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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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Attempted Coup: DSS Arraigns Five for Alleged Refusal to Reveal Timipre Sylva’s Hiding Place

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The Department of State Services (DSS) at the Federal High Court in Abuja, arraigned five associates of former Minister of Petroleum Resources, Timipre Sylva.

They are accused of concealing information regarding the whereabouts of their principal, who is alleged to be a financier of an aborted coup attempt against President Bola Tinubu.

Sylva, a former Governor of Bayelsa State, has been declared wanted by the Federal government, and his identified properties have been marked for forfeiture following his indictment as the sponsor and mastermind of the alleged coup plot.

The five associates are Reuben Ayuba, Musa Mohammed, Friday Paul, Paganengigha Anagaha, and Ayebaifife Suobite. They were arraigned on Wednesday before Justice Peter Lifu.

A two-count charge filed against them indicates that the accused became accessories after the fact of felony on April 28, 2026, by concealing the whereabouts of Timipre Sylva, who is classified as a fugitive. The alleged offense is contrary to Section 519 of the Criminal Code Act Law of the Federation of Nigeria, 2004.

Additionally, the DSS has accused them of conspiracy to commit a felony, specifically for concealing the whereabouts of Timipre Sylva, also a fugitive, in violation of Section 516 of the Criminal Code, LFN 2004.

All the accused persons pleaded not guilty to the charges when they were read to them.

DSS lawyer, Emmanuel Orubor, requested that the judge schedule a date for the DSS to commence their trial by calling witnesses to testify against the defendants.

In response, Sunusi Musa (SAN), who represented Reuben Ayuba and Paganengigha Anagaha (the 1st and 4th accused persons), filed a bail application for his clients on various grounds.

Similar applications were made by Ibrahim Imadegbelo, representing Musa Mohammed (the 2nd accused), I. G. Kelubia, standing for Friday Paul (the 3rd defendant), and E. C. Sogo, who argued for Ayebaifife Suobite (the 5th accused person).

The lawyers pointed out to Justice Lifu that their clients have been in custody since October 25, 2025, and urged the court to grant them bail on liberal terms.

In a brief ruling, Justice Lifu granted them bail in the sum of N5 million each, along with two sureties for each, in a similar amount. The sureties are required to swear to an affidavit of means, provide evidence of three years of tax payment, demonstrate visible means of livelihood, and submit recent passport photographs.

Justice Lifu ordered that the claims of identities of the sureties must be verified by the Registrar of the Court.

Pending the perfection of the bail conditions, the Judge ordered that the accused persons be remanded in Kuje Correctional Centre in Abuja and fixed July 22 for the commencement of trial.

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UBA Reinforces Commitment to Rewarding Customer-Loyalty with N400m Bonus

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UBA Rewards Customer Loyalty with Over ₦400 Million Bumper Account Anniversary Bonus
…Reinforces commitment to rewarding customers for consistent savings
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has rewarded thousands of customers with over ₦400 million in anniversary bonuses under its flagship UBA Bumper Account, reaffirming the Bank’s unwavering commitment to rewarding customer loyalty and promoting a strong savings culture.

The payout, one of the largest loyalty rewards under the Bumper Account initiative since its launch, saw qualifying customers receive anniversary bonuses directly into their accounts, demonstrating UBA’s resolve to create lasting value for customers who consistently save with the Bank.

The UBA Bumper Account is a unique savings product that rewards customers simply for maintaining and growing their savings. Every year an eligible account reaches its anniversary, customers receive a cash bonus, making disciplined saving both rewarding and beneficial over time.
Speaking on the milestone, UBA’s Head, Retail Products, Tomiwa Sotiloye, said the Bank remains committed to ensuring that customers benefit directly from their relationship with UBA.

“At UBA, we believe customer loyalty deserves meaningful recognition. Every bonus paid is our way of saying ‘thank you’ to customers who continue to trust us with their financial aspirations. Surpassing the ₦400 million milestone reflects our commitment to creating products that not only help customers save but also reward them in tangible ways. It is another demonstration that when our customers grow, we grow with them.”

He added that both new and existing customers can open a UBA Bumper Account seamlessly through https://on.ubagroup.com/bumper-tc, any any UBA branch, the UBA Mobile Banking App, by dialing *919#, or online, positioning themselves to qualify for future anniversary rewards.

Also speaking, UBA’s Group Head, Brands, Marketing and Corporate Communications, Alero Ladipo, said the Bank’s customer-centric philosophy continues to shape its product offerings.

