Headline

Who is Behind Attacks on Tingo, Mmobuosi?

Published

11 months ago

June 10, 2023

Eric

By Eric Elezuo

Dozy Mmobuosi is a renowned entrepreneur, who established Tingo Mobile in 2001, with a mission to bring mobile technology and Fintech solutions to underserved rural communities in Nigeria. This singular act marked the beginning of his journey towards revolutionising the access and utilisation of technology in the Nigeria’s remote areas. The entrepreneur’s visionary drive has continued to unfold even as he founded Tingo Inc. in 2015, successfully taking the company public on the OTC Markets Group, signaling its growth and potential in the business landscape.

In January, 2019, Mmobuosi added yet another feather to his cap of entrepreneurial ingenuity by introducing Nwassa, Africa’s pioneering agricultural technology and digital platform, revolutionising the continent’s agri-marketplace with its innovative approach. Nwassa is currently undergoing a major upgrade to make it super efficient.

In February 2023, it was reported that Mmobuosi was close to completing a £90 million takeover of the newly- promoted English football club Sheffield United.

Perhaps the present travails and media trials the Chairman of Tingo Group, Mr. Dozy Mmobuosi, and his organisation are going through at the moment is a ripple effect of his intention to buy and own an A-list English Premiership club.

Ever since the pronouncement, fifth columnists have gone to town, and one objective has been uppermost in their minds – run the man and his business down. It is believed that Tingo’s attacks come under the purview of cases of research executives who misuse corporate trading plans and spoofing – a type of futures market manipulation technique.

That explains the reason a U.S. investment research firm focused on activist short-selling, Hindenburg Research, accused Dozy and his Tingo Group, of all manner of malfeasance. The ” reports” cast aspersions on Tingo’s meteoric rise and impact in mobile phones, food processing, and online food marketplace for farmers primarily located in Nigeria.

Tingo had vehemently denied the allegations, describing them as “misinforming”, stating that they contained numerous errors of fact which Hindenburg intends to profit from as a “short investment” firm.

It is worthy of note that Hindenburg is a Short-selling outfit in the practice of seeking to profit off bets that a stock will fall, and most times their reports are bent on causing ruckus or seek gains unduly, and that has come to the searchlight of the of U.S. prosecutors, who have pledged that there will be more activity by the Justice Department in coming months to curb their menace, according to a report in Reuters.

The medium maintained that “the recent rout in shares of U.S. regional banks brought fresh scrutiny by criminal prosecutors and regulators of short sellers, who had previously come under review in the wake of the “meme stock” craze of 2021.” Avi Perry, the chief of the market integrity team, said at a Practising Law Institute event in New York that Short selling, including via options, is a priority for prosecutors.

“You’ll see some more activity from us involving short sellers sometime in the next few months,” he said.

Reuters reported “that prosecutors and other regulators are looking at short-selling activity in bank shares, which have whipsawed following three bank failures since March.

“Since at least 2021, the Justice Department and the U.S. Securities and Exchange Commission have been investigating potential manipulation by short sellers and hedge funds around the publication of negative research reports.

“The broad probe is an example of the agency’s efforts to use data to root out potential misconduct by traders and to dig more deeply into securities markets.

In the midst of the brouhaha, the Tingo Group, in a bid to restore its image as a profitable and fast growing fintech and agri-fintech company, has engaged White & Case LLP, a leading international law firm, to conduct an independent review and report to its independent directors over the allegations contained in short seller Hindenburg Research report published on June 6, 2023.

Tingo believes that Hindenburg, a self-described short seller, has a disclosed economic incentive to negatively influence its share price with the tainted and warped report.

The Company strongly believes it is in shareholders’ best interests to allow White & Case’s independent review to be carried out unhindered and it is committed to protecting its integrity. As such, the Company intends to make no further comment on Hindenburg’s allegations until the review has been completed.

