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TINGO: Nigeria must Protect its Own

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The Lagos financial community is on fire right now at the audacity and ease with which Financial Research company allegedly operating behind a laundry, on Coopers Street, Yonkers, New York managed to use lies an innuendo to smash, after Jumia and Opera, the price of another African tech giant, Tingo Group (TIO:Nasdaq) and run off into the darkness with over $100mn and the US Regulators were impotent and were not capable of stopping them doing it or apparently from even striking again.

That research firm publishes the Hindenburg Report, run by money tycoon Nathaniel Anderson aka the Hindenburg Hustler specialises in a technique known as “short and distort” in which he bets the price of a booming stock will collapse and then pretends to be an independent arbiter but instead pays keyboard warriors to attack chatrooms to discredit companies with fabricated evidence, fake pictures, Ai distortions and out right lies until their price collapses. He and his billionaire buddies who back him then pocket the money. A fool and his money is soon parted, is there motto.

They are so brazen that they can do this at least ten times a year, pocketing hundreds of millions of dollars. This year to make a statement and prove their power over Wall Street, they attacked Carl Icahn, the banker that the original Oliver Stone movie “Wall Street”, played by Michael Douglas, was based on. They named and shamed him in a gross public display to show that Nathan was the new King of New York.

Carl Icahn, the old icon of the GREED IS GOOD 1980s, was left spluttering :

“Hindenburg Research, founded by Nathan Anderson, would be more aptly named Blitzkrieg Research given its tactics of wantonly destroying property and harming innocent civilians. Mr. Anderson’s modus operandi is to launch disinformation campaigns to distort companies’ images, damage their reputations and bleed the hard-earned savings of individual investors,”

All fun and games for the comfortable US bankers but here in Africa the consequences are deadly serious. Tingo provides a mobile phone and the means by which 11 million farmers buy their seeds and fertiliser and sell their crops, fruit and vegetables with VISA and AFAN (government co-operative organisation). Many Tingo farmers are in states that have been badly harmed by climate change. Many rely and their families and their communities rely on Tingo. When the Hindenburg Hustler sneezes, Africa catches Covid.

Tingo is one of the few commercial enterprises that can operate in our troubled North East and have done through out the conflict providing a source of income and communication to many who are isolated or displaced. When there is no market place, their children go without healthcare and education, they can’t just slip out of their Manhattan office for a cup of Joe and a a double burger at the Inwood Grill.

The Nathans of New York do not care how Africa has relied on our African technology entrepreneurs from Mo Ibrahim to Strive Masiyiwa to pull our continent out of endemic poverty. Mobile money has transformed financial inclusion in Africa and occurred a decade before it appeared in the States. Africa can be a leader. The digital transformation of Africa is rapidly closing the gender gap and reducing poverty for all.

In December 2022, the United States launched the Digital Transformation with Africa Initiative (DTA). The US government pledged about $800mn which is much less than the value that the Hindenburg Hustler destroyed in African technology companies in a matter of days. If the US is serious in Africa about digital transformation it should use its enforcement bodies to act swiftly and close down these “short and distort” bucket shops that rely on the unconscious racial bias of many of its financial institutions to attack with impunity foreign companies who seek a listing on markets such as NYSE and Nasdaq that are promoted as being global.

The US capital markets should not portray themselves as concerned about ESG matters or United Nations special development goals, if they can not control the criminal activities of the Hindenburg Hustler operating a 20 minute drive away from the UN headquarters in New York. In the Ai age, anyone can fabricate information and then as Nathan Anderson does hide behind the free speech First Amendment and any robust institutional governance should ensure that people like him are regulated.

And they should do this not just because of the outsized effects his greed is good mentality has on ordinary Africans but also to protect those hard working Americans who invest pensions and savings to make it through their old age in the market. Hindenburg does what it does for secretive billionaire buddies. Don’t think for a second he gives a damn about smashing ordinary Americans to the kerb.

But if the regulators can not control Hindenburg, (and Gary Gensler boss of US Securities and Exchange Commission is promising to deal with the short and distorters soon) then what can Tingo and other African tech companies who wish to go to US for capital market support, do to protect themselves.

