Chairman of Zinox Group, Dr. Leo Stan Ekeh, has opened up on the perils of corporate blackmail.
He urged Nigerian entrepreneurs to prioritise integrity, due diligence, and resilience in navigating the country’s challenging business landscape.
Speaking during an end-of-year inspirational talk to a select group of young Nigerian entrepreneurs, monitored in Lagos, Ekeh expressed optimism about Nigeria’s economic prospects, predicting an economic rebound by the third quarter of 2025, while recounting his decade-long battle with corporate blackmail involving the CEO of Citadel Oracle Concepts Ltd., Benjamin Joseph.
Recall that the controversy dates back to 2012, when Citadel Oracle Concepts Ltd. was among 13 companies awarded a Federal Inland Revenue Service (FIRS) contract for the supply of HP laptops. Procurement for the project was mandated through authorised distributors. TD Africa, a subsidiary of the Zinox Group and Nigeria’s largest HP partner, was approached by Citadel’s authorised representative, Princess Kama, to supply the laptops on credit.
The arrangement required FIRS payments to be deposited into a dedicated Citadel account at Access Bank, with TD Africa staff included as signatories to ensure adherence to the agreed terms. While other companies honored similar agreements, disputes arose when Benjamin Joseph allegedly attempted to divert funds. Princess Kama intervened, enabling TD Africa to recover its dues. This intervention strained the relationship between Joseph and Kama, leading to a series of petitions and allegations by Joseph against TD Africa and Zinox Group.
Ekeh revealed that the allegations prompted extensive investigations, including the involvement of foreign-certified detectives, adding that, “These investigations, along with inquiries by the FIRS and the Economic and Financial Crimes Commission (EFCC), exonerated TD Africa, confirming the validity of the transactions. They also established that Joseph had authorised the procurement and that the laptops were delivered and payments duly processed.
“In February 2021, the Federal Capital Territory (FCT) High Court dismissed Joseph’s allegations as baseless and awarded N20 million in damages against him. Despite the court ruling, Joseph persisted in filing petitions and spreading misinformation through media outlets, targeting Zinox Technologies and its leadership.”
Speaking on the impact on Zinox’s operations, Ekeh disclosed that Joseph’s actions, allegedly backed by competitors and influential allies, nearly jeopardised Zinox’s digital census contract, valued at over $250 million. Although Zinox eventually secured and delivered the project, delays prevented its execution under the previous administration, leaving critical census equipment underutilised, he stated.
Expressing disappointment in recent judicial decisions that have not held Joseph accountable, Ekeh lamented, “It is disheartening that despite valid and subsisting judgments, he continues to walk free, perpetuating false claims.”
He urged young entrepreneurs to stay vigilant against blackmailers, emphasising the critical role of integrity and technological advancements in overcoming such challenges. “Learn from my experience. Never engage with blackmailers, as technology will soon render them obsolete in the tech ecosystem,” Ekeh advised.
