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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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Adenuga: 71 Years of Unrivalled Philanthropy and Endless Empowerments

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By Gabriel Oguntola

One of Africa’s richest men and Chairman of Nigeria’s telecommunications Company, Globacom Dr. Michael Adenuga Jr is 71 years old. Happy Birthday to the great philanthropist and entrepreneur par excellence.

The quiet billionaire learnt early from the famous saying of Walt Disney who posited that”The way to get started is to quit talking and begin doing”.

Adenuga from onset has always been reticent.  He does his things quietly and runs his businesses without seeking attention. He transitioned from running family business, after schooling in the United States to starting his businesses and moving into the top league in Nigeria without noise.

He became a billionaire in his thirties to the consternation and surprise of Nigerians. Such is the style of the man that has come to be known for his smartness and ingenuity. He is always one step ahead, hence his success across all sectors of the economy.

Today, he plays in all the vital sectors of the nation’s economy. From Banking to Telecoms, Oil and Gas as well others that are not known to the public. He employed thousands of Nigerians, and he empowers many others through endless philanthropy.

We cannot count the number of Nigerians that has benefitted from Adenuga’s generosity. They are always done quietly, and most times beneficiaries are warned not talk about it.

Few years ago, he donated 500million to Baylesa State after the state was ravaged by flood, he donated N1.5 billion during Covid pandemic to Federal Government, 1 million dollars was also donated to Super Eagles after winning nations Cup in south Africa to mention a few.

By the age of 50, he founded Globacom while his other companies were founded between early thirties and 40. He became a billionaire at 35 and by his 51st birthday Dr. Adenuga was already sitting atop what is generally regarded as one of the continent’s largest business empires.

In each of these sectors, Dr. Adenuga has moulded his companies into major players. In the oil and gas sector, for instance, Conoil Producing, the upstream arm of the conglomerate, made history by becoming the first Nigerian company to strike oil and produce it in commercial quantity. Same was the case when he had two banks, Equatorial Trust Bank and Devcom Merchant Bank that were among top ones in the country.

In telecoms, Globacom remains the most innovative network in Nigeria, with many firsts since it rolled out services in 2003. His investment in real estate is said to be worth over billions of dollars. These companies provide direct employment to thousands of Nigerians and other nationalities.

His contribution to the business across the world and endless philanthropy has been recognized in different countries including Nigeria, where he holds the highest civilian honour of Grand Commander of the Order of the Niger (GCON) and in Ghana, he was awarded the highest civilian honour of Companion of the Star of Ghana (CSG).

French President, Emmanuel Macron also honoured him with the highest National honour of France, ‘Chavalier de la Legion d Honnuer”. Macron commended Adenuga for his promotion of the French culture in Nigeria where he single-handledly rebuilt the Allance Francaise, Lagos located at the Mike Adenuga Centre Ikoyi.

City People magazine, Nigeria’s King of soft –sell in 2022 captured Dr Adenuga lifestyle thus:

He works round the clock. He is always thinking of the next possible business deal. He is always looking for the next deal to close. He was one of the businessmen who saw the role Data was going to play in our lives and went for a Telecoms license earlier.  Today, the rest is history. He is now the Grandmaster of Data.

Mike Adenuga is one of the Bigger Boys in the world of business. He knows the Game. He plays the game. He is adept at it. He knows the principle of winning. He has set his own rules. He has his own winning formula, which has worked for him over the last 40 years. Though he is from Ijebu Igbo, he was born and bred in Ibadan. He will always tell all who cares to listen that he is an Ibadan Boy. He is a product of Ibadan Grammar School. He has a breathtaking house in Ibadan. That is where he often stays when he needs to relax or unwind. Many often wonder whether he relaxes or not. Yes. He does.

City People can authoritatively reveal that though Mike Adenuga is a great Philanthropist and one of the biggest spenders when it comes to helping other people, he does not like the recipients of his largesse to tell the world whatever kind of help he has rendered. Once he touches your life, you are made forever. But the Golden rule for you to keep getting more support from him is for you to keep mum”.

 

Former President Buhari, few years ago while speaking about Dr. Adenuga on his Birthday said, “Apart from creating jobs through entrepreneurship, Adenuga’s contribution to the development of sports and the entertainment industry had remained remarkable. These sectors of the economy had continued to provide lifelines for many, and inspiring ingenuity and creativity. His exploration and encouragement of youth entrepreneurship in the country would always be remembered, while his penchant for helping the less privileged through scholarships and healthcare financing deserves more commendations”.

Happy 71st Birthday to Dr. Adenuga.

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British-Nigerian, 14, Killed in Knife Attack in UK

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UK police named a 14-year-old boy killed in a sword attack in London this week as Daniel Anjorin, as officers released more details about how the violent rampage unfolded.

Anjorin, a British-Nigerian pupil attended Bancroft’s private school in Woodford Green – also attended by Nottingham attack victim Grace O’Malley-Kumar.

He died on Tuesday morning as he walked to school in Hainault, in the east of Britain’s capital, when he was attacked by a man wielding what appeared to be a Samurai-type sword.

Police tasered and arrested the suspect, a 36-year-old man who remains in custody on suspicion of murder. He has not been named and was not previously known to police.

The independent school attended by Anjorin said in a statement Wednesday that they had been left in “profound shock and sorrow” at the pupil’s death.