Tingo did well by calling for an independent enquiry within 48 hours of the abusive attack by Nathan Anderson. They went to one of the world’s biggest law firms White & Case. Founded in 1901 and ranked in the top law firms globally by revenue. It is their job to look at the allegations and make recommendations to the board of Tingo. Hopefully, Nathan Anderson will be forced by them to reveal who his billionaire buddies are and thereby the expose the criminal conspiracy that surrounds him.

Those companies that have escaped the clutches of the Hindenburg Hustler, include Bloom Energy, the green energy provider. Hindenburg alleged that there were undisclosed servicing liabilities that the market had overlooked and predicted that Bloom Energy was heading towards bankruptcy. Within two years of the report the company had more than doubled their share price.

In March 2021, Hindenburg Research accused Ormat Technologies, Inc. of engaging in widespread and systematic acts of international corruption. Around this time their share price moved wildly. In a short time, having thrown off these allegations, the renewable energy provider carried on as normal with its share price being pretty stable ever since.

In December 2021, Hindenburg Hustler published a report alleging that Technoglass Inc had Suspicious sales and acquisitions involving undisclosed related-party customers. They also alleged ownership of these related-party customers by family members of Technoglass’ CEO and COO. There were also accusations of significant connections to a cocaine cartel, resulting in criminal allegations. In the time since these reckless or fraudulent accusations by Hindenburg, the share price of Technoglass has tripled.

That such criminal activity against so many foreign participants from Africa, India, China and Europe can exist and thrive at the centre of the world’s largest economy and then hide behind that economy’s constitution is astounding. A potential recourse would be by our government or the African Union to the World Bank or IMF’s Financial Sector Assessment Program which can sanction America for allowing this to even occur.

The only thing necessary for the triumph of evil is for good men to do nothing, is often quoted, in instances where guys like Nathan Anderson and his billionaire buddies but Nigeria can no longer expect the good guys in the USA to do anything. We have to stand on our own two feet and protect our own. Within 25 years,
we will have population bigger than the USA.

It time for Nigeria to draw the line and say no longer will you bully our companies or belittle our leaders or impoverish our people.

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Ozekhome Hails Goodluck Jonathan on 67th Birthday

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Leading human rights activist and constitutional lawyer, Prof Mike Ozekhome, has celebrated former President Goodluck Jonathan as he turns 67 today.

In a heroic-worded eulogy, the renowned author, who recently launched 50 books at once, praised the former president for his gigantic strides during his tenure, and for putting the nation above his personal interest in the aftermath of the 2015 general election.

Below is Ozekhome’s full statement:

HAPPY BIRTHDAY TO MY DEAR BROTHER AND GOOD FRIEND,DR GOODLUCK EBELE JONATHAN, GCFR

BY PROF MIKE OZEKHOME, SAN, CON, OFR.

GEJ, you are a true democrat in the truest sense of the word.More than 8 years after you left office, many Nigerians are still yearning for your kind of humane and purposeful leadership that shunned discrimination, tribalism, sectionalism, prebendalism and cronyism.

Nigeria surely prospered under you, overtaking South Africa as the biggest rebased economy in Africa and one of the fastest growing economies in the world. For the common man,life was good. You certainly made your mistakes, like us all humans and mortals. But your gargantuan pluses far outweigh your few minuses. God has indeed been very kind to you, raising you from a bootstrap state of nadir to the zenith of power as president of the biggest democracy in the black world. But you never allowed power to intoxicate or overwhelm you as an aphrodisiac.

You showed uncommon humility and selfless leadership- a servant leader. As a living icon phenomenon, you have exemplified the quintessence of the highest virtues and nobility of a good man. At a time Nigeria was on the precipice of collapsing under a looming electoral inferno in 2015, you placed the national interest above your personal interest by conceding defeat to then candidate Muhammadu Buhari, even when votes were still being counted. Your immortal words before that historic occasion to the effect that “My ambition is not worth the blood of any Nigerian” easily placed you in the pantheon of rare heroes. The words rekindled the genre of Abraham Lincoln’s imperishable words during his 18th November, 1863 Gettysburg declaration, that “Democracy is government of the people, for the people and by the people”. Your continuous shuttle diplomacy across the world with which you illuminate dark electoral crevices has proven you to be a world leader of respected pedigree.

