NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
Ekeh to FG: Grant exceptional tax concessions to save tech sector

By News Express on 27/02/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 503

•Zinox Group Chairman Leo Stan Ekeh
•Zinox Group Chairman Leo Stan Ekeh

Serial digital entrepreneur and Chairman of Zinox Group, Leo Stan Ekeh, has charged the Federal Government to seriously consider extending exceptional tax concessions to the technology sector as a means of encouraging the huge undoubted youthful potential in the sector to create a new economy.

According to Ekeh, the tech sector that is driving leading economies in the world, is struggling seriously in Nigeria. And in spite of the great and sincere efforts of the present administration, the Nigerian economy is also fatigued as a result of its predominantly analogue nature. In his opinion, millions of Nigerian youths nurse big dreams and have the capacity to thrive in a new and futuristic economy that is technology-driven, but urgently need government support in terms of structured capital and tax concession during their incubation period.

Ekeh affirmed that these young men and women have globally certified education and need the right environment to exhibit their capacity, noting that if the country cannot provide it, the situation will create unfortunate ones who would resort to scientific robbery, kidnapping and many other vices. He also warned that the nation may not experience all-inclusive peace until we provide for these brilliant kids.

The Zinox Chairman made this call at the Silverbird Man of the Year Awards held at the prestigious Eko Hotel & Suites, Victoria Island, Lagos on Friday, February 23, 2018.

In attendance at the event was a host of dignitaries from the public and private sectors including former Vice President, Atiku Abubakar; Deputy Senate President, Ike Ekweremadu, several serving Governors including Ekiti State Governor, Ayo Fayose; Rivers’ State Governor, Nyesom Wike; Governor of Kebbi state, Abubakar Bagudu and the Bayelsa State Governor, Seriake Dickson. Also present was the CBN Governor, Godwin Emefiele, Senators Dino Melaye and Ademola Adeleke as well as Hon. Femi Gbajabiamila. Others include Chief Abba Folawiyo, Senator Daisy Danjuma, Lady Maiden Ibru and Stella Chinyelu Okoli, among others.

Ekeh, who received the Extraordinary Business Achievement Award at the event, disclosed that globally, technology has become the driving force behind the fortunes of many nations. According to him, the 10 richest men in the world and the biggest companies in the world today can all be found in the technology sector – a reality that shows how technology remains the only profession that can help Nigeria bridge the gap between it and other advanced countries in the world.

“Technology is the only profession in the world today that can make the son of the poorest man the richest man in the world. Though still struggling, I am a practical testimony of the possibilities in the sector, having led several technology teams that deployed in Iraq, Libya, Guinea Bissau, etc. However, I am still Nigeria-based. It is not just its lifestyle nature but technology is the only profession in world today in which you can experience miracle wealth. Our kids have read, seen and worked in tech companies or tech-driven companies in the world that became multi-billion dollar companies within five years and they are smarter than many of these foreign entrepreneurs but their only sin is that they are Nigerians and living in Nigeria.

“I have experienced this frustration for over 30 years and it is too late for me to complain. These kids are 21stCentury youths and the majority of them are not interested in agriculture and will never be forced to adopt it because of its unstructured nature. Youths today are faith-driven and can anticipate the future better than their parents and leaders. My research shows that over 85% of them would rather prefer to make money only from tech-driven platforms which certifies them as global citizens or do nothing.”

Continuing, Ekeh said: “If the Federal Government of Nigeria can invest 20% of what she has invested in the Agricultural sector in the Tech sector, over 75% of present unemployed youths would become employed or self-employed in a profession that has a future. I am not against investment in the Agricultural sector, but it is a sector of extreme passion today due to its present analogue nature. Our leaders should ask their children who trained in quality institutions if any of them would want to do farming, for example. I'm sure the answer you will get is 100% NO. So, who do you expect his child to go into farming? Farming is good, but it is a profession of passion. You can’t force a young man or woman to farm.”

While commending the government and its agencies, especially the Federal Inland Revenue Service (FIRS) for improving the tax revenue base of the country, Ekeh pleaded with the Federal Government to encourage a new and prosperous economy by allowing entrepreneurs in the ICT sector a decent tax-free period of at least ten years – an incentive that will see Nigeria prosper immensely in the technology front.