TINGO’S REBUTTAL

Tingo Group Inc (NASDAQ: TIO), a leading fintech and agri-fintech company, strongly refutes the misleading claims made by Hindenburg Research in their recent report. Hindenburg Research’s allegations are baseless and intended to harm the reputation of Tingo and its esteemed founder and CEO, “Dozy” Mmobuosi. Tingo Group stands by its commitment to transparency, ethical practices, and the pursuit of excellence in all aspects of its business. The company’s growth and achievements are a testament to its dedicated team and visionary leadership.

Hindenburg Research’s claims regarding Dozy Mmobuosi’s background are false and without merit. The Research institution’s allegations regarding Tingo’s food division and its revenue are equally misleading and inaccurate. Tingo Group has established a robust network of partnerships with Nigerian farmers and third-party food processors, enabling it to operate as an intermediary in the food supply chain. The revenue generated by the food division is a result of these collaborations, and Tingo Group is fully committed to ensuring the highest standards of transparency and accuracy in its financial reporting. Regarding the groundbreaking ceremony for Tingo’s planned food processing facility, Hindenburg Research’s claim that the rendering used was from a stock photo website is false. The rendering accurately represents Tingo’s vision for the facility, and any suggestion otherwise is baseless.

Tingo Group is disappointed by Hindenburg Research’s attempt to cast doubt on the company’s agreements and partnerships. The claims made regarding Tingo’s collaboration with Evtec Energy are incorrect. The funding agreement with Evtec is in progress, and any information regarding the company’s financial status should be sought from official sources. The allegations surrounding the acquisition of Tingo Foods and the disappearance of inventory are entirely misleading. The inventory transition was a result of operational adjustments and was properly accounted for in Tingo’s financial statements. Any insinuation of impropriety in this matter is without merit.

Also, Hindenburg Research’s attempts to undermine Tingo Group’s reputation by questioning the existence of farming cooperatives and the company’s mobile services agreement with Airtel are unfounded. Tingo has established fruitful relationships with farming cooperatives, and the mobile services agreement with Airtel has been duly established and adheres to all regulatory requirements. The allegations of Tingo’s Ghana expansion and the functionality of Tingo Mobile’s office are also fallacious and misleading to the public. Tingo Group is committed to expanding its operations in Ghana and ensuring excellent customer service. Any claims suggesting otherwise are unsubstantiated and lack credibility.

Tingo Group strongly denies the allegations surrounding its payment systems, NWASSA platform, and Tingo DMCC’s export business. The company operates with integrity and adheres to all regulatory requirements in its business operations. Hindenburg Research’s claims regarding financial statements are explicitly untrue and deceiving. Tingo Group’s financials are prepared following industry standards and audited by reputable firms. Any minor errors are rectified and do not impact the accuracy and reliability of the financial reports.

Tingo Group is confident in the accuracy and integrity of its financial statements and will continue to work diligently to maintain the trust of its shareholders and stakeholders. The company is open to engaging with regulatory authorities and other relevant parties to address any concerns and provide clarity on its operations and financials. Tingo Group remains focused on its mission to revolutionize the fintech and agri-fintech sectors, and will not be deterred by baseless allegations. The company is committed to upholding the highest standards of corporate governance, transparency, and ethical practices. Tingo Group is confident in its business model, its talented team, and the positive impact it is making in the fintech and agri-fintech industries.

MORE ABOUT TINGO GROUP

Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore.

AFAN DEFENDS TINGO’S INITIATIVE

Reacting to the controversial Hindenburg research and allegations, the All Farmers Association of Nigeria has confirmed its partnership with Tingo Group, saying that an estimated 11 million of its members have adopted Tingo Mobile’s smartphone and fintech applications.

In a press statement, AFAN clarified that its partnership with Tingo Mobile “is progressing”.