Through you, Nigeria exports Democracy.

Happy birthday to an iconic and uncommon democrat.

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For Globacom, Everyday is Christmas

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Globacom Limited, Nigeria’s telecommunications giant, continues to showcase resilience and innovation, reinforcing its market presence and bringing value to its loyal customer base, which remains a central asset to the company.

Despite operating in a very competitive industry, Globacom has achieved steady growth and stability. Its main focus has been on advancing Nigeria’s digital transformation.

Guided by a long-term strategic vision, Globacom is setting the pace in customer engagement, turning 2024 into a year of “Christmas is every day” for its subscribers. Through substantial investments in network expansion and customer rewards, Globacom has achieved significant milestones in customer loyalty, aiming to support subscribers with impactful services amid the festive season.

With a focus on bridging the digital divide, Globacom continues to support Nigeria’s tech-driven ecosystem, empowering individuals and businesses. The group has made significant strides in aligning its objectives with Nigeria’s digital literacy goals, as seen with the launch of a learning management solution that trains up to 100,000 users monthly on key digital skills, including blockchain, digital marketing, and artificial intelligence. This initiative supports Nigeria’s goal to produce 3 million technical talents by 2027.

Further positioning itself as a tech enabler, Globacom announced four upcoming digital innovation hubs to foster entrepreneurship in Nigeria, with the first set in Lagos by Q4 of 2024, followed by hubs in Port Harcourt, Ibadan, and Abuja by mid-2025. These hubs aim to create new opportunities in tech and digital services for Nigeria’s growing economy.

Beyond telecommunications, Globacom actively contributes to government-led initiatives in education, agriculture, and transportation, extending its digital solutions to sectors beyond telecom.

In October 2023, the telecom giant underscored its role as a significant industry player by paying N156 billion ($210 million) in spectrum renewal fees, reinforcing its dedication to regulatory compliance and ongoing growth in Nigeria’s telecom landscape.

Globacom holds a leading position as Nigeria’s home-grown telecom provider in a particularly money guzzling venture. It has never failed to live up to expectations. The telecom behemoth further expanded into financial services through its MoneyMaster Payment Service Bank (PSB) launched in October 2022.

MoneyMaster PSB leverages a network of 100,000 agents to offer essential banking services, including deposits, remittances, and prepaid cards, supporting the Central Bank of Nigeria’s (CBN) financial inclusion goals for the nation’s 79 million underbanked and unbanked citizens.

Globacom’s commitment to innovation, regulatory compliance, and customer satisfaction continues to define its legacy as a pillar of Nigeria’s digital economy, positioning it as a key player in the nation’s journey towards a digitally inclusive future. Globacom remains the pride of Nigeria.

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Ode to Chinua Achebe (1930–2013)

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By Barr Ifemeluofuma Atuanya

Iroko Ogidi, twenty and six years have lapsed since you wrote a befitting epitaph for my late father, Engr. Udemezue Atuanya (former Perm Sec/Controller of Works, defunct – East Central State) who attained immortality ahead of you.

Crafted with clinical precision this epitaph remains a tonic for my soul. An evergreen and never ending one; deeply resonating the profound legacy of my late Dad fondly called Okigbo.Okigbo was your friend, your soul-mate, your confidant, your kinsman and above all your in-law (Mrs. Agnes Adaosodi Achebe nee Atuanya was his first cousin). Yours with him therefore was an enviable affinity, far from a quicksand union. A friendship in which you proved to be a long distance runner.

Dike Ogidi (the grand one), now that your years have expired and you have gone the way of all mortals, it is obvious you cannot transit unsung and uncelebrated in the hearts of those that adored you. Hence, as thenudging and the prompting of affinity beckoned on me to pen this piece; I was to say the least star-struck, fully confronted by your larger than life image too huge for a mere narration. But I leverage on the fact that this is only a lullaby to bid you goodnight as you begin your eternal slumber in forever land.

