Business
Like Father, Like Son, The Inspiring Story of The Ekehs And The Digital Sector. How They Won Thisday Awards By Jimmy Enyeh
Like Father, Like Son, The Inspiring Story of The Ekehs And The Digital Sector. How They Won Thisday Awards By Jimmy Enyeh
Victor-Marie Hugo, a French poet, novelist, and essayist died more than two centuries ago but there still stands some immortal and memorial thoughts he blessed the world with before his demise in 1885 when he once postulated and I quote: “There is one thing stronger than all the armies in the world, and that is an idea whose time has come.”
Hugo’s thoughts bear striking parallelism to the fecundity of fresh ideas, vision, and drives which the Ekehs have injected into the digital sector.
Recognising their superlative and unprecedented achievements which culminated into what many have described as a rare feat, Thisday and Arise Television honoured Mr. Stan Leo Ekeh and his very innovative son, Prince Nnamdi Ekeh on Monday, January 27, 2025 in Lagos.
The colourful ceremony saw the serial digital entrepreneur shared the same podium with his son, Prince Ekeh, as winners in different categories of the much-coveted awards.
The top rated awards commemorated the 30th and 12th anniversaries of Thisday Newspapers and Arise News, respectively.
While the father, Leo Stan Ekeh, Chairman of Zinox Group, was honoured with the CEO of the Year award, his Oxford-trained son, Prince Nnamdi Ekeh, CEO of Konga Group, was bestowed with the Young Global Leader Award for his transformative role in navigating Konga as a foremost composite e-commerce giant in Nigeria and Africa.
It was indeed a splendid sight to behold being the first time ever that a father and his son would be honoured on the same night in the nation’s Infotech ecosystem.
Unknown to many, debonair and handsome Prince Ekeh was 19 and a student at University of Lancaster, United Kingdom, when he birthed the idea of Yudala, a brutally ambitious e-commerce outpost.
The silent and reclusive brilliant bloke has remained consistent like the shinning star since he came up with Yudala.
His record speaks volumes and are humongous beyond imagination.
That the youner Ekeh has gone this far is not far fetched as he majored in Economics/Politics with a minor in Entrepreneurship which apparently motivated him to take Yudala to the pinnacle
Prince Ekeh returned home to serve his fatherland through the National Youth Service Corps (NYSC),
He nurtured Yudala to the peak, employing over 250 staff at that time. And ever since, he has navigated the company to the crest of e-commerce players in Africa.
He would later top up his academic kit with an MBA from Oxford and numerous entrepreneurial certifications from Lagos Business School, Leysin American School, Switzerland, and Harvard, among others.
Yudala was the first composite e-commerce outpost in Nigeria (a hybrid of the online-offline one-stop-shop). This idea has caught global attention and is now being replicated across the continent.
Prince Ekeh in 2018 achieved what many thought impossible. His start-up, Yudala, acquired Konga, a top player in Nigeria’s e-commerce space, in a landmark merger that became effective May 1, 2018. The whizz-kid has since expanded Konga to a leading e-commerce house in Africa, retaining the composite character of Yudala. He has creatively expanded the market share value and networth of Konga by building its business verticals to include logistics, fintech, travel, and leisure.
Young Prince Ekeh is not new to awards. He had been nominated for the prestigious Future Awards for Business Excellence, and featured as Top 100 Most Influential People of African Descent (MIPAD) in response to the proclamation by United Nation’s General Assembly Resolution 68/237, and had been awarded Icon of Human Transformation by the National Association of Nigerian Students. The Thisday award is, therefore, another feather to the decorated cap of the result oriented entrepreneur.
So slso for the digital mogul, Leo Stan who was honoured with the CEO of the Year Award in the private sector, the only CEO in the highly competitive and sometimes treacherous private sector to be so honoured. The historical and symbolic moment was not lost on him. He recognised the honour of sharing the same platform with his son, both being rewarded for their peerless contribution to Nigeria, nay Africa, digital economy. It was a rarity, more so, as they shared the same podium with President Bola Ahmed Tinubu, who was voted Thisday Man of the Year for his bold reforms and leadership exemplum on the African continent.
Leo Stan is not keen on competition but to keep extending and expanding the frontiers of the digital sector.
He is not new to awards as he bagged numerous prestigious awards in the past.
Among the top rated awards bestowed on the astute businessman are Personality of the year award by the Nigeria Computer Society (NCS),
Fellow, Nigeria Computer Society,
Fellow, Nigeria Law School,
Forbes Best of Africa Leading Tech Icon,
National Award of Officer of the Federal Republic of Nigeria, OFR (2004).
On October 1st, 2001, Ekeh was honoured as Icon of Hope by former President, Chief Olusegun Obasanjo, for his sustained pioneering efforts in deepening Information Technology in Africa and as a pride to modern Nigeria.
Mr. Ekeh’s ceaseless zeal for productivity and excellence was rewarded by the administration of President Muhammadu Buhari with the National Productivity Merit Award (NPOM) in November 2019.
A distinguished member of the Nigeria Economic Summit Group and Fellow of the Nigeria Computer Society, Ekeh is a recipient of one of the country’s highest National Honours – Order of The Federal Republic (OFR).
He is rated by professionals as a global digital giant and a man whose vision and performance have bolstered integrity for the indigenous players in the ICT sector. His unmatched interventions have seen him receive over 60 local and international awards. He has also served on a good number of Federal Government Committees, which includes the Presidential Committee for Job Creation, Nigeria Thinkers, ICT Roadmap, among many others.
Other awards won by Ekeh are National Productivity Order of Merit Award, 2019,
Doctor of Science (Honoris Causa), University of Jos,Doctor of Business Administration (Honoris Causa), Imo State University
Doctor of Science (Honoris Causa), Federal University of Agriculture, Makurdi
Doctor of Technology (Honoris Causa), Federal University of Technology, Owerri
Doctor of Business Administration (Honoris Causa), Federal University Birnin Kebbi.
He has over 15 Honorary Fellowship Awards from Nigerian Federal and State Polytechnics
The older Ekeh is academically sound. He bagged B.Sc. (Hons.) In Economics from Punjab University, India, a Post Graduate Diploma in Risk Management, Nottingham University, England,
Pioneer ICT
Leo Stan Ekeh is Africa’s foremost innovative serial digital entrepreneur. He is a living legend, an exemplar of visionary leadership and integrity, a serial disruptor endowed with uncommon courage to dare and a knack to anticipate the future. He does not only anticipate the future, he creates the future.
An outlier and first-rate India-trained Economist and former Global Advisor to Microsoft, Mr. Ekeh holds a Post Graduate Degree in Risk Management from Nottingham University, England in addition to several honorary doctorate degrees from highly respected universities for his impactful entrepreneurship and pioneering efforts in the field of Information Technology.
A Forbes Best of Africa Leading Tech Icon, Ekeh is currently the Chairman of Zinox Group, Sub-Saharan Africa’s biggest integrated technology conglomerate with its businesses spreading from Africa, Asia, the Middle East and Europe.
With a mindset to disrupt and transition Nigeria from analogue to digital economy, he started out as a desktop publishing company in a flat at Alausa, Ikeja, Lagos. He has scaled up the startup into a global enterprise comprising Zinox Technologies Limited, Zinox Telecoms Ltd, Task Systems Ltd., TD Africa, Ashour Corporation FZE, Dubai, Infotech UK, among others. Over time, the conglomerate has invested in oil and gas, real estate, composite e-Commerce, Fintech and still counting.
A gifted and futuristic risk-taker, Ekeh runs one of the most structured and tech driven conglomerates in Africa. He has inspired several generations of budding entrepreneurs and startups, many of whom are currently disrupting the technology space in Nigeria and beyond.
His business odyssey is a journey of many firsts and pioneering feats. He pioneered e-commerce in Nigeria with BuyRight Africa Dotcom and made a remarkable rebound in 2018 with the acquisition of Konga from its previous majority investors, Naspers and AB Kinnevik, in what is regarded as one of the most ambitious, seamless and discreetly managed corporate acquisitions in Africa.
He pioneered Desktop Publishing and Computer Graphics in Nigeria in 1987 with his first company – Task Systems Ltd. He launched the first ICT support company in Nigeria – ITEC Solutions Ltd. He pioneered the deployment of digital dispensing pumps for petrol and gas stations in Nigeria in partnership with Elf Oil (now Total Plc.) after he was cheated by an attendant at a fuel station in Lagos. He pioneered ICT Distribution in West Africa with the launch of Technology Distributions Limited (today known as TD Africa) which has remained the biggest technology, lifestyle and cutting-edge solution distributor in the West African sub-region.
Zinox was the first internationally certified indigenous computer brand in West Africa and the first computer brand in the world to incorporate the Naira sign (N) on its keyboard. The first Original Equipment Manufacturer (OEM) in sub-Saharan Africa to receive Microsoft Windows Hardware Quality Lab Certification (WHQL); first Microsoft Prime Production Online Automation Partner in Sub-Saharan Africa with the OA Version 3.0; first Intel Premium Partner; first OEM in West Africa to attain the ISO 9001-2015 Certification; first to acquire the Google Mobile Application Distribution Agreement (MADA) in West Africa; first OEM in Nigeria to introduce renewable energy and lifestyle products and attaining the status of Intel Platinum Partner in sub-Saharan Africa, amongst others.
With Ekeh’s supervision, his company Zinox Technologies delivered integrated digital equipment in weeks worth over $370m that altered for good the Independent National Electoral Commission (INEC) voters’ registration in 2006 and 2010 when foreign contractors could not deliver after months of promises. He also supervised the digital registration of voters in Guinea Bissau which Zinox deployed the tech equipment.
These were rated the largest ICT rollouts in Africa. Under his leadership, Zinox Technologies and Zinox Telecoms pioneered and delivered the largest single e-Library and Wireless Cloud rollout project on the continent. By him and through him, INEC has eliminated fraudulently introduced exotic names like Mike Tyson, Michael Jackson, etcetera, from its voter register. He has been hailed as the power behind Digital Democracy in Nigeria and some West Africa countries.
Using his special purpose design, Zinox Technologies delivered nationwide the technical backbone for the yet-to-be conducted Nigeria’s first ever digital census expected to produce the most credible human and housing data on Nigeria since Independence.
A humanitarian capitalist, his Zinox Group pioneered the highly commendable practice of granting paternity leave in Nigeria to reduce stress on young male staff and enable them support their spouses when they welcome a new baby.
He has quietly touched many lives through the Leo Stan Foundation – his personal foundation. Among these are charitable works such as donation of N100m to Internally Displaced Persons (IDPs) in the North-East, over N200m to the Nigeria Computer Society, the umbrella body for all professional computer associations. He has one of the most active platforms for scholarship awards to hundreds of indigent students across Nigeria to study both at home and abroad, as well as the inauguration of a N1.5bn revolving loan scheme for disadvantaged students and entrepreneurs, among several others. An advocate of digital democracy, he has donated cutting-edge and well-equipped digital centres to several secondary and tertiary institutions across Nigeria.
Ekeh has silently invested in education, provided medicare to the needy and supported churches and other religious organisations through the Foundation. During the Covid-19 lockdown, the Leo Stan Foundation leveraged on staff of the various companies in the Zinox Group to feed over 7,000 families across Nigeria for two weeks. He has also regularly supported state governments in various parts of the country by funding construction of roads. He has donated patrol vehicles to improve security in some states, among other donations.
Ekeh, a former mass servant and chorister in his Imo state community’s Catholic church, is one of the foremost champions of gender equality in Nigeria. He has consistently advocated for and also empowered women and the girl child, whom he regularly addresses and challenges to aspire to greatness at various public fora. His passion for gender equality is reflected in the Zinox Group where women, led by his wife, Mrs. Chioma Ekeh, occupy the first four executive management positions at TD Africa, the biggest company by revenue in the Group. Also, he has another female as Managing Director of Zinox. The Group’s Human Resources Unit is also headed by a female.
He is happily married to Mrs. Ekeh, a Mathematician, Fellow of the Association of Chartered Certified Accountants (ACCA) and CEO of TD Africa.
