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



…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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National Day Schools Competition: Aijay Media Celebrates Nigeria’s Rich Heritage




The Aijay Media Annual National Day Schools Competition, held every October 1st, is set to hold this Tuesday.

The event, as always, is programmed to showcase the best of Nigeria’s rich cultural heritage, and traditions as well as celebrate the country’s national day, with varieties of competitions, which have grown in popularity over the years, attracting participation from schools all over Lagos State.

This year’s competition revolves around the “Theme: Nigeria Will be Great If …”, with different schools competing in various categories such as traditional dance, poetry, drama, and music. Students are to display their talents, creativity, and prowess in interpreting the theme.

The CEO of Aijay Media, Mrs. Ijeoma Oka, said that the competition is an opportunity for students to showcase their talents, celebrate their cultural identity and proffer their own solutions to the anomalies in our country.

The Competition is also an opportunity for schools to win prizes, including educational materials. This Last year’s competition saw many schools taking home prizes, with Tenderhands Montessori School, Lagos emerging as the overall winner.

Mrs. Abiola-Seriki Ayeni was the Special guest of honour at the previous year’s competition. Speaking at the event, she commended Aijay Media for organizing the competition and called on well-meaning Nigerians, government, and companies to support this vision. She also urged Nigerian youths to embrace their cultural heritage, promote national unity, and work harder.

Given the success this competition is expected to attract, it is expected that more schools and organizations will participate in the future.

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NLC, TUC Declare Indefinite Strike




The organised labour unions, comprising the Trade Union Congress (TUC), and the Nigeria Labour Congress (NLC), have declared an indefinite strike effective from October 3, 2023.

TUC President, Festus Osifo declared the strike at a joint press conference also attended by the President of the NLC, Joe Ajaero in Abuja on Tuesday.

Ajaero, who spoke first, carpeted the Federal Government over what he described as lackadaisical stance to address demands raised by the unions since the subsidy removal policy took effect.

He accused the government of deliberate refusal to engage in a meaningful and constructive dialogue within the ambits of good faith during the 21 days ultimatum and the subsequent successful 2-day nationwide warning strike on the 5th and 6th of September 2023.

According to the NLC President, the National Executive Councils (NEC) of the NLC and TUC in their various meetings deeply analyzed the current situation in the country, taking into cognisance the extensive hardships and deprivation afflicting the citizens across all states of the federation.

He said both NECs unanimously condemned the government’s apparent conscious lethargy and tardiness in handling the consequences of its petrol price hike on Nigerians.

Ajaero also noted that the NLC and the TUC NEC-in-session observed that there is no disagreement between Labour and Government on the existence of massive suffering, impoverishment and hunger in the country as a result of the hike in the price of Petrol which demands an urgent need for remedial action.

He said the government totally abdicated its responsibility and had shown gross unwillingness to act, thereby abandoning Nigerian people and workers to excruciating poverty and affliction.

He went on to accuse the federal government of continuous grandstanding and forestalling all avenues to peaceful dialogue with organized labour on ways to save Nigerians from the huge hunger and suffering experienced across the nation.

“As a result of the unconscionable hike in the price of Petrol (PMS) by the Government, the Government has continued to demonstrate not just an unwillingness to mitigate the massive hardship in the country but also a complete lack of intention to take positive steps and empathy for the multi-dimensionally impoverished citizens of Nigeria.

“The federal Government has therefore not met in any substantial way, the demands of Nigerian workers and peoples as previously canvassed in our mutually agreed roadmap to salvaging the economy and protecting workers and Nigerians from the monumental hardship.

“The grace period given by the two labour centres has expired but trade unions continue to face severe threat from the State via the brutal and suppressive power of the Police and Government.

“The National Union of Road Transport Workers (NURTW) continues to be illegally occupied by the Government via the instrumentality of the police who have cloned the leadership of NURTW.

“The Road Transport Employers Association of Nigeria (RTEAN) continues to be illegally occupied by the Lagos State government in total disregard to the Courts and the statutes.

“That the State has continued to blackmail and sponsor serious campaigns of calumny against trade union leaders in the social media using its buying and coercive powers instead of making efforts to lift the burden on the masses,” the NLC President stated.

When Osifo got hold of the microphone, he said, consequently, the NLC and TUC NEC-in-Session resolved as follows: “to, in the spirit of the Independence Day celebration and to demonstrate our resolve for a truly independent Nigeria to take our destinies in our own hands and rescue our nation

“To embark on an indefinite and total shutdown of the nation beginning on zero hours Tuesday, the 3rd day of October, 2023. To direct all workers in Nigeria to withdraw their services from their respective workplaces commencing from the 3rd of October.

“To direct all affiliates and state councils to immediately start mobilizing accordingly for action to organize street protests and rallies until Government responds positively to our demands.

“We enjoin all patriotic Nigerians to join hands across the nation to assist this government put the people back at the centre of its policies and programmes.”

Daily Post

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Nigerians Will Be Shocked If Chicago Varsity Releases Tinubu’s Academic Records – Obaseki




A chieftain of the Peoples Democratic Party (PDP) and member of the Presidential Campaign Council (PCC) in the last election, Dr Don Pedro Obaseki, has said Nigerians will be shocked if the Chicago State University (CSU) releases the academic records of President Bola Ahmed Tinubu. 

Obaseki who was the Director of Research and Documentation of PDP – PCC in the 2023 election explained that Atiku is seeking an open disclosure of Tinubu’s CSU documents because it is believed that the Supreme Court of Nigeria may be compelled to listen to fresh evidence in the petitions already submitted to it.

Speaking during a zoom conference hosted by Prof. Gold Emmanuel, a psychologist based in London, on Monday, Obaseki said it was because of the nature of the issue and the need for Nigerians to know that the former Vice President Atiku Abubakar is insisting on the full disclosure of President Tinubu’s academic records by the Chicago State University.

He said even though President Tinubu has said the public disclosure of his CSU documents would cause irreparable damage to him, “Nigerians would even be more shocked to know more about the certificate in question.”

He said, “Even when the court of first instance and the appellate court have convicted someone to death minutes before the Supreme Court gives its final judgement and there arose fresh and compelling facts and evidence, the apex court is bound to listen to the fresh facts before making its final judgement.

Daily Trust

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