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TINGO: Nigeria must Protect its Own



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




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

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

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

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

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

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

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

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NLC, TUC Declare Indefinite Strike




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Daily Post

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




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

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

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

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

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

Daily Trust

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