Anya fulu ugo (the unique one), you were a rare breed of humanity; a man of priestly disposition and quiet dignity, an embodiment of deep thoughts and little talk. You were unapologetically your own person. Simple and unassuming, without airs nor chips on your shoulders. You were truly a breed apart, a locus classicus of uncommon carriage and decorum.

Like the Biblical city set on a hill, completely devoid of a hiding place, you were a world brand and the headline of history!

Your life was neither a cameo appearance nor a wink in the dark. You were never in the backburners or backwaters of life. You didn’t tiptoe through life. You were not a side attraction, mba nu! (No!) You played mainstream.

The highpoint of your life was your scholastic profundity. You were the grandmaster and presiding deity (Agaba Idu) of the literary world. You were not just a man of letters but of profound letters; the herald of African literary Renaissance.

Whether a broad stroke or a short take you never failed to pen a masterpiece, such that re-wrote the destiny of the entire black race beyond comprehension.

Your scholastic wizardry utterly demystified racial stereotypes and became the ultimate game changer in the condescending view points and warped consciousness of colonial writers like Joseph Conrad (Heart of Darkness), who felt the Ebony race is savage and less human. Suffice it to say that your literary fecundity syndicated the caveat that Africans must not be judged by color but by content, lending a vigilant voice to the legacy of Martin Luther King (Jnr).

Little wonder the superb articulation of your skill and sagacity caught the attention of the African living legend; Nelson Mandela that he referred to you as the writer in whose company the prison walls came down.

Agaba Idu, in life you were a colossus nay in death a colossal loss. Not just to the black race but to Ogidi in particular. More so since you sustained a flamboyant banner for her when it seemed her glory had departed (Ichabod).

For once upon a time in the history of this country Ogidi was a dynasty of icons. What with the rare breed of Ogidi Engineers that called the shots at the then Ministry of Works and Transport, defunct East Central State. I am talking about Udemezue Atuanya; Super Perm Sec. and controller of works, my uncle Maduegbuna Unobagha, Christopher Udokwu (odu) Augustine Achebe, Chike Ifekandu, Steven Okoye etc that shone like million stars in their hey days.

Oh! how I relish with extravagant passion, my Uncle Eric Atuanya (Ezefum); pioneer and and iconic legend of the then Mobile oil Nigeria, Walter Onubogu (renowned medic and former Minister for Health, defunct Eastern Region), BVO Amobi (then Igwe Ogidi and famed Medic), Justice Alfred Obi-Okoye (deified jurist), John and Oby Okaro (a double dose of medical lngenuity), Egwu Atuanya (Iconic Pioneer Medic of the National Assembly Clinic, Lagos), legendary Nweze Udokwu (profound progenitor of phenomenal Nike Grammar School, Enugu), Nwafor Agulefo (A list Medic), Ernest Okocha (Engineer per excellence), Dr Nwasike of Ikenga Ogidi (primus inter pares) Ikwuemesi (of Sosoliso fame), Dr Ojuche of Nkwelle Ogidi (exceptional Medic) and lots more too numerous to mention and too monumental to keep memories distant.
Oh! Ogidi lnwelle, what gallery and galaxy of super stars you suckled, what an enviable pedigree!

But alas Ogidi Idemili it is no longer uhuru for you. At some point in your golden history you began to nose dive. Like a missing chord in a grand Orchestra you began to pale into obscurity. You made a wide berth from the frontlines and headlines of Nigerian history. What a far cry of yester years! So apt for this scenario is the indelible and highly redeeming question of my dexterous and dynamic Governor Mr. Peter Obi: Is Anambra state cursed or are we the cause? And so do I ask: Is Ogidi now cursed or are we the cause? Have we
overdrawn our Account in the history bank of this country? Why are we no longer upstream and mainstream? Why?