The union is blessed with successful children.
Jimmy Enyeh, a renowned Journalist wrote in from Abuja
Bank
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank grows gross earnings by 38% to N434.95b in Q1
Fidelity Bank Plc recorded 37.9 per cent growth in gross earnings to N434.95 billion in first quarter 2026 as the international commercial bank continued to expand its core banking market share.
Interim report and accounts of Fidelity Bank for the three months ended March 31, 2026 released at the Nigerian Exchange (NGX) showed that gross earnings rose from N315.42 billion in first quarter 20025 to N434.95 billion in first quarter 2026, representing an increase of 37.9 per cent.
The top-line performance was driven by impressive growth in the bank’s core business operations with interest incomes rising by 22.8 per cent to N314.48 billion in first quarter 2026 as against N256.10 billion in first quarter 2025.
With net interest income at N180.97 billion, the bank closed the period with profit before tax of N92.48 billion. After taxes, net profit stood at N74.47 billion for the three-month period. Earnings per share remained high at N5.69, underlining the capacity of the bank to reward its shareholders.
The balance sheet of the bank also emerged stronger. Total assets crossed the N11 trillion mark to N11.35 trillion by March 2026 compared with N10.46 trillion recorded in December 2025. Customers’ deposits increased from N6.89 trillion to N7.38 trillion. Total equity rode on the back of earnings growth to a 27.5 per cent increase from N1.09 trillion in December 2025 to N1.39 trillion by March 2026.
The first quarter 2026 results further consolidated the strong earnings outlook of the bank, which had successfully completed its recapitalisation amidst impressive earnings performance in 2025.
Fidelity Bank had recorded double-digit growths in interest and non-interest incomes as well as key balance sheet items during the year ended December 31, 2025.
The audited report showed that gross earnings rose from N1.04 trillion in 2024 to N1.52 trillion in 2025, an increase of 45.6 per cent. Interest and similar incomes had grown by 38.7 per cent from N803.1 billion in 2024 to N1.11 trillion in 2025. Fees and commission incomes also rose by 44.7 per cent from N78.4 billion to N113.4 billion. The bank recorded net profit after tax of N242.4 billion in 2025.
The bank’s balance sheet emerged stronger with total assets rising by 18.6 per cent to N10.46 trillion in 2025 as against N8.82 trillion in 2024. Customer deposits increased by 16.1 per cent from N5.94 trillion to N6.89 trillion, reflecting continued franchise strength and an improved funding profile. Net loans and advances meanwhile declined by 2.4 per cent to N4.28 trillion in 2025 as against N4.39 trillion in 2024, attributable to customers paying down on their mature obligations.
The bank had in 2025 strengthened its capital position, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy had remained robust, with Capital Adequacy Ratio of 30.94 per cent by December 2025 as against 23.47 per cent by December 2024.
Managing Director, Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, said the first quarter 2026 results reinforced the bank’s strong and resilient business model.
She noted that with the remarkable success of its recapitalisation programme and continuing expansion, Fidelity Bank has entered a new era of growth and impressive returns.
“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.
Business
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
Dangote Refinery Ends Nigeria’s Era of Fuel Import Dependence, Boosts GDP, FX Earnings — EIU
The operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream oil sector, significantly reducing the country’s dependence on imported refined petroleum products and strengthening its external position, according to the Economist Intelligence Unit (EIU).
In its latest assessment on Nigeria’s fuel market and regulatory environment, the EIU said the refinery has already transformed a sector that was previously characterised by heavy reliance on imported fuel despite Nigeria being Africa’s largest crude oil producer. The report noted that the refinery met nearly 80 per cent of domestic petrol demand in April and produced enough volumes to satisfy local consumption requirements as operations approached full capacity.
The EIU described Nigeria’s downstream petroleum sector before the refinery as “long dysfunctional”, noting that the country had remained almost entirely dependent on costly imported fuel while producing nearly 1.5 million barrels of crude oil daily.
According to the report, the emergence of the refinery has reduced import dependence, improved domestic fuel availability and strengthened Nigeria’s balance of payments position through lower import demand and rising exports of refined petroleum products.
