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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.
Featured
Glo Partners Samsung to Offer Customers the Exclusive Galaxy S-25

Digital solutions company, Globacom, has teamed up with Samsung, world’s leading manufacturer of electronic devices, to bring a new offer to Glo subscribers. This tantalising deal allows Glo customers to pre-order the highly sought-after Samsung Galaxy S-25 smartphone and enjoy unique benefits.
Samsung Electronics unveiled its newest flagship smartphones: the Galaxy S25 series which comes with cutting-edge advancements in artificial intelligence (AI) and was designed to elevate user experience and set new standards in the industry on January 22, 2025.
The pre-ordering exercise kicked off on January 22 and closes on February 18, 2025 at Gloworld shops across the country. It gives customers the opportunity to select from the Galaxy S25 lineup, including the S25 Ultra, the top-tier and most sophisticated model, as well as the S25+ and the standard S25. They, however, come with different processors and storage options.
Customers who pre-order the Galaxy S25 or S25+ will receive complimentary gifts, including a Buds FE, a suit cover, and Samsung Care, while those opting for the Galaxy S25 Ultra, will receive a free Buds 3, a standing grip case, and Samsung Care.
Globacom is also delighting customers who purchase any model from the Galaxy S25 series with 18GB bonus data for 6 months under smartphone festival data plans, while they can also secure their pre-order at any Gloworld shop with an advance payment of ₦500,000. Pre-ordered phones will be delivered to customers from February 19 onwards.
“We are thrilled to bring this offer to our subscribers, who will enjoy unparalleled benefits, including innovative packaging. This partnership with Samsung reinforces our commitment to providing value-added services that cater to the evolving needs of our customers”.
The company advises other phone lovers who are yet to pre-order the new device to visit any Gloworld outlet close to them and join the list of the new owners of the Samsung S-25 phone before