Unveiling Corporate Blackmail: Leo Stan Ekeh’s Eye-Opening Case Study
Leo Stan Ekeh, Chairman of the Zinox Group, has recently shared his personal experiences with corporate blackmail to caution and guide emerging African entrepreneurs.
In an end-of-year inspirational talk delivered on December 14, 2024, Ekeh recounted his decade-long ordeal involving allegations from Benjamin Joseph, CEO of Citadel Oracle Concepts Ltd.
The controversy began in 2012 when Citadel Oracle Concepts Ltd. was among 13 companies awarded a contract by the Federal Inland Revenue Service (FIRS) for the supply of HP laptops.
Citadel’s authorized representative, Princess Kama, approached TD Africa, a subsidiary of the Zinox Group, to supply the laptops on credit.
The arrangement stipulated that payments from FIRS would be deposited into a dedicated Citadel account at Access Bank, with TD Africa staff included as signatories to ensure compliance.
While other companies honored similar agreements, disputes arose when Benjamin Joseph allegedly attempted to divert funds.
Princess Kama intervened, enabling TD Africa to recover its dues, which strained the relationship between Joseph and Kama, leading to a series of petitions and allegations by Joseph against TD Africa and the Zinox Group.
Ekeh revealed that these allegations prompted extensive investigations, including the involvement of foreign-certified detectives.
These investigations, along with inquiries by the FIRS and the Economic and Financial Crimes Commission (EFCC), exonerated TD Africa, confirming the validity of the transactions. They also established that Joseph had authorized the procurement and that the laptops were delivered and payments duly processed.
Ekeh emphasized that corporate blackmail has become a significant challenge for businesses, often orchestrated by competitors aiming to tarnish reputations or disrupt operations.
He advised entrepreneurs to maintain integrity, conduct due diligence, and remain resilient in the face of such challenges.
Ekeh also highlighted the importance of technological advancements in overcoming these obstacles, stating, “Learn from my experience. Never engage with blackmailers, as technology will soon render them obsolete in the tech ecosystem.”