E-Business
Only Disruptive Entrepreneurs Can Save Nigerian Economy – Ekeh
Leo Stan Ekeh, serial digital entrepreneur and Chairman, Zinox Group has declared that the only way the Nigerian economy can realize the desired impetus to survive is for the Federal and State Governments to support disruptive entrepreneurs who are now the corporate miracles of every progressive economy.
He cited America as an example which has produced the known whizkids of the century and raised global giants such as the Googles, Facebooks, Amazons and Microsofts, etc. of this world.
He said this while delivering an incisive talk at the Access Bank-sponsored 2019 African Fintech Disrupt Conference held at the Landmark Centre.
Leo Stan Ekeh, Chairman, Zinox Group, speaking at the Access Bank-sponsored 2019 African Fintech Disrupt Conference held at the Landmark Centre.
Ekeh, whose talk kept the huge crowd cheering for more, noted that Nigeria has a huge stock of smart kids who can change and sustain the developmental story of this country, adding that all they require is an enabling environment which is not too expensive for the government to provide.
While advising entrepreneurs not to see hope as a strategy in business, he reminded them of a critical configuration required for a self-audit before deciding if they really want to be entrepreneurs.
According to Ekeh, who also doubles as a global advisor to Microsoft, success as an entrepreneur in Africa requires 40% common sense, 20% spirituality and 40% knowledge of the business.
In his opinion, the 21st century has defined two types of entrepreneurs – disruptors and regular entrepreneurs.
While advising startups and other budding business owners, he noted that their passion must pay their bills, else there is no justification for the business they are launching.
He reminded startups of the essential few ingredients of success, humility, ability to see the end from the start, an eye for the bigger picture, creative mindset, knowledge and energy to occupy the sector as well as the capacity to manage cash and excitement.
He, however, cautioned that they must be prepared to take reasonable pains before pleasure as they must postpone luxurious life until when they have built enough reserves to sustain such a lifestyle.
Counseling female entrepreneurs, the self-professed disruptive entrepreneur assured them that they will lead in the second quarter of this century as informed women are known to operate efficiently in structured environments with auditable systems.
He affirmed that no government has a choice to deny the youths of progressive infrastructure, except they want to face the wrath of this dominant segment of the populace.
With a round of applause punctuating his speech, Ekeh ended by advising those leaving the country for supposedly greener pastures not to waste their time as the population and lifestyle of Nigeria holds unquantifiable demand structure which is wealth on its own.
The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.
The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.
Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.
“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.
With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.
Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.
On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.
In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.
The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.
Federal government has plans to expand the national social register to 18.1 million names and to reach at least 70 million poor households across the country by the end of this year, according to Prof Nentawe Goshwe Yilwatda, minister, Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD).
Federal government has been distributing cash assistance to poor citizens through a program that requires verification using the National Identification Number (NIN).
The rate of poverty in the country is alarming, the minister said in an interview with Arise News, reason why the federal government plans to extend the humanitarian outreach program to target more homes. Each household receives the sum of N75,000 ($45).
Giving update on the payments, the minister said the first tranche of the conditional cash transfers were paid to five million households between October and December 2024, while the second and third tranches were paid to 2.8 million households.
“The president has directed, based on CBN’s new regulations, that before any payment is made to an individual or household, they must have a digital identity we can trace. That is the NIN number,” the Yilwatda told Arise News.
The cash transfer enabled by digital ID was launched in 2023, and last year, the federal government said around 25 million Nigerians had already benefitted from the scheme.
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
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