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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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Unveiling the Truth Behind False Accusations, Unjust Sentences

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By Hezekiah Olujobi

A criminal may deny their crime even when caught red-handed. It is important to recognize that just because the government condemns certain crimes like sexual molestation and rape, it does not mean that everyone accused should automatically jailed contrary to law or receive heavy sentences. Fairness and justice must prevail in every trial.

As a child rights advocate and a father of four daughters, I am fiercely protective of my children. I will not tolerate anyone attempting to harm them. While I am vigilant in safeguarding my children and providing them with education, I am troubled by the stories I hear from prison inmates across the Southwest, including the recent complaint we received from the United States prison in Atlanta, Georgia, who claim they have been unfairly sentenced.

For example, I encountered a man behind bars in Ado Ekiti, Ekiti State, who insisted that his wife forced her own daughter to falsely accuse him of impregnating her. He vehemently denied committing such a heinous act because it is an abomination in his hometown, citing a misunderstanding with his wife over allegations of adultery involving a police officer who happened to be the investigating officer in his case.

Despite his pleas for a DNA test to prove his innocence, he was swiftly sentenced to life imprisonment.

We also have a similar case in Kirikiri where a wife accused her husband of molesting his own daughter, and the man was dumped in prison without trial since 2020. The same woman came to cry for our intervention to free her husband. Our investigation revealed that this woman was actually jealous of her husband with another woman. She has ran away from Lagos because some human rights lawyers are threatening her with arrest for failure to show up.

We also have a man complaining against his former girlfriend who framed him for the offense of raping her daughter just because they had a misunderstanding.

In the United States of America, we have one ADEDOJA Olaniyi baH, a Nigerian who was convicted to 3 life sentences plus 76 years over the allegation of rape. All evidence such as DNA, CCTV footage, and his GPS data that could have exonerated him were prevented during the trial. The man was unfortunate to run into such a deep grave dug by his friend who betrayed him after a business transaction.

Also in Kirikiri we attended to Robert Israel, who was sentenced to life imprisonment over allegations of rape. Mr. Robert Israel, a 60-year-old electrician and estate agent from Ibadan, was sent by his US-based employer to supervise a house in Lagos in July 2021. He explained that his path crossed with Oluchi, the 9-year-old victim’s mother, in August when she was engaged with a neighbor who had a shop on the same street. He mediated a misunderstanding between the two sisters, which led to a fight in August. By September.the other woman died mysteriously.

Subsequently, Oluchi’s mother sought house cleaning work from him, but he recommended her to a house painter but she quoted a high price, leading to her rejection.

Robert Israel recounted his surprise when Oluchi’s mother, accompanied by her husband and Oluchi, arrived at his place with two police women from Langbasa Police Station, Ajah, Lagos to arrest him on 29 October, 2021. They accused him of raping Oluchi on the 5th and 9th of October 2021 in the corridor of his master’s house. Robert stated that Oluchi and her mother knew his place but had never entered his apartment due to security measures.

When questioned about evidence, Oluchi’s mother claimed to have washed the victim’s underwear, leading to her dismissal from the DCO police officer’s office. Despite a medical report showing no injuries to the victim’s genitals, Robert was charged to court , convicted and sentenced to life imprisonment on June 13, 2024.

Behind every false allegation of rape, there is an underlying story which may not be clear to the public. When any aggrieved person wants to deal with the offended person, what he or she needs to do is to report to the police and frame up the person on allegations of rape.

The attitude of the Court of Justice towards this offense does not portray the true symbol of justice. The court should be a place where the oppressed get justice, not where the oppressor triumphs over the innocent. The court and the police should never be used as an instrument of oppression. Sincere apologies to my noble lords. The office of the Chief Judge must caution some judges who are known for conviction. There is a need to sensitize the conscience of these judges to the consequences of their judgments upon the accused person. Crushing the life of an individual is crushing the children at home and their extended family. Such heavy sentences are indirectly death sentences.

The police carry the whole blame for this for a lack of power to turn down every false accusation and allegation instead of dealing with the real grievance.

No matter how brilliant and strong a submission a defense counsel can make, some judges are hell-bent on tempering justice with mercy.

