E-commerce Is The Next Investment Bomb, Says Leo Stan Ekeh

By Uche Mbah

Chairman of Zinox group of companies, Leo Stan Eke, has said that the greatest new thing that will happen to Nigeria is encouraging e-commerce ventures, which is the future of business all over the world.

Eke is the pioneer computer guru through his investment in Information Technology with the Zinox brand. he acquired the Yudala e-commerce platform, which, according to him, is currently running at a loss.

Eke was speaking in an AIT organized Townhall Forum, COVID 19 edition, anchored by TV business host, Nancy Nnaji.

“The government frustrated our activity during the COVID 19 lockdown”, he said. “In other places, e-commerce platforms are used during lockdown to supply goods and services. But goods were prevented from moving by security agencies who know little about e-commerce. Apart from the minister and maybe one or two others, the government seems to have no concept of what e-commerce is all about.

He gave an example of Nigeria importing masks fro China during COVID-19.

According to him, the amount spent could have empowered Nigerian tailors in mask production. “All that is needed is to acquire the necessary machine and the employment ripple effect will follow.

“There will be many auxiliary employments. The Sewing groups will be on, the finishing and packaging industry will boom-those that produce carton, the dry cleaners will increase, and this will increase the general employment rate. And all these with a fraction of the cost of importing finished products from China.”

He revealed that he started his first e-commerce business but had to fold up because there was no e payment platform like credit cards at that time. “I have put in over thirty years into enterpreneurship”, he said.

According to him, Jumia was founded by a Nigerian before it was acquired by a German group.

According to him, Nigerians should realize that working from home does not mean that productivity should decrease. “Families should realize that the same attention from one working from home is the same that is required for an eight to five office job”, he said.

According to him, Nigeria should wake up and “Look at what works for her.”