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African Business Interests: When Hindenburg Research Took Neo Colonialism Too Far

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…Hindenburg Faces Tingo Group After Raising False Alarm Against Jumia, OPay, Adani Group, To Harm Their Operations

I have read with utter disgust but not with total disappointment how a supposed forensic financial research firm which goes by the name Hindenburg Research goes about tarnishing hard-earned images of rising business interest, especially those with African, Asian and Middle Eastern ownership.

It goes about acting like a colonial master, seeking to conquer and cower African businesses to subservience. Many companies on the continent have been victims of its character assassination and malicious damage for a reason one can hardly decipher. Not everyone is surprised that Tingo Group, one of Nigeria’s leading aggro-tech and fin-tech companies has come come under Hindenburg Research’s criticism that is not short of anything but poorly conducted hatchet job with a nefarious intention. The recent publication of Hindenburg against Tingo Group, where is alleged that the Nigerian-owned firm parades inaccurate accounting record is most disappointing and nauseating.

As a South African that has lived in Nigeria in the past seven years, I have not heard about anything that excites farmers more than the advent of Tingo Group.

Hindenburg Research claimed to have reached out to some persons in Nigeria and they were told there are no farming cooperatives in Nigeria and where one exists, they are less than 100. Really? In a country of 36 states where farming is arguably the largest provider of employment across the country’s various regions?

Hindenburg Research’s blackmail packaged in form of “investment research” should just have been ignored and not attract any response for what it is — fact twisting and outright falsehood.

One would have imagined that in the 21st century when the world knows better, Hindenburg would do itself the favour of not misleading people with malicious publications like it has done in the past just to thwart peoples efforts for its own advantages.

It still carries on with the hangover of the colonial mentality where it believes that nothing good can come out of Africa and anything with African or Asian signature, that will challenge the existing status quo of over-dependence in the West is a “fraud”.

It is really shocking and most appalling that frantic efforts being made by Tingo Group to mop of the agriculture value chain especially in Nigeria is being called out in a negative light in a desperate effort to to plummet its market strength. The age-long obnoxious notion that “as far as it’s black, it’s evil” has continued to becloud Hindenburg.

To tell you their track record of notoriety and deception, Hindenburg published a report alleging that Jumia Group, an e-commerce platform that operates in Africa and the Middle East was a “fraudulent scheme”, accusing it of inflated sales and customer numbers. On the account of this unfounded information which Jumia denied, its stock plummeted by 50% on the New York Stock Exchange.

That is not all, Adani Group, one of India’s largest multinational conglomerates lost $70 billion in market value after this same Hindenburg accused it of manipulating its stock price and falsifying its accounts.

Just in case Hindenburg needs to be tutored, Nigeria has a robust agricultural potentials which has not been fully harnessed over the decades and that is the gap Tingo Group through its Tingo Mobile has come to fill. There are dozens of farmers associations in Nigeria but the mother of them all is All Farmers Association of Nigeria (AFAN) which recently reached a multibillion Naira deal with Tingo on supply and storage of agro produce, particularly rice and wheat.

This deal is targeted at ensuring that farmers do not have a lot of produce that end up a waste in their homes due to lack of storage facility. The deal is to give them value for their efforts and ensure that the rhetoric about food security is not only heard but seen. Apart from targeting adequate supply to under-served regions, Tingo Group has also reached an advanced stage in discourse to supply foreign markets with Nigerian agro products. Where is the fraud Hindenburg is alleging in all these?

A short-sighted imaginary investment research firm like Hindenburg that goes about twisting facts achieved its nefarious aim when the shares of the Tingo Group dropped by 82.85 percent to close at $0.06 on Tuesday after its false claim against the company.

Who would want his country to suffer acute food shortage in the midst of plenty? The Russia-Ukraine war exposed how vulnerable Africa is to food insecurity and it is the same gap that the United States where Hindenburg operates from always exploits, masquerading as saviour of Africa while indeed it is not.

In January 2020, Hindenburg Research released a report about OPay, Opera’s financial services operating in Nigeria and Kenya. Hindenburg’s report suggested that Opera’s U.S.-listed stock was grossly overvalued.

Since the allegation, OPay has raised hundreds of millions of dollars in funding while also ramping up customers. The fact that Tingo Group is also working towards bridging the gap of financial inclusion leaves much to be desired about Hindenburg’s outburst. Does it benefit from the widening financial exclusion in Africa?

The accusation of financial inaccuracy again Tingo Group is nothing short of the figment of the imagination of Hindenburg and its sponsors. Africa has numerous problems which Tingo Group is making frantic efforts to bring solutions to. Hindenburg is comfortable with over-reliance of Africa in the western system which at the end of the day leave the continent exploited and cheated.

Hindenburg should focus on the problems bedevilling the West such as organised crimes, gun, drugs, internet fraud and more. Tingo Group is a brand of pride Africa is proud of and should be spared unnecessary vilification and targeted antagonism.