We also have some so-called human rights activists who go about mounting pressure on the victim and their families to appear before the court with a threat to send them to jail. Why all these things? Just to gain popularity or international grants.

A case of rape or sexual molestation is indeed a very sensitive and serious issue that requires careful consideration and handling. We would not take such cases lightly; we will ensure that justice is served for the victims. However, justice is not for the victim alone but also for the offender and the society.

It is crucial to prioritize the well-being and justice for the victims in such cases and not to be swayed by the denials or attempts to minimize the seriousness of the offenses.

It is essential to uphold the rule of law and ensure that the real perpetrators are held accountable for their actions.

As for us here, or let me say, “as for me, I would take the risk to listen to the individual who strongly believes he is innocent with his proof of evidence, and I shall raise my voice on behalf of such an individual until justice is triumphed.”

In situations where individuals are crying out for justice, it is crucial that we listen attentively and not ignore their pleas. The pursuit of truth and fairness should always guide our actions in such cases.

It is high time to listen to the complaints of individuals crying in heavy sentences without money to appeal for their case.

While the Correctional Centre are doing their best to keep the people behind bar safe, the overcrowding remains their major problem. The only way to help reduce the overcrowding is to identify cases who are not supposed to be there.

For more information about us, visit www.cjmr.com.ng or contact us at 08030488093 or via email at hezekiaholujobi@yahoo.com or info@cjmr.com.ng.

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Atiku Leads PDP Campaign Rally for Edo Guber Election

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By Eric Elezuo

As the campaigns wind down in the race to Osadebe House, the final destination of the Edo State governorship election, the Peoples Democratic Party (PDP) has urged the electorate to come out and enmasse and vote, and ensure to guard their votes to avoid manipulation.

Leading the charge in Oredo, Benin City, venue of the PDP mega and final rally, former Vice President of Nigeria, who is the Waziri Adamawa, Alhaji Atiku Abubakar, told the people of Edo State not to be intimidated, threatened or be scared of voting, but, rather vote, and defend their votes on Saturday to ensure that their candidate in the Governorship election in Edo State, Mr. Asue Ighodalo, emerges victorious.

He recalled that the opposition threatened the State four years ago, but it didn’t work because Edo people can’t be intimidated, and ‘Edo no bi Lagos’. He appealed to the residents of Edo State to do the same this time around and ensure the PDP candidate, Asue Ighodalo, becomes the governor of Edo State.

Also addressing the mammoth crowd, chairman of Edo National Campaign Council and governor of Adamawa State Ahmadu Fintiri, commended Governor Godwin Obaseki for his many developmental strides.

He Said, “Obaseki has led a landmark in Edo State in terms of development, performance and human capacity development. Edo people need to bring a competent person like Obaseki or a man better than Obaseki.

“You can’t vote for somebody else than Obaseki, we will support Asue Ighodalo because he is the most credible in this election come September 21st governorship election.

“We all will be here next Saturday, we can’t be intimidated, threatened by anybody or party. We will vote, protect and defend our vote and ensure Asue Ighodalo wins the election”.

Chairman of the Governors forum and Bauchi State Governor Balar Adulkadiri Mohammed said the PDP governors are more united than ever. He noted that PDP are all backing the Asue Ighodalo to emerge governor of Edo State.

Osun State Governor Ademola Adeleke said dancing is sure in Edo State to come 21st of September 2024 as light and darkness can’t agree. We have the best candidate in this Edo election as Obaseki has done well for the Edo people and Asue Ighodalo will do more.

In his welcome address the chairman of Edo State chapter of PDP, Anthony Aziegbem, thanked guests present urging Edo people to come out enmass to vote PDP candidates.

He said, “it’s only Edo people that can determine who will be their governor come September 21st governorship election in Edo State No matter the intimidation, harassment, threat the people will stand their ground to vote their choice come September 21st in Edo State”.

The BOT Chairman Adolphus Nwabara said he has warned Prof. Mahmood Yakubu not to be intimidated but create a level playing field for all candidates in the election.

The party used the medium to call on the INEC Chairman to use the Edo election to correct the wrongs of last year.

