nigerian government would showcase CEOs of companies that foreign investors found it difficult to connect with.
Also, this year, Nigeria’s leading women CEOs were presented to the French and global investment communities. I was impressed with the confidence Dame (Dr.) Adaora Umeoji, the CEO of Zenith Bank, Dr. Owen Omogiafor and Jumoke Oduwole, the Honourable Minister of Industry, Trade and Investment exhibited during their respective presentations. This is good for the Tinubu administration and the Nigeria economy and in tandem with emerging global trends where women have been raising the bar in entrepreneurship and leadership.
However, what was exceptional to me as a Nigerian UK-based property investor, was the presentation of Dr. Leo Stan Ekeh, Chairman of Zinox and Konga Group as he was introduced.
He gave a completely different perspective to the event, speaking with confidence on the technology capacity of Nigeria to support foreign investors. He assured the foreign investors of the existence of world-class IT professionals in their thousands who are available to support these investors.
He pleaded with French investors to invest in the educational sector and partner with some Nigerian educational institutions to produce graduates who may become global citizens in the corporate world. It was a great eye-opener for the packed hall as he personally gave an example of what his companies have done in the tech sector for French companies in Nigeria over 30 years ago. Most of these companies had their CEOs present at the event.
Ekeh’s confidence was infectious, and you could gauge the impact of his audacious presentation from the faces of both the foreigners and Nigerians in the audience. I am sure there are many companies with the profile of Zinox and Konga Group that are yet to be showcased to the world.
People left the hall very impressed. Though I was unable to reach him as he had a few persons engaging him, and I left immediately after his presentation, I spent time on Google to check out this Nigerian who presented the Nigerian technology roadmap over 30 years back.
One of his most impactful impressions in his presentation was when he said that you cannot anticipate future investments anywhere in the world without technology as your enabler.
Google revealed a lot about this humble Africa’s leading tech icon. It was a great expose for a Nigerian who pioneered many tech initiatives on the continent. Very touching was what led him to transition Nigeria from analogue petrol dispensing pumps at filling stations to today’s digital dispensing pumps when he was cheated at a petrol station, amongst others.
His profile also mentioned how he lost over $28m in one swoop on an AI and Robotics investment that failed after he acquired the largest warehouse in the city of Lagos to install the intelligent, high-end project over eight years ago.
As I was travelling back to UK, I was reflecting on opportunities that abound in Nigeria. Today, we celebrate Elon Musk, the world’s richest man who has an African background but who made his money outside Africa, but I wager that Musk could not have made as much money if he had stayed back in Africa. Never!
Ekeh’s reason for not hitting the jackpot is that he is operating out of a very limited Nigeria economy with structural challenges and several infrastructural deficits.
The young Minister of Technology and Digital Economy Dr. Bosun Tijani, should be encouraged to produce more Dr. Ekehs to guarantee the future of Nigeria.
Ekeh in his narration talked about how as a young man he returned to Nigeria over 37 years ago with a vision to launch what he called ‘Digital Democracy’ by digitalising elections and electoral processes in the country. He also narrated his effort at consolidation of data through digital census to guide planning and investments to achieve his ambition of promoting Nigeria to the status of an economy the world can trust.
He may have achieved his vision for digital elections with massive tech deployment which his company handled, but I am not sure how he could achieve a trusted economy where 80% of successful persons in the country are in oil and gas, cement, road construction, all brutally controlled by government both directly and vicariously.
Tech is the present and the future, and the Nigerian government must be intentional by patronising and helping to grow indigenous players to ensure they remain competitive on the global stage. I must say that I am proud of Dr. Ekeh and his achievements as a serial tech entrepreneur. His work inspires confidence in Nigeria’s potential. However, the next two years will be pivotal in proving that this progress can be sustained.
Meta has announced its intention to appeal the decision of the Competition and Consumer Protection Tribunal (CCPT), which upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) over its data practices.
The penalty follows a 38-month investigation conducted by the FCCPC, in collaboration with the Nigeria Data Protection Commission (NDPC), which ran from 2021 to December 2023.
The investigation found evidence of unauthorised data sharing, insufficient user consent mechanisms, and discriminatory practices that treated Nigerian consumers differently from those in other regions.
In July 2024, the FCCPC imposed the $220 million fine on Meta and WhatsApp, citing violations of Nigeria’s data protection and consumer rights laws. Additionally, the ruling mandated corrective actions to ensure that Meta’s business practices comply with Nigerian regulations.
In a decision delivered on Friday, April 25, the tribunal upheld the fine, reaffirming the FCCPC’s authority and investigative processes. The tribunal also ordered Meta to pay an additional $35,000 to cover the costs incurred during the investigation.
However, Meta expressed disagreement with the tribunal’s ruling, stating in a statement on Saturday, April 26, that it would urgently seek to appeal the decision and apply for a stay of execution.
“We are urgently applying to stay the order and appeal today’s decision to avoid any impact to users,” WhatsApp said.
The company also contested the tribunal’s findings, claiming that the ruling misrepresented how WhatsApp operates and contained inaccuracies regarding its data practices.
Competition and Consumer Protection Tribunal has upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) on Meta Platforms Inc. and WhatsApp LLC for data privacy violations in Nigeria.