“The UBA Bumper Account reflects our unwavering commitment to putting customers first. We deliberately design products that reward responsible financial behaviour while delivering real value. Crediting over ₦400 million directly into customers’ accounts is not just a payout; it is evidence of our promise to make banking more rewarding and to continually appreciate the confidence our customers repose in us.”

The UBA Bumper Account remains one of the Bank’s flagship retail savings products, combining competitive savings benefits, digital convenience and attractive loyalty rewards. It forms part of UBA’s broader strategy to deepen financial inclusion by encouraging sustainable savings habits while delivering exceptional customer experiences.

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Dele Momodu Leadership Centre Hosts Media Scholar, Prof Abiodun Adeniyi

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By Anjorin Fehintola Stella

We often measure leadership by the institutions people build or the positions they occupy. Yet, during his visit to the Dele Momodu Leadership Centre, Professor Abiodun Adeniyi repeatedly returned to something less visible but perhaps more enduring; the responsibility of documenting one’s life and thoughts. He spoke as someone who understands, at a personal level, what is lost when experience is left unrecorded. His emphasis on documentation was not stylistic advice for writers. It was an argument about memory itself, about how societies retain or lose the wisdom of the people who pass through them.

Ideas disappear when they are undocumented because memory, at the collective level, is fragile and selective. A society does not remember everything that happens within it, it remembers what is written down, repeated, taught, or institutionalised. An undocumented thought, however brilliant, dies with the person who held it, or worse, drifts into vague anecdote, stripped of its original precision. This is why oral cultures, for all their richness, often struggle to transmit complex ideas across generations with fidelity. Professor Adeniyi’s point, then, was not simply about personal record-keeping. History remembers people largely through what they leave behind, not through what they intended to leave behind. Intention without artefact disappears.

When he spoke about travelling, it would be easy to reduce his words to a fondness for movement or exposure. But the deeper claim runs further than that. Travel disrupts familiarity. It exposes individuals to different ways of living, thinking, governing and imagining society. Professor Adeniyi suggested that travelling remains one of the simplest yet most profound forms of education because it broadens not only knowledge but perspective. A person confined to one environment mistakes the local for the universal. Movement across geographies forces a confrontation with alternative logics, alternative arrangements of power, family, and meaning, and that confrontation is often where genuine learning begins.

Perhaps the strongest advice he gave concerned the pursuit of a doctorate. When Aare Dele Momodu spoke of his desire to pursue a PhD, Professor Adeniyi’s response challenged a growing culture in which academic qualifications are sometimes pursued as symbols of prestige rather than vehicles of inquiry. A PhD earned for the title that follows a name produces a credential without a contribution. A PhD earned out of genuine curiosity produces new knowledge and, more importantly, sustains the kind of intellectual restlessness that defines a thinking life. Professor Adeniyi’s counsel was that one should choose a field that strikes them professionally and personally, something that connects to lived purpose rather than social signalling, because the value of advanced study lies in the questions it forces a person to keep asking long after the degree is conferred.

Professor Abiodun did not reserve his counsel for matters of scholarship alone. Turning to the younger staff in the room, Professor Adeniyi offered something closer to reassurance than instruction, that everything they are currently going through, the uncertainty, the striving, the sense of being far from where they hope to be, is a phase both he and Aare Dele Momodu have lived through themselves. It was a reminder that ambition rarely moves on a straight or visible timeline. The goals and dreams that feel distant now are not denied, only delayed, and what stands between the present moment and their fulfilment is simply time and dedication, applied without pause.

 

Underneath all these threads, travel, documentation, the meaning of scholarship, was a single, unifying idea about legacy. Legacy isn’t what people say about you. It’s what remains after you leave. This distinction matters because praise is temporary and circumstantial, shaped by mood, politics, and memory’s natural decay. What remains, however, is structural. It is the book on a shelf, the institution still running, the idea still being taught.

This is where the conversation returned, inevitably, to the Centre itself. The library. The scholars’ rooms. The conversations. The institution. Professor Adeniyi appeared genuinely moved by what he encountered, not by the scale of the buildings, but by what the buildings were designed to hold. Perhaps that is why Professor Adeniyi appeared genuinely moved by the Centre. It was never merely about architecture. It was about permanence. Buildings become legacy only when they preserve ideas.

Every visit leaves footprints. Some are physical. Others are intellectual. Professor Abiodun Adeniyi’s visit left the latter.

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