“The gradual ramp up of the 650,000 barrel/day Dangote refinery since May 2023 has transformed Nigeria’s long dysfunctional downstream sector,” the report stated. “The country’s main refineries, all state owned, had been inoperative for years and Nigeria was almost entirely reliant on costly imported fuel.”
The research and analysis division of The Economist Group, London added that the refinery’s attainment of full operational capacity and its planned expansion would further support Nigeria’s economic growth and foreign exchange earnings over the medium term.
“Meanwhile, the attainment of full capacity at, and an increase in exports from, the Dangote refinery will support real GDP growth and foreign exchange earnings in 2026 and 2027 and beyond, as a planned doubling of the plant’s output comes on stream around the end of the decade,” it added.
Industry analysts said the refinery is increasingly positioning Nigeria as an emerging refining and export hub, altering energy trade flows across Africa and reducing the vulnerability associated with fuel import dependence.
The EIU noted that the refinery’s expansion has coincided with major reforms in Nigeria’s downstream sector, including the removal of fuel subsidies and the introduction of market driven pricing mechanisms.
The report, however, said the transition from a state dominated fuel import structure to large scale domestic refining has triggered resistance from interests linked to the old import regime.
The latest tensions emerged following the decision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority to relax restrictions on petrol imports despite the refinery’s growing capacity to meet domestic demand.
Dangote Industries subsequently initiated legal action, arguing that continued import approvals undermine domestic refining investments and conflict with the objectives of the Petroleum Industry Act, which seeks to encourage local refining capacity and reduce import dependence.
Analysts noted that the availability of large-scale domestic refining capacity has improved Nigeria’s energy security and reduced exposure to external supply shocks and foreign exchange volatility.
The Centre for the Promotion of Private Enterprise also cautioned against unrestrained importation of petroleum products, warning that such a policy could weaken Nigeria’s industrialisation drive and discourage investments in domestic refining.
Chief Executive Officer of CPPE, Muda Yusuf, said continued dependence on imported fuel had historically contributed to pressure on foreign reserves, exchange rate instability and fiscal leakages.
The refinery’s growing impact is also being reflected in Nigeria’s broader macroeconomic indicators. Earlier this month, S&P Global Ratings cited increased domestic refining capacity and rising hydrocarbon exports among the major factors supporting Nigeria’s sovereign credit rating upgrade – the first in 14 years.
Beyond Nigeria, analysts said the refinery is increasingly being viewed as a strategic industrial asset for Africa, where many countries remain heavily dependent on imported fuel despite rising demand for transportation, manufacturing, and power generation.
Business
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
BREAKING: Court Dismisses $19.6 Million Claim Against NNPCL — Rules Contract Scope Cannot Be Changed Orally
In a landmark ruling on Friday, May 22, 2026, the Federal Capital Territory High Court in Abuja threw out a $19.6 million lawsuit filed by Alternate Dimensions Ventures Ltd against the Nigerian National Petroleum Company Limited (NNPCL), affirming a key legal principle: a written contract cannot be expanded through oral agreements or conduct.
Alternate Dimensions had sought $19,600,000 in professional fees, claiming the scope of its Direct Sale, Direct Purchase (DSDP e-pro) contract with NNPCL was orally expanded. Represented by counsel Patrick Peter, the firm argued it was entitled to the revised sum for services rendered under the alleged new terms.
But NNPCL, through its lawyer Ituah Imhanze of KENNA LP, pushed back sharply, arguing that parties are bound exclusively by the clear terms of their written agreement. Imhanze contended that without any written amendment, the claim was legally unsound, and the court agreed.
Delivering judgment, Justice Hamza Mu’azu upheld NNPCL’s defense, stating that the contract was unambiguous and that no evidence was adduced during the trial, which supported the alleged scope expansion. The court further found that NNPCL fully complied with all contractual terms and committed no breach.
Dismissing the suit as meritless, Justice Mu’azu reinforced the doctrine of sanctity of contract: any amendment to a written agreement must be express, unequivocal, and documented, not implied or verbal.
The ruling spares NNPCL from the S19.6 million claim and also a floodgate of similar potential liabilities.
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