The press statement titled, ‘AFAN announces progress in partnership with Tingo Mobile”, and signed by AFAN’s National President, Dr Farouk Rabiu Mudi, noted that some farmers have started making their produce available for processing to Tingo Foods Plc, an affiliate of Tingo Mobile.

THE STATEMENT READS:

“The All Farmers Association of Nigeria is pleased to announce a noteworthy progression in its lease and service agreement with Tingo Mobile Limited, a significant provider of mobile and fintech solutions in Nigeria.

“As of today, AFAN reports that an estimated 11 million of its members have adopted Tingo Mobile’s smartphone and fintech applications, including the Nwassa platform, as part of their daily operations.

“This update signifies a considerable stride in AFAN’s goal, established on December 14, 2022, to provide its members with access to advanced mobile technology and financial services.

“In addition, some members have started making their produce available for processing to Tingo Foods Plc, an affiliate of Tingo Mobile. This development is a modest but promising step in AFAN’s partnership with the Tingo Group.”

The National President of AFAN also expressed farmers’ pleasure with the progress made, noting that through Tingo, the use of technology had grown among farmers in Nigeria.

“We are encouraged by the progress we have seen through our partnership with Tingo Mobile. The use of digital technology among our members is growing, and some of our farmers have started to engage with Tingo Foods Plc. We remain hopeful for more growth and improved utilisation of the products and services offered by Tingo and its group of companies,” he added.

“This collaboration underscores AFAN’s dedication to modernising agricultural practices and ensuring its members are given the necessary tools to adapt in a rapidly evolving digital landscape.”

AFAN is also excited by the recently signed N3billion loan agreement with Tingo to enhance rice, wheat production and warehousing facilities.

Mmobuosi remains a trailblazing African tech entrepreneur, who has attracted cover features in Forbes Africa and GQ South Africa among a host of others.

And despite the barrage of attacks, he told Reuben Abati on ARISE TV that he will not lose focus, and would conrinue strive to grow his businesses, fly the Nigerian flag proudly and will not give up on acquiring Sheffield United.

Headline

Yahaya Bello vs EFCC: The Tussle Continues

Published

4 hours ago

May 5, 2024

Eric

By Eric Elezuo

With the declaration of the Apppeal Court, sitting in Abuja over the weekend, ordering a stay of proceedings in the contempt charge instituted by Yahaya Bello, former Kogi governor, against Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), the stage seems set for an elongation of legal fireworks between the two feuding entities.

The declaration was a follow-up of Bello, who approached the Kogi High Court, seeking an order to issue and serve the respondent (EFCC chairman) with “form 49 notice” to show cause why an order of committal should not be made on him.

The judge, after listening to the arguments of the applicant’s counsel, the submission and the exhibits attached in the written address, granted Bello’s prayers and ordered Olukoyede to be summoned to appear before the court to answer the contempt charge.

However, while it is believed that the crisis of apprehending the former governor for prosecution is an institutional matter, many on the other hand, has accused the EFCC chairman of attaching a lot of personal interest in the matter going by the way he is fighting tooth and nail to see Bello in custody.

In a chat with editors at the EFCC Headquarters, Jabi, Abuja, the anti-graft agency chairman swore to follow the prosecution of Bello to the logical conclusion.

He also vowed that all those who obstructed the arrest of the former governor would be brought to justice.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the EFCC Chairman,” Mr Olukoyede had vowed, adding that those who obstructed the arrest of the former governor would be brought to book. This was a veiled accusation against the governor of Kogi State, Usman Ododo, who used security agents to forestall the arrest of Bello in Abuja.

Olukoyede had also accused Bello of paying his children’s school fees upfront with funds from the atatae coffers.

“A sitting governor moved $720,000 directly from the government account to the Bureau de Change and used it to pay for the school fees of his child in advance in a poor state like Kogi, and you want me close my eyes under the guise that I’m being used. Use by who? At this stage of my life? By who for crying out loud?

“I didn’t initiate the case, I inherited the case file,” he retorted.