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Why Tinubu Was Absent at Commissioning of Sanwo-Olu’s Projects in Lagos – Presidency

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The Presidency has come up with reasons behind President Bola Tinubu’s absent at the commissioning of Governor Babajide Sanwo-Olu’s projects in Lagos, on Wednesday.

Tinubu was noticeably absent at the scheduled project commissioning in Lagos, sparking public curiosity.

However, Sunday Dare, his Special Adviser on Public Communications and Orientation, has clarified the reason behind the last-minute development.

Speaking during an interview on Channels Television, Dare revealed that the President had to prioritise urgent national security matters over the event.
According to him, although Tinubu is currently in Lagos, he has been deeply engaged in high-level State duties, particularly ongoing security briefings tied to recent developments across the country.

“The president has been busy taking constant briefs and has to prioritise when it comes to state matters, especially security,” Dare stated.

He referenced rising security concerns, including recent unrest linked to incidents in Jos, noting that the President has been closely monitoring the situation and working directly with intelligence agencies.

Dare emphasised that Tinubu remains fully engaged behind the scenes, actively coordinating with security operatives and receiving continuous updates to address emerging threats.

The absence, he stressed, should not be seen as neglect of official duties but rather a reflection of the President’s focus on safeguarding national stability at a critical time.

Tinubu skipped the Lagos commissioning not out of disregard, but to handle pressing security issues demanding immediate presidential attention.

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Benin Republic 2026: Romuald Wadagni, The President in Waiting

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By Eric Elezuo

As the presidential election draws very close, one man stands taller than most of the candidates that would be on the ballot paper, or may have been on the ballot paper as far as the presidential election in Benin Republic is concerned. He is the hard working and most Indefatigable achiever, Monsieur Romuald Wadagni.

He us young, able and full of experience, having practiced positive and sincere politics for a very long in his young existence.

Wadagni comes across as the typical chip off the old block, when it comes to genuine leadership qualities and agenda. He has been tested, trusted and ready to take up the mantle of leadership towards providing genuineness and purposeful living condition for the people of Benin Republic.

In 10 consecutive years, since he was 39, Wadagni, has supervised the Finance and Economy ministry without blemish, and has received accolades from far and wide.

It is therefore not a fluke as the 49 years old, Romuald Wadagni was nominated as the ruling majority’s candidate for the upcoming presidential election in Benin.

Consequently, listed below are three things to know about him: 1:he has been the Minister of Finance for nearly 10 years. Romuald Wadagni was appointed Minister of Economy and Finance in April 2016. He was reappointed to the position in 2021 with the rank of Minister of State. He is considered one of the main architects of Benin’s economic recovery.

At the end of January 2025, he welcomed “average growth of more than 6.5% in recent years.” In 2018, Financial Afrik magazine ranked him among the 100 African personalities transforming the continent. In December 2024, the same media outlet named him “Best Finance Minister in Africa,” praising Benin’s macroeconomic stability in the face of international crises. 2: He is an expert in finance and accounting. Romuald Wadagni is a chartered accountant. After studying finance, private equity, and venture capital, he began his professional career in 1998 at Deloitte, one of the largest audit and consulting firms in the world.

At Deloitte, Romuald Wadagni rose through the ranks and successively held several positions of responsibility in France, the United States, and then in Francophone Africa. In 2012, at the age of 36, he became a partner at Deloitte. He later led the firm’s expansion across the African continent. After 17 years, he left the firm in April 2016 when he was appointed Minister of Economy and Finance of Benin.

He is the heir apparent of Patrice Talon. After two consecutive terms, President Patrice Talon, who can no longer run again, had promised to play an active role in choosing his successor. On August 31, 2025, he officially endorsed his Minister of Finance, Romuald Wadagni, as the candidate of the presidential majority.
This designation was confirmed in a joint statement by the Union Progressiste le Renouveau (UPR) and the Bloc Républicain (BR), the two main parties of the majority. On October 4, 2025, in Parakou, Romuald Wadagni and Mariam Chabi Talata, the current Vice President, were officially nominated during a major rally of the presidential majority. In his speech, the candidate minister promised to “consolidate the achievements” of his predecessor.

 

Prior to entering politics, Wadagni worked for the consulting firm Deloitte for 17 years. He was first appointed the minister of economy and finance on 7 April 2016, in the first Talon government, and subsequently reappointed in 2021 with the rank of senior minister.

Wadagni was born in Benin in 1976 in Lokossa, the eldest of five children. His father, Nestor Wadagni, a statistician and economist with a degree from ENSAE, had a career in the Beninese civil service before writing a thesis in fundamental mathematics after his retirement.From an early age, he took an interest in manual work and trained himself in bricklaying and mechanics.