“He was a true scholar, demonstrating commendable dedication to his academic pursuits. His positive nature and gentle character will leave a lasting impact on us,” Bancroft’s, in Woodford Green, near Hainault, said.

London’s Metropolitan Police force said Tuesday’s horror unfolded just before 7:00 am (0600 GMT) when the accused crashed a van into a house fence, hitting a 33-year-old man before stabbing him in the neck.

A 35-year-old man was then attacked inside a nearby property, causing lacerations to his arm, before Anjorin was killed.

Police arrived on the scene 12 minutes after the first emergency call and attempted to neutralise the suspect with incapacitant spray and a Taser gun but these had little effect.

The suspect seriously injured two police officers, both of whom required surgery on Tuesday and remain in hospital.

One, a woman, suffered severe injuries to her arm and nearly lost a hand, the Met said.

The man fled again as terrified witnesses took cover in houses before police used a Taser to overpower him, detaining him 22 minutes after the initial call.

Police have said the attack was not terror-related.

It came amid a rise in stabbings in the United Kingdom and shortly before voters decide whether to re-elect London mayor Sadiq Khan for a record third term in local elections Thursday.

Conservative Prime Minister Rishi Sunak has criticised the opposition Labour Party’s Khan for his record on crime.

Anjorin’s death is the second recent tragedy to hit Bancroft’s, after a former pupil, Grace O’Malley-Kumar, was killed in Nottingham last year as she tried to save her friend from a knife attacker.

Valdo Calocane was sentenced to indefinite detention in a psychiatric hospital for stabbing to death 19-year-old O’Malley-Kumar, fellow student Barnaby Webber and 65-year-old school caretaker Ian Coates.

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Adebogun Commends Tinubu over Rehabilitation of Ikorodu-Imota-Itoikin-Epe Road

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Renowned educationist, and Proprietor/Chief Executive Officer, Caleb Group of Schools, Dr. Oladega Adebogun, has commended President Bola Ahmed Tinubu, for speedy and comprehensive rehabilitation of the Ikorodu-Imota-Itoikin-Epe Road, which formerly ranked as one of the worst in Nigeria, and had been albatross to past administrations.

A statement signed by the Director, Public Relations, Caleb University, Imota, Mr. Abimbola Olulesi, and made available to this medium, noted that Adebogun gave his commendation during an interactive session with the media, affirming that President Tinubu, by his singular action, has renewed the hope of residents, motorists and commuters, who had lost hope that the road will ever be repaired, considering its total deplorable state.

He recollected that the Ikorodu-Imota-Itoikin-Epe road, before the rehabilitation, ranked among the worst roads not just in Lagos State but across the country.

“The road usually gets abandoned during the rainy season, and had posed a recurring nightmare to motorists and commuters along the Ikorodu through Imota to Itoikin axis, and as far as Epe. It was a particularly harrowing experience for road users during vacation and festive periods,” Adebogun said.

The Proprietor joyfully noted that it was a huge sigh of relief for residents when the rehabilitation was completed in March this year, reducing Ikorodu to Epe travel time from about two hours to less than thirty minutes.

He added that the rehabilitation of the road is a positive pointer and attestation to the fact that many more development projects promised by the people-oriented, focused and egalitarian government of President Tinubu would be completed and delivered.

Adebogun also commended the Honourable Minister of Works, His Excellency, Dr. Dave Umahi, the Executive Governor of Lagos State, His Excellency Babajide Sanwo-Olu and the Senator representing Lagos East Senatorial District, Senator Adetokunbo Abiru for the various roles they played in the actualization of the rehabilitation of Ikorodu-Imota road.

He recalled that Governor Sanwo-Olu had personally visited to access the deplorable condition of the road early this year while Senator Abiru had moved a motion in 2021 on the floor of the Nigerian Senate on, “The Urgent Need for the Rehabilitation of the the Ikorodu-Sagamu and Ikorodu-Itoikin-Epe Roads to further bridge the Infrastructure Gap and Enhance Economic Growth in Nigeria”.

Senator Abiru also has to his credit many laudable achievements which earned him the appellation of “Doing Good Senator” such as: The Senator Abiru Innovation Lab(SAIL), which is “the first of its kind innovation hub” in Lagos East Senatorial District which he set up for young people and entrepreneurs; N300 Million Naira Constituency Intervention Revolving Loan, Health facilities and construction of blocks of classrooms he facilitated across the district, provision of grant to 1,250 market women, award of bursary to 600 higher institution students and monthly support for over 2500 vulnerable constituents. Others include provision of many transformers across Lagos East Senatorial District, building of Epe Sports Complex as well as sponsorship of many legislation and motions of national significance.

Adebogun also remarked that, in less than one year of assuming office, President Tinubu had performed beyond expectation and deserves the goodwill and support of all Nigerians to actualise all aspects of the Renewed Hope Agenda.

He further paid tributes to President Tinubu for the promise announced by the Honourable Minister of Works, Dr. Dave Umahi, that the dualization of the Ikorodu-Imota-Itoikin-Epe Road would commence in earnest as the second phase of the road repair project.

He therefore appealed to all well-meaning Nigerians to put aside mundane differences and join hands with the government for the full realization of the Renewed Hope Agenda of President Bola Ahmed Tinubu.

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