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Zinox: Technology sector needs tax concession



Chairman, Zinox Group, Leo Stan Ekeh, has said there is a need for the Federal Government to 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.


Ekeh spoke at the Silverbird Man of the Year Awards held in Lagos last Friday. He lamented that the tech sector driving leading economies in the world, is struggling seriously in Nigeria. According to him, 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.


He explained that 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 the 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 she provide for these brilliant kids.


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, and so on.


“However, I am still Nigeriabased. 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,” he said.


Explaining further, he said, “I have experienced this frustration for over 30 years and it is too late for me to complain. These kids are 21st Century youths and the majority of them is not interested in agriculture and will never be forced to adopt it because of its unstructured nature.

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