But as I pondered with apostolic sobriety, my intuition is deafened by the sound of abundance of rain. Yes in my mind’s eye I see thick clouds aligning and realigning to drench Ogidi with the double honour of former and latter rains, such that Ogidi will yet again reap a bountiful harvest. Like the proverbial phoenix Ogidi shall rise from the ashes of her past glory to dizzy heights of prominence. Breaking forth like waters, she will yet again break ground and breakthrough to redeem her star-studded years in all spheres of endeavor. Already people like Ada Unobagha (Solicitor General, Anambra State), Lawrence Ikeakor (Hon. Commissioner for Health, Anambra State), Bob Manuel Udokwu (Senior Special Assistance on Creative Media Anambra State and Nollywood guru), Ada Ehigiamusoe (Justice of Benin High Court), Chiedu Osakwe (Former Ambassador and Director of Accessions World Trade Organization, Geneva Switzerland) are eloquent telling points in this regard. So to Nkwelle Ogidi, Ikenga Ogidi, Umuanugo, Umudoma, Ire etc I make bold to say; it is morning yet on creation day for you! Post Nubia phoebus!
Oh! What a digression. Chinualumogu are you still online? I only made a brief detour to make a case for the diming destiny of Ogidi Inwelle, our common patrimony. More so at your demise.

As my ink dries on this piece and I begin to bid you a final goodbye, I must not fail to mention that controversy barely parts company with Patron Avatars like you. And so it was, akin to the deified African masquerade that does not exit an outing without erupting violent clouds of dust, deafening ripples (not likely to evaporate in a hurry) ushered your final departure. What with the raw umbrage and rabid vituperations that confronted your final offering to humanity. Or better still; the last testament of your literary exploits titled: There was a Country. Not a talk in the margins, this Best Seller is so pungent and penetrating; belching and pulsating with controversy. But as the hullabaloo raged, you meandered through the landmines of verbal artillery and veered into eternal glory!

Then I wondered could this book be Pandora’s Box? Has it caused things to fall apart and anarchy unleashed upon the earth? Capital No! It is simply the parting shot of an ardent marksman. The signature tune and sign off phrase of a departing legend. Oh! How you stirred the hornet’s nest, ruffled feathers, rattled nerves and bowed out when the ovation was highest!

What a clinical finishing!

Whether demonized or canonized, lauded or loathed, it remains an undisputed fact of global history that you were truly a genius! You are gone, but you rocked the red carpet of history in no mean way; making full proof that death is not the greatest loss in life but what dies inside a man when he lives and/or what dies with a man when he dies. You were none of such you died empty totally discharging all your potentials. To wit a clear handover of baton to upstarts in the relay race of life. Good finish!

Chinualumogu, well done and fare thee well as you journey to the land of eternal consequence, where you will definitely walk tall among our ancestors.

Na gboo! (Fare thee well) Iroko Ogidi!
And to the living may we aptly be reminded that we are all transient toys in this fleeting game called life.

Now that your remains have been gracefully lumbered to dust, I cannot affirm any less that truly, there was a man!

Barr. IfemeluOfuma Atuanya is the daughter of late Engr. Udemezue Atuanya of Umuosodi, Nkwelle Ogidi, Anambra State. She is an Attorney, a published Author, a Sociologist and a public speaker, and can be reached via ashestobeautyng@ gmail.com and 08147492771

This piece was first published in 2013.

HERE ARE SOME REVIEWS FROM READERS:

Wonderful! I’m satisfied. R.I.P Chinua Achebe – Rico De Red

Nice one bro. He is truly a legend – Vic Popee

A long but very interesting piece. Barr Ofuma, thanks for a job well done. One can easily say that Ogidi people have a flair for writing. God bless you – Engr. Arinze Nnoka

Excellent and a thought through piece for an extraordinary as well as distinguished citizen. He will surely be missed – Emeka Belonwu

Ogidi Kwenu!! I am proud to be a daughter of the land. Thank you Ofuma… – Nanma Okafor

You said it all, thank you very much oke nwadi-ani – Chris Ogo

Just seeing this piece to a man more deserving. Great job Ofuma. Ogidi mulum ma fenyenam nni. Ogidi is rising again! – Nkiru Okongwu-Eziakor

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