Leo Stan Ekeh Give Reasons Why Multinationals Are Exiting Nigeria

Leo Stan Ekeh, the founder of Zinox Technologies and a prominent digital entrepreneur, has drawn attention to the primary reasons behind the departure of multinationals from Nigeria. He issued a warning that without intervention, more businesses, both foreign and indigenous, may face closure in the coming months and years.

In a press statement, Ekeh, who serves as the Chairman of Zinox Technologies Limited, urged President Bola Tinubu to address the issues of corporate blackmail and bullying, which he believes impede the Federal Government’s efforts to promote ease-of-doing-business in the country.

While acknowledging the challenge of forex scarcity for businesses in Nigeria, Ekeh stated that the issue can be overcome, especially with the Tinubu government’s recent initiatives to inject more forex into the system.

He argued that the cited reason of forex difficulties by exiting multinationals is diplomatic, and many of these companies have faced blackmail and corporate bullying, exacerbating the situation. Ekeh highlighted the destructive impact of this emerging business model on the country and its hindrance to foreign direct investments (FDI).

Referring to an open letter addressed to President Tinubu, Ekeh cited a specific case of blackmail against his company, TD Africa, and himself by a computer firm, Citadel Oracle Concepts Limited. He emphasized that the allegations were found false after investigations by several agencies, yet the legal process has been slow.

Ekeh urged the President to ensure justice is served in such cases and suggested an aggressive policy to promote patronage of indigenous manufacturers and service providers. He emphasized the importance of embracing self-sufficiency and supporting local players across various sectors.

Additionally, Ekeh called on the President to activate the suspended national census, emphasizing the need for a credible database for decision-making. He proposed releasing over 500,000 units of Tablet PCs used during the census to educational institutions for students to acquire relevant digital skills.

In conclusion, Ekeh stressed the importance of how Nigeria treats its local investors, believing that it will influence the attraction of foreign investors