“Don’t be intimidated, do the right thing and retire as a clean man,” the party advised Yakubu Mahmood.

Handing over the party’s flag to the Governorship candidate Asue Ighodalo, the PDP National Chairman Umar Damagum called on the INEC chairman to refrain from calling results at night as the midnight announcement will be resisted by Edo people.

“I call on all Edo people to be watchful and defend their votes as the Edo election is a test for democracy in Nigeria”.

The PDP governorship candidate Asue Ighodalo and his running mate received the party flag from the National Chairman of PDP and Ighodalo thanked all present in the rally assuring them that he would take Edo to higher ground.

He said he will lead a successful State where citizens will be prosperous. “I will govern sincerely, transparency and do what will make Edo great again. PDP is a party of courage and we dare to fight and win our elections come September 21st 2024.

“We promise to take Edo to the next level and make the State amongst the first world States.”

The Edo governorship election is billed to hold on Saturday, September 21, 2024 with the PDP candidate, Asue Ighodalo squaring up against 16 other candidates from various political parties, two of which are formidable. They are Monday Okpebholo of the All Progressives Congress (APC) and Olumide Akpata of the Labour Party (LP).

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Investment Summit: Adeleke Vows to Transform Osun Economy

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By Eric Elezuo

Osun State governor, Senator Ademola Adeleke, has said that his government is poised to transform the economic fortunes of the state.

The governor made the vow while speaking on one of the fora of the 4-day Industrial Investment Summit 2024, hosted by the state, with a solid pledge to transform the state’s economy while identifying opportunities and strengths of various sectors that will attract investors, and add more value to the state.

In his speech as the Osun Investment Summit got underway, at the opening ceremony of the Osun Investment Summit held at the Olagunsoye Oyinlola Auditorium hall, UNIOSUN, Osogbo, the governor said his administration would further provide a platform for discussions and agreements on actionable strategies for accelerating the pace of industrialisation and economic growth in the State with the investors.

According to him, “Our vision is also to make Osun State one of the top ten revenue-generating states in Nigeria, ensure relative peace and security and grow the economy.

“Osun State is Open Beyond Borders and Across Space for Industrial Investment to Investors, Manufacturing Industries, World Leaders in Business, Private and Corporate Investors, Tourists and people in the Diaspora. We are open to investments from Osun indigenes, Osun in the diaspora and indeed everyone from across the globe. Osun is home to everyone irrespective of tribe, race, language, colour or background.

“We want to accelerate the pace of industrialisation because we are on a mission and that is why we have embarked on several initiatives across different sectors of the Osun economy which include the revitalization of  the Free Trade Zone which is planned to provide over 1,000,000 direct and indirect jobs for the people, Establishment of Farm Produce Aggregation Centres with Cold and Dry Storage Facilities and Processing Units, Encouragement of Youths to key into Skills Upgrade and Entrepreneurship Development Training Programmes and Revival of Moribund Industries among others.

“Let  us use this summit to shape the State’s development agenda and forge long-lasting bilateral and multilateral alliances for mutual prosperity. This will ensure that in the final analysis, when the story of Osun’s emergence as an economic giant is written, history will reserve for us a commendable mention and a glorious front seat.”

In his speech, the commissioner for Commerce and Industry Revd. Bunmi Jenyo stated that the Industrial Investment Summit 2024 is a platform for opportunities and strategic matching for stakeholders in Osun industrial ecosystem to facilitate partnerships and investments.

According to him, “We want Osun to be a hub of commercial, industrial and economic activities in the South Western Nigeria and beyond. We are hopeful this summit will open up the industrial and business landscape of Osun and many investments will spring up in the State with multiplier effects.

“Osun State is Open Beyond Borders for Investments from Osun indigenes, Nigerians, and all persons in the Diaspora. The State, through the Ministry of Commerce and Industry, is ready to support investments by providing an enabling environment for businesses to thrive.

He however affirmed that, “the state planned the industrial investment summit to bring together investors, business and corporate giants, industry experts, academia, government officials and entrepreneurs to explore industrial and business investment opportunities across Osun.”

Additional info: The Tribune

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