The EFCC had sought to arrest Yahaya Bello following his absence from court, and an order by Justice Emeka Nwite of the Federal High Court in Abuja after his absence in court.

He was absent from court for his arraignment on a 19-count charge of alleged money laundering to the tune of ₦80bn.

The judge relied on sections 384(4) and (5) of the Administrative and Criminal Justice Act 2015, directing the counsel to the immediate past governor to receive a copy of the charge.

The court held that where it had become impossible to effect personal service of a legal process on a defendant, such could be done through substituted means.

Justice Nwite further held that it was clear that the former governor failed to appear in court for his arraignment.

Notable minds including veteran journalist, Dele Momodu; human advocate and constitutional lawyer, Mike Ozekhome among others have said that the brazen nature with which Olukoyede is going about the matter smacks of personal vendetta, noting that now that the court of appeal has ordered a stay of execution of the contempt of court charges against Olukoyede, everyone must maintain status quotes, and allow Bello to respond to court summon, as the case is now between him and the court of Justice Nwite.

On his part, Momodu has lashed out at the EFCC for selective prosecution, wondering if Olukoyede has any personal stake in the matter, adding that generally the EFCC misfired in the Bello saga.

He said in part, during his Instagram live show:

“I don’t work for EFCC but from all the things that I have read, a lot of them, they misfired. That is the honest truth. They misfired. They didn’t do their due diligence. When you said a man took out money and paid for his children’s school fees, just as he was about to leave power, and you go and check the documents and you see that these things started happening from 2021, 2022 (laughs); I am not an illiterate.

“How do you expect me to believe everything they said when they were too much in a hurry to prosecute him that they did not take their time to check the file. Once you allow a lacuna in law, everything will fall flat.

“That is it. I am not one of those people who will say because I don’t like APC and because I supported Dino Melaye in the last election in Kogi State. Dino is my guy. But, I will not because of that be blinded by hatred for Yahaya Bello and say yes, he should go and surrender himself to EFCC when there is an existing injunction.

“And he is not the only governor who went to court and if the court has granted him that, so be it. We all know that our judiciary is not so perfect but you know, even at that, law is law, it must be obeyed. If we disobey the rule of law, then, we will have to obey the rule of the jungle. So, I never said that they are lying, it is their own statement that shows that they didn’t do their due diligence.”

TheCable, in its report, recalled that “a Kogi State high court presided over by Isa Jamil Abdullahi, had ordered Olukoyede to appear before it on May 13 to show why he should not be committed to prison for allegedly disobeying its order restraining the EFCC from arresting or taking any action against Bello.

“However, the EFCC chairman filed an appeal against the court summon.

“Olukoyede filed two motions, one seeking a stay of execution of the summon, and another one asking to serve processes on Bello via substituted means by pasting the process at his Abuja residence on No 9 Bengazi Steet Wuse Zone 4.

“In its ruling, a three-member panel of justices led by Joseph Oyewole granted the two motions.

“The appellate court fixed May 20 for the hearing of the substantive appeal marked CA/ABJ/CV/413/2024.

“Bello had on February 8, 2024, instituted a fundamental rights enforcement suit, asking the court to declare that “the incessant harassment, threats of arrest and detention, negative press releases, malicious prosecution” by the EFCC, “without any formal invitation, is politically motivated and interference with his right to liberty, freedom of movement, and fair hearing”.

“The former governor also sought an order “restraining the respondent by themselves, their agents, servants or privies from continuing to harass, threaten to arrest or detain him”.

“On February 9, the Kogi high court granted an interim injunction restraining the EFCC from “continuing to harass, threaten to arrest, detain, prosecute Bello, his former appointees, and his staff or family members, pending the hearing and determination of the substantive originating motion for the enforcement of his fundamental rights”.

On March 12, the EFCC filed an appeal against the interim injunction because the court could not stop the commission from carrying out its statutory responsibility.