The Tribunal also awarded $35,000 in investigative costs to the country’s Federal Competition and Consumer Protection Commission .
In a statement issued by the FCCPC, the Tribunal delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and ruling in favour of its actions on nearly all contested issues.
According to the statement by the FCCPC, “The Tribunal specifically determined that the Commission adhered to prevailing laws, fulfilled its mandate, and exercised its powers by the 1999 Constitution (as amended).
“It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.”
The statement revealed that WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN), while the FCCPC was represented by Babatunde Irukera.
It added that both legal teams presented their final arguments on behalf of their respective clients on January 28, 2025.
“The FCCPC had on July on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers, the investigation started in 2020.
“The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.
“Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission,” FCCPC said.
The Tribunal upheld the FCCPC’s authority and investigative procedures in Meta and WhatsApp’s appeal, resolving most of the contested issues in the Commission’s favour.
It confirmed that the FCCPC acted within its constitutional and statutory mandate, particularly regarding fair hearing, data protection, and consumer rights.
While it dismissed the majority of the appellants’ objections, it set aside one specific order (Order 7) for lacking sufficient legal basis.
While expressing satisfaction with the judgment, Tunji Bello, executive vice chairman/CEO, commended the Commission’s legal team for their exceptional diligence and forensic expertise in assembling evidence and presenting their case.
He reaffirmed the FCCPC’s unwavering commitment not only to protecting the rights of Nigerian consumers but also to promoting fair business practices in line with the FCCPA (2018) and the Renewed Hope Agenda of the Nigerian government.
Nigerian Exchange Limited (NGX), has made history with the listing of Legend Internet Service Plc as the first company in its Telecoms sector and the first company to be listed this year.
Legend’s N2 billion ordinary shares, with a par value of 50 kobo each, were listed at N5.64 per share.
Dr Umaru Kwairanga, chairman of NGX Group, who welcomed Legend’s board and management, commended the company for its successful listing on the Exchange
He highlighted that listing signifies an elevated commitment to corporate governance and provides opportunities to leverage the Exchange’s diverse asset classes for capital raising.
He stated, “As we celebrate this listing, with many more in the pipeline, I commend the management of Legend Internet Plc for this remarkable milestone.
“This bold step demonstrates confidence in your business model and growth vision.
It also marks the formal emergence of a broadband service as a distinct sub-sector on our Exchange.
Legend has evolved from a focused digital network provider to a diversified technology player, achieving significant advancements in broadband infrastructure development and data services.
We anticipate continued growth in the future.
“We are still bringing many companies on board the NGX, including Dangote, NNPC and others.
“As Africa’s leading exchange, NGX has consistently championed innovation, transparency and sustainable value creation through our investment in cutting-edge infrastructure and a comprehensive range of product offerings, spanning equities, bonds, ETFs and derivatives
Speaking at the Facts Behind the Listing Ceremony, Dr Ladi Bada, chairman, Legend emphasised that the company, as the first indigenous telecommunications company on NGX, has substantial value to offer the market.
Bada encouraged Nigerians to embrace the broadband industry, recognizing it as the fastest-growing sector globally.
He noted that the company had been instrumental in laying fiber optic cables connecting 250 homes in the Suleja and Abuja environs.
He expressed optimism that the Exchange would serve as a catalyst to replicate such commendable projects across other regions of Nigeria.
“We are here to create an enabling digital infrastructure to achieve the projected one-trillion dollar economy.
“On this special day, Legend Internet takes a bold step forward, not just for itself, but for the broader ecosystem of technology, infrastructure, and enterprise in Nigeria.
“As we begin this exciting new chapter as a publicly listed company, we do so with humility and boldness.
We remain committed to continuous innovation, expanding our reach, and delivering value to shareholders and society
“A listing on the Nigerian Exchange is more than a financial event. It is a signal and a declaration that a business is ready to be held to the highest standards of governance, performance, and public trust,” he said
Providing insights into the company’s development, Ms Aisha Abdulaziz, chief executive officer of Legend Internet Plc, stated that the company had evolved from an internet service provider to a comprehensive digital service provider.
Abdulaziz noted that with broadband penetration in Nigeria being less than one per cent, Legend Internet was strategically positioned to deepen access
She affirmed the company’s commitment to taking Nigeria’s digital economy to the next level
“When we started Legend, we weren’t just building an internet company; we were building a movement
A movement fueled by the belief that every Nigerian deserves access to premium, reliable, and high-speed internet, regardless of their location or occupation
“From late nights in our first office to laying fiber across Abuja, to launching products that made people’s lives easier and faster, our journey has always been about connections
“Connecting people to opportunities, connecting homes to entertainment, connecting Nigeria to the digital future it deserves. Our journey has always been about a better way to live.
“This listing is a symbol of our commitment to transparency, sustainable growth, and the kind of excellence that outlives hype.
“Legend’s primary focus now is on unlocking digital value at the household level,” she said.
Mr Jude Chiemeka, chief executive officer of NGX, congratulated the company for making the strategic decision to list.
Mr Chiemeka noted that Legend’s listing on NGX now brings the total number of listed securities to 322
Also, Mr Temi Popoola, chief executive officer of the Nigerian Exchange Group, encouraged the investing public to support the newly listed company.
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