allAfrica.com: Nigeria: Zinox to Acquire Three Local Firms (Page 1 of 1)

Shareholders of Zinox Technologies, foremost computer firm in Nigeria, are injecting a total of 3.5 billion naira into the computer firm in a bid to take it to the next level as the number one technology company in Africa.

Leo Stan Ekeh, the Chairman of Zinox Technologies in a chat with newsmen also disclosed that the firm has put in place modalities that will enable it acquire three local computer firms, launch the largest software company in 2009 and an interest free computer ownership scheme in Nigeria and Africa that will help in digitalizing the country and Africa.

Zinox technologies is owned by STAN Technologies of Nigeria, Mustek of South Africa . Kenya and Zambiaís No.1 brand MECER Computers and Alhaner Ventures of France, a major telecom facility company with extensive interest in Europe and Africa

Ekeh stated that the additional capital will help Zinox in its expansion drive. He disclosed that the Board resolved in her last meeting late 2007 to inject this amount only from present shareholders to take Zinox to the next level as promised by the founding fathers of Zinox Technologies in 2001. Ekeh who disclosed that Zinox is expanding its office/support network to 20 by the end of the year, reiterated that the expansion programme is three fold. ìThe first is to acquire majority shares in some local computer companies that will add value to its present network of branches both locally and internationally in order to serve customers better, reduce the total cost of ownership of ICT products and fast track the firm to its desired destination. Second is to deploy world class infrastructure that will sustain our position as the number one brand. ìAt the moment, Zinox is building the largest computer assembly plant in the whole of Africa in Lagos , Nigeria . When completed, this shall increase our plant output by over 500% and shall resolve some digital interfaces faster and accuratelyíí Ekeh stated.

The third expansion programme will see Zinox to launching the largest software company in Africa in partnership with some Asian concerns before the end of 2009 or first quarter of 2010. He said that Zinox was set to launch an interest free computer ownership scheme for Nigerians. He added that ìafter the successful launch of Zinox Student Computer Ownership Project (ZSCOP) and the current Computer Discount scheme partly financed by a Nigerian philanthropist, few foreign interests have approached Zinox to use us as a credible platform to really test the reliability of the Nigerian consumer when it comes to paying for items bought on credit.íí He stated that current studies have shown that until Nigerian consumers become credit worthy, the country will still wallow in the dark, because a good credit rating is one of the parameters used in measuring a healthy state., Foreign agencies according to him are strict with data integrity and therefore insist on a level of financial participation of the local platform. He emphasized that with Zinox selected as a platform to increase IT penetration in West Africa, it is presently working out the modalities that will enable it offer zero interest for those Nigerians who are qualified.

Ekeh, in response to an enquiry on why Zinox has not gone public with the right fundamentals six years after he declared the company as a public trust, answered that ìwe had to drive through the pot holes with our own resources first so that when we hit the market we can now take benefit of all the pains and our new shareholder would have pleasure. I am sure someday, I shall get the approval of the Board. Our investors are not in a hurry as Zinox has been liquid to meet its financial obligations without resorting to any financial institutions for once since inception.

However I am putting pressure on them to let go a percentage in order to fulfill my pledge on the day of launch of Zinox in 2001. These gentlemen know that Zinox is a mustard seed yet to blow the marketíí, he stated.

David Khan, the Chairman of Mustek South Africa who was in Lagos for a day to attend Zinox board meeting in his comments reaffirmed the confidence of shareholders in the Nigerian market. He described Chief Ekeh as a model and pride for new Africa. According to him, he has taken the franchise beyond the expectation of shareholders in such a short period.

He also credited Ekeh for his focus on building a digital and knowledge driven Nigerian economy.

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