The Kogi high court delivered judgment on the substantive motion on notice on April 17 wherein the presiding judge granted an order restraining the EFCC “from continuing to harass, threaten to arrest or detain Bello”.

However, the judge directed the commission to file a charge against Bello before an appropriate court if it had reasons to do so.

The judgment coincided with the recent “siege” laid on the Abuja residence of Bello by EFCC operatives seeking to arrest him.

The commission had also obtained a warrant of arrest against the former governor from the federal high court in Abuja.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2 billion.

At the scheduled arraignment on April 18, Bello was absent.

At the court session, Abdulwahab Mohammed, counsel to Bello, told Emeka Nwite, the presiding judge, that the court lacked jurisdiction to grant the warrant of arrest in the first instance.

He referenced the February 9 interim injunction issued by the Kogi high court, adding that the appeal filed by the EFCC was still pending.

However, the EFCC has filed a notice to withdraw the appeal.

In the notice filed on April 22, the anti-graft agency said the withdrawal was predicated on the fact that events have overtaken the appeal.

The commission also admitted that the appeal was filed out of the time allowed by law.

With the present status, legal minds are of the opinion that matters have returned to status quo, and Justice Emeka Nwite, reserved the right to order Bello’s appearance in court, and await his appearance before any other injunction can be made.

“For now, it is not about who won or who did not. The matters of the case rest with the invitation of Bello by Justice Nwite. Bello was absent during his first summon, and the case was adjourned. So, everyone has to keep the calm and wait for the next hearing and see if he appears or not as directly by his lordship,” Ozekhome noted.

As it is therefore, May 20 will be a deciding factor for both Bello and EFCC as the tussle for who laughs last continues.

Headline

A’IBOM GOVT PARTNERS FHA ON AFFORDABLE HOUSING

Published

1 day ago

May 4, 2024

Admin

.. donates 50 hectares of land for project take-off

Akwa Ibom State Government and the Federal Housing Authority ( FHA) have sealed a new partnership on the Diaspora Home Project, an affordable housing scheme of the President Tinubu Renewed Hope Agenda, with flexible payment programme, for public servants resident in the State.

The partnership was reached as the State Governor, Pastor Umo Eno, announced a fifty hectares of land donation and any other required state government support, as counterpart facilitation for the federal government housing project during a courtesy visit by a delegation from FHA led by its MD/CEO, Hon. Oyetunde Ojo, at Government House, Uyo.

In his words, “I want to assure you sir that we will work together. We have already allocated a piece of land and the Commissioner for Lands will make it available to you.

“Talking about the economic benefits such as creating employment, and all the other areas that you have talked about, we will give you all the necessary support for the benefit of our people,” he said.

Commending the all-inclusive leadership style of President Bola Ahmed Tinubu, Governor Eno lauded the FHA helmsman for taking steps to collaborate and ensure synergy between the federal agency and governments of the respective states proposed for the project.

This, he said, was similar to the Akwa Ibom approach, where the government does not embark on any project without engaging the stakeholders to know the actual community needs per time, expressing hope that other federal agencies, like the NDDC, would take a cue from the disposition of the FHA.

He reiterated his commitment to supporting and collaboratively working with the President Tinubu-led federal government for the general good of the people, irrespective of their different political affiliations.

“We want to make our people happy and I think that is why God sent us here. We can show to our people that our brother is up there and is helping to bring things back home and I thank Mr. President for being a father to all.

“For us in Akwa Ibom, we will work with him because he is doing his very best. I don’t have to be in APC to support him. So I make it very clear, I am a member of the PDP, but I will support Mr. President always,” Governor Eno affirmed.

In his earlier presentation, Hon. Oyetunde Ojo, said housing was a critical component of the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led government and thanked the Akwa Ibom State Governor for readily supporting FHA’s Diaspora City project with land donation which, he stressed, was a priority requirement for the project.

