The Chairman of Zinox Group, Dr Leo Ekeh, has issued a stern warning to young entrepreneurs about the rising threat of corporate blackmail, drawing from his own experiences in the business world.
In a statement to The PUNCH on Friday, the billionaire businessman cautioned that unscrupulous individuals and entities were increasingly resorting to blackmail to damage the reputations of successful businesses and their leaders.
Ekeh, who has been at the helm of Nigeria’s largest integrated technology group for over 38 years, shared that corporate and personal blackmail had become significant challenges for companies in the country.
He revealed that his organisations have fallen victim to such schemes, where false allegations are fabricated and spread through social media platforms to tarnish the reputations of CEOs and their companies.
“This is the new fraud—corporate and personal blackmail,” Ekeh said. “A few blogs and law firms partner with blackmailers to create false narratives about business leaders, and these negative materials are then circulated online, damaging the brand and credit ratings of those targeted.”
He explained that the perpetrators often seek to extort businesses, using legal threats and government connections to amplify the impact of their defamatory campaigns.
In some cases, they even secure false legal claims from authorities, creating the illusion that companies are involved in fraud, despite a lack of evidence.
The chairman stressed the importance of due diligence and maintaining a local focus in business dealings, advising young entrepreneurs to carefully vet their partners and associates to avoid falling prey to such malicious acts.
“I urge you to be cautious in your business relationships and stay focused on integrity,” he said. “Being local, understanding the terrain, and applying due diligence is not only critical but also an added advantage.”
The entrepreneur also highlighted his journey as an entrepreneur, underscoring that his group, which has a global turnover of over $23.7bn, operates with a high level of trust and credibility.
He emphasised that despite the challenges, his companies have remained resilient, maintaining strong relationships with over 35 global partners, many of which are Fortune 100 companies.
The seasoned entrepreneur concluded by urging young business leaders to focus on building a “trust economy” and warned them that the path to success would require vigilance and a commitment to ethical practices.
Ekeh’s statement offers an insightful perspective on the evolving risks faced by businesses in Nigeria, particularly in the digital age, where reputation and trust are increasingly vulnerable to manipulation and exploitation.