His words: “If this is granted, this country will experience, within the next five years, an army of tech billionaires whose one year tax payments shall significantly be more than our present ten years’ collections. We must see the bigger picture and prepare for tomorrow instead of frustrating people at incubation period. IT companies in today’s Nigeria are the poorest corporates and slowly disappearing – a situation which I find very unfortunate. Tech kids are restless and need time to develop, experiment and deliver products into the market successfully. Most times you succeed with one out of the thirty you invested money and time in. It takes time to stabilise in a country that is not digitally-driven. I am in a better position to tell this story because I have been in same sector for over 30 years. The sector is full of hype because it is a youth-dominated profession and when the FIRS personnel read, they come to the conclusion that you are a multi-billionaire and then go after your company.

“I plead with the Federal Government to grant tax concessions to the technology sector. Tech guys have the potential to create sustainable wealth and transform this country for good. I challenge the people in government, including the few present here such as the Deputy Senate President, distinguished senators and several Governors.”

Ekeh, who heaped praises on the Central Bank of Nigeria (CBN) Governor Godwin Emefiele and his team for protecting the economy from failure during the recent economic recession, also called on him to intervene in the IT sector more than he has done in the Agricultural sector by extending support to millions of young Nigerians yearning for an opportunity to transform the fortunes of the country.

“I advise him to have a simple conversation with his kids during breakfast and see where their faith for decent future belongs,” he said.

He rounded off by encouraging the younger generation to remain focused in a brighter future.

“Having done this for the past 35 years as a disruptive digital entrepreneur in Africa, I can only encourage the younger ones here. When I look at the global figures and the stock market, the biggest enterprises in the world are tech companies. It tells me there is a future for you, so do not be discouraged,” he concluded.

Arguably Africa’s biggest technology entrepreneur, Ekeh has built the Zinox Group into a foremost integrated ICT conglomerate with a 360-degree spectrum orientation and advanced competencies in manufacturing, software development, distribution, core and enterprise ICT solutions, retail and after-sales support, among others. His recent acquisition of e-commerce giants, Konga – a development that is widely expected to raise the profile of e-commerce in the country – has further gone a long way to show the far-reaching ambitions of Ekeh who launched BuyRight Africa, Nigeria’s first e-commerce company about 10 years ago.

Source News Express

Posted 27/02/2018 02:26 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Dangote Cement sells N86.1bn stake to foreign investors...

Foreign experts tip Buhari as Nigeria’s next President...

Buhari mobbed in Maiduguri

Ambode swears-in new Lagos LG chairmen

Expect end fuel queues soon —Oil marketers

Workers’ welfare: Effect change in your leadership now,...

We’ll wipe out Boko Haram this year —Buhari...

Traditional leaders, youths sue for peace in Delta...

No court case against Umahi: Ebonyi Govt.

JONATHAN HITS OBASANJO HARD •Says letter unbecoming, self-serving...

Green Women express shock over Ozubulu church massacre...

The Chief Segun Olusola that I knew, By...

 

Latest News APC group, PDP, SDP, Obasanjo’s CNM, others to form new party Forex: IMF Seeks Unified Exchange Rate Regime Nigeria is playing with fire - IPOB threatens Lagos to unveil new statue of Gani Fawehinmi Few days to LG polls, fire guts Kaduna electoral commission office 2019 Guber: Anioma Nation endorses Okowa as sole candidate Security challenges loom over Buhari’s re-election bid Flood sweeps away 8-year-old girl in Anambra 23 cultists, 15 other suspected criminals in trouble 10 injured as rainstorm wreaks havoc in Delta Kogi recruits 1,800 caterers for school feeding programme Promoters of Alex intensify campaigns ahead of BBNaija grand finale

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (339,179 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (334,060 views) Shameless Genevieve Nnaji exposes breasts in public (267,326 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (219,777 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (201,818 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (197,742 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (172,531 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (154,897 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (146,847 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (138,577 views) Lagos plane crash: Journalist releases victims’ names (136,605 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (129,325 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (36) Business & Economy (3,064) Business Verdict (40) Columnists (836) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (481) Features (568) Global Business Monitor (262) International (1,920) Interview (149) Live Commentary (28) Love Matters (116) News (34,645) Opinion (915) Pidgin (10) Politics (4,798) Religion (722) Sports (1,483) Stock Watch (28) AMA & Al Jazeera Global Update

 

 

NLNG Science and Literature Prize Awards

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement