This year’s France–Nigeria Investment Forum, a major highlight of President Bola Tinubu’s visit to France, ended on a sound note and was mutually rewarding for both countries.
For some of us who have attended a few such forums in the past, this year’s edition stands out as the best from a Nigerian perspective, especially because of the organization and selection of relevant, successful Nigerian entrepreneurs who attended.
Though it was a government-to-government outing, the event was largely driven by the private sector, including experienced foreigners who functioned as moderators. In the past, the Nigerian government would showcase CEOs of companies that foreign investors found it difficult to connect with.
Also, this year, Nigeria’s leading women CEOs were presented to the French and global investment communities. I was impressed with the confidence Dame (Dr.) Adaora Umeoji, the CEO of Zenith Bank, Dr. Owen Omogiafor and Jumoke Oduwole, the Honourable Minister of Industry, Trade and Investment exhibited during their respective presentations. This is good for the Tinubu administration and the Nigeria economy and in tandem with emerging global trends where women have been raising the bar in entrepreneurship and leadership.
However, what was exceptional to me as a Nigerian UK-based property investor, was the presentation of Dr. Leo Stan Ekeh, Chairman of Zinox and Konga Group as he was introduced.
He gave a completely different perspective to the event, speaking with confidence on the technology capacity of Nigeria to support foreign investors. He assured the foreign investors of the existence of world-class IT professionals in their thousands who are available to support these investors.
He pleaded with French investors to invest in the educational sector and partner with some Nigerian educational institutions to produce graduates who may become global citizens in the corporate world. It was a great eye-opener for the packed hall as he personally gave an example of what his companies have done in the tech sector for French companies in Nigeria over 30 years ago. Most of these companies had their CEOs present at the event.
Ekeh’s confidence was infectious, and you could gauge the impact of his audacious presentation from the faces of both the foreigners and Nigerians in the audience. I am sure there are many companies with the profile of Zinox and Konga Group that are yet to be showcased to the world.
People left the hall very impressed. Though I was unable to reach him as he had a few persons engaging him, and I left immediately after his presentation, I spent time on Google to check out this Nigerian who presented the Nigerian technology roadmap over 30 years back.
One of his most impactful impressions in his presentation was when he said that you cannot anticipate future investments anywhere in the world without technology as your enabler.
Google revealed a lot about this humble Africa’s leading tech icon. It was a great expose for a Nigerian who pioneered many tech initiatives on the continent. Very touching was what led him to transition Nigeria from analogue petrol dispensing pumps at filling stations to today’s digital dispensing pumps when he was cheated at a petrol station, amongst others.
His profile also mentioned how he lost over $28m in one swoop on an AI and Robotics investment that failed after he acquired the largest warehouse in the city of Lagos to install the intelligent, high-end project over eight years ago.
As I was travelling back to UK, I was reflecting on opportunities that abound in Nigeria. Today, we celebrate Elon Musk, the world’s richest man who has an African background but who made his money outside Africa, but I wager that Musk could not have made as much money if he had stayed back in Africa. Never!
Ekeh’s reason for not hitting the jackpot is that he is operating out of a very limited Nigeria economy with structural challenges and several infrastructural deficits.
The young Minister of Technology and Digital Economy Dr. Bosun Tijani, should be encouraged to produce more Dr. Ekehs to guarantee the future of Nigeria.
Ekeh in his narration talked about how as a young man he returned to Nigeria over 37 years ago with a vision to launch what he called ‘Digital Democracy’ by digitalising elections and electoral processes in the country. He also narrated his effort at consolidation of data through digital census to guide planning and investments to achieve his ambition of promoting Nigeria to the status of an economy the world can trust.
He may have achieved his vision for digital elections with massive tech deployment which his company handled, but I am not sure how he could achieve a trusted economy where 80% of successful persons in the country are in oil and gas, cement, road construction, all brutally controlled by government both directly and vicariously.
Tech is the present and the future, and the Nigerian government must be intentional by patronising and helping to grow indigenous players to ensure they remain competitive on the global stage. I must say that I am proud of Dr. Ekeh and his achievements as a serial tech entrepreneur. His work inspires confidence in Nigeria’s potential. However, the next two years will be pivotal in proving that this progress can be sustained.
