Emelonye to manage Leo Stan Ekeh Foundation’s N1.5bn revolving loan
Flagship Corporate Social Responsibility (CSR) front for pioneer indigenous computer and allied accessories dealer and chairman of Zinox Group, Leo Stan Ekeh Foundation (LSEF) has appointed Engr. Amasike Emelonye as Director General (DG) to head a team set up to manage the N1.5bn revolving loan scheme for entrepreneurs and indigent students in Imo State.
Recall that during a recent flag off of rural roads reconstruction at Ubomiri, near Owerri, the Imo State capital by the state governor, Hon Emeka Ihedioha, President of the Foundation, Leo Stan Ekeh, had announced a three-year revolving interest free loan of N1b over the next 10 years to petty traders and small and medium businesses in Imo State on August 28, 2019.
The intervention, he revealed, is to reduce hardship, stimulate business activities and give hope to majority of the people in the state. Further, Ekeh launched an educational support project for indigent but intelligent students of the state to enable them acquire proper university education. For this, Ekeh set up a non-interest revolving loan scheme of N500m which shall stretch over the next 10years to help others benefit from the scheme.
Emelonye, a first class British trained technology guru was the pioneer Managing Director of Zinox Technologies, one of the companies founded by Ekeh. Educated in the United Kingdom with multiple degrees and professional certifications, Emelonye is a thoroughbred ICT professional.
Emelonye averred that the platform for the N1.5bn loan scheme will be digitally-driven and with less human interface to avoid manipulations and compromises. As a result, Emelonye’s industry experience will come in handy. In addition, he informed that other members of the management team will be unveiled soon.
Ekeh, who was reluctant to go further, when asked, disclosed that he is a product of a trust economy, adding that he has done business in the last 37 years based on trust and not by pledging his assets based on collateral.
According to him, “The biggest collateral you can have today is your integrity. You cannot build a multinational company based on pledging your assets. So, I am giving a chance to others in this regard, even though it is a huge risk. If this works, it will help a lot of needy entrepreneurs and indigent children acquire quality education and challenge the status quo or what I call wealth disruption in the 3rd world.
“This is not a political-oriented programme and, as such, politicians are barred from participation. It is also not a showbiz. Therefore, I urge the media to see themselves as partners in progress and only focus on sharing relevant information pertaining to the scheme.”
On the likely commencement of the scheme, Ekeh revealed that the project will take off before September ending.
“The first set of beneficiaries, about 1400, will take off before the end of September while we build remote technology to on-board the next batch. At the moment, our tech guys are working on the back-end. We want to limit human interference by at least 90% and instead, drive the project through technology,” founder of LSEF said.