After obtaining a scientific baccalaureate in Benin, he continued his studies in France. From 1995 to 1999, he studied at the École supérieure des affaires de Grenoble (ESA) where he obtained a master’s degree in finance, graduating top of his class. During his studies in Grenoble, he met a partner from Deloitte who identified his potential and recruited him into the consulting firm in 1998.Among honours attached to his ebullient services and achievements, are as follows:

In 2021, the financial newspaper Financial Afrik named Romuald Wadagni “Best African Minister of Economy and Finance”.

In 2024, the financial newspaper Financial Afrik named him “Finance Minister of the Year” for the 4th time in its ranking of “The 100 who are transforming Africa”.

ROMUALD WADAGNI AT A GLANCE 

Romuald Wadagni is Senior Minister in charge of Economy and Finance of Benin. He was appointed on April 7, 2016, in the first government of President Patrice Talon and reappointed to this position in May 2021.

Romuald Wadagni is a public accountant certified in France and the USA. He also holds a master’s degree in finance and has completed specialized training in private equity and venture capital.

Before being appointed Minister of Economy and Finance in 2016, Romuald Wadagni had a leading international experience within Deloitte. In France from 1998, then in the United States from 2003, he developed cutting-edge expertise in several fields, serving customers in various sectors of activity (Mining, TMT, Financial Sector, Public Sector, Retail) and various governments and donors.

Wadagni is a handful in service delivery, transformation and economic re-engineering. He is the best suited for the presidency of Benin Republic as election holds on Sunday, April 12, 2026

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ADC Raises Alarm over INEC’s Plot to Prevent Party from Fielding Candidates

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The African Democratic Congress (ADC) has revealed the deliberate administrative landmines being deployed by the Independent National Electoral Commission (INEC) to prevent the Party from fielding candidates in the upcoming elections.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party stated that at the heart of this emerging crisis is INEC’s stated position that it will no longer receive any correspondence from the ADC pending the determination of a matter before the Federal High Court. On its face, this may appear procedural. In reality, it creates a direct and dangerous conflict with the clear timelines imposed by the Electoral Act (2026), which provides defined windows, including the mandatory 21-day notice period and subsequent submission requirements, within which political parties must complete critical electoral processes.

The full statement reads:

We are compelled to raise serious concerns about a developing situation that appears designed to prevent the African Democratic Congress (ADC) from fielding candidates in the upcoming elections. It is based on documentary evidence which we are now placing before the Nigerian public, including certified INEC records, attendance logs, monitoring reports, and excerpts from the Commission’s own sworn affidavit. Taken together, these documents establish a clear and consistent record of events.

INEC received formal notice of the July 29, 2025 National Executive Committee (NEC) meeting of the ADC. It deployed officials to monitor that meeting. It documented the proceedings and received formal reports from its field officers. Following this, INEC updated its internal records and uploaded the names of the new leadership, including Senator David Mark as National Chairman and Ogbeni Rauf Aregbesola as National Secretary.
These are not claims. They are facts contained in INEC’s own records.

In addition, the Commission’s sworn affidavit before the Federal High Court, in its response to Nafiu Bala Gombe on 12 September 2025, particularly in Clauses 14 to 19, affirms key legal principles: that the leadership transition had already been completed and recognized, that such internal party matters fall outside the scope of judicial interference, that completed acts cannot be reversed by injunction, and also recognizes the David Mark-led NWC.

Yet, despite this clear documentary trail, INEC has now taken the position that it will no longer receive any correspondence from the ADC pending the determination of a matter before the Federal High Court. This is where the contradiction becomes dangerous.

The Electoral Act imposes strict timelines on political parties, including the 21-day notice requirement and submission deadlines. INEC itself has fixed May 10 as the deadline for the submission of relevant documents. However, by refusing to receive communication from the ADC within this same period, the Commission is effectively preventing the Party from complying with the law.

In simple terms, INEC is effectively threatening that unless the courts deliver judgment on the ADC leadership issue by May 10, it will prevent the ADC from producing candidates.

This places the ADC in an impossible position and creates a clear pathway to artificial non-compliance, which can then be used to justify excluding the Party from fielding candidates. That is the landmine.

INEC has claimed that its April 1 decision was taken to avoid rendering the proceedings before the Federal High Court nugatory. The reality is the opposite. By intervening in a matter already before the court and issuing a pronouncement with clear legal and operational consequences, the Commission has itself undermined the very process it claims to protect.

What is even more concerning is that this position contradicts INEC’s own prior conduct and legal stance. The same Commission that monitored, documented, recognized, and swore to an affidavit confirming the ADC leadership is now acting in a way that contradicts its earlier position.
We therefore call on the Commission to immediately reverse this position, resume the acceptance of all lawful correspondence from the ADC, and uphold its constitutional responsibility to ensure a level playing field for all political parties.

We also call on Nigerians to be wary and remain vigilant about these dangerous machinations to subvert Nigeria’s democracy and impose a civilian dictatorship on the country.

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