Africa’s leading technology entrepreneur and founder of Zinox, Leo Stan Ekeh has charged the Federal Government to leverage technology in reducing growing incidences of corporate debts and usher in an era of unprecedented boom and sanity in the Nigerian economy.
He made this assertion while delivering the Guest Lecture at the maiden edition of the 2018 Nigerian Online Merit Awards (NiOMA) held at Sheraton Hotel, Ikeja.
Ekeh, Chairman of the Zinox Group, noted that the country will benefit immensely if the government turns to technology in its search for lasting solutions to the challenges confronting the economy. He said the recent revelation by the Asset Management Corporation of Nigeria (AMCON) that, about 350 Nigerians account for 80 per cent of its N5.4 trillion debt portfolio and the refusal of majority of these debtors to liquidate their indebtedness is an issue that can be easily resolved through the application of technology.
“Working in concert with the Nigeria Inter-Bank Settlement System (NIBSS), the Central Bank of Nigeria (CBN), Attorney General of the Federation and the Economic and Financial Crimes Commission (EFCC) for enforcement purposes, AMCON can leverage a simple technology application that makes it easy to access the bank balances of debtors across all the various banks in Nigeria.
“This will not only reduce the growing profile and negative trend of corporate debts, with its attendant detrimental effect on the economy but will also expose many Nigerians who are publicly hailed as billionaires but who are only living large off depositors’ money, while frustrating further lending to start ups,” he explained.