According to him, besides coming to solicit for land, the FHA under his watch will be willing to collaborate with the state government in the areas of design, the actual building and ensuring off-takers for houses, while assuring of optimal and judicious utilisation of the allocated land.

Headline

Revealed: Governor Umo Eno’s Communication to Senator Akpabio and His Response

Published

1 day ago

May 4, 2024

Admin

… Hosts State Banquet in Honour of Senate President, Akpabio

Governor Pastor Umo Eno of Akwa Ibom State is reaching out to the federal government to foster collaboration aimed at accelerating the development of the Ibom Deep Seaport and an Oil Palm refinery.

Speaking at a State Banquet organised in honour of the president of the 10th Senate, Sen. Godswill Akpabio at the Government House Banquet Hall, Uyo, he urged the Senate President to help facilitate the projects for the good of the State and country at large.

He noted that it is a privilege and a blessing for the State to have a Senate President under his leadership as State Governor, and urged him to bring the dividends of democracy back home.

According to him, “Your Excellency, I had some requests while we were in my office, and I want to please make it public, they’re just three. The first thing I want to request is that you help facilitate a partnership with the Federal Government on the Ibom Deep Seaport.

“The second request is that we want to partner with the federal government to develop our oil palm plantation and to have an industrial oil mill in this state. This is the kind of thing that will bring employment and benefit our people. Finally, Your Excellency, we would like to pay a Thank You visit to Mr. President across party lines. We would like to go thank him for standing by you and supporting you.

“Your Excellency, we thank you and we want to assure you that we will continue to collaborate with you to bring development to our state and our nation at large,” he said.

Governor Eno appreciated President Bola Tinubu for the support given to an Akwa Ibom son to emerge as Senate President and assured the President of continuous support to enable him succeed.

“We want to thank the President and Commander-in-Chief of the Federal Republic of Nigeria, President Bola Ahmed Tinubu. We thank him for standing by you, and supporting the vision of your colleagues that today, Akwa Ibom has the number three citizen of the Federal Republic of Nigeria.

“That’s the joy we have and that is the prize we carry, and we will continue to assure you that we will partner with you, partner with the Federal Government, under the leadership of President Bola Ahmed Tinubu,” the Governor added.

The Governor who had earlier recieved the Senate President in his office on a courtesy visit, appreciated Sen. Akpabio for his visionary leadership when he served as governor of the State, and urged him to do even more as number three citizen of the country.

Pastor Eno who was elated by the visit, said “Your Excellency, it is very clear from Psalm 133:1, “how good and pleasant it is when brothers live together in unity! For me as a person, I believe that God brought me here by grace to bring about reconciliation. There is this saying that “together we stand, and divided we fall.

“Tonight, that portion of scripture has come tru3

Sitting here again as a man who laid the foundation and built this edifice many years ag is heart -warming . I know you have been in Akwa Ibom State many times, but this is the first official visit of the distinguished senate president to the seat of Government of Akwa Ibom State.

“We do not take it for granted. We want to thank God for lifting you up as a beacon of light for our State. We want to thank your colleagues that found you worthy to be made the leader of the Senate, and the Senate President,” he said.

He appreciated all his predecessors for laying good foundation for the state saying, “we have a very proud genealogy, and each and everyone of you that went ahead of us have done such a fantastic job that our role is just to keep maintaining like you have noticed and attempt to add few more things by the grace of God.”

The Governor appreciated other Senators for the support shown their president and especially for accompanying him on the courtesy visit as well as the gala night, and urged them to keep up the team spirit.

Earlier in his remarks, Senator Godswill Akpabio appreciated Governor Umo Eno for his spirit of peace and unity, and described him as an apostle of peace.

He specifically appreciated the Governor for the honour done him by the warm reception and for always identifying with him and others irrespective of political party affiliation.

Senator Akpabio commended the Governor for his achievements so far, and urged him to continue the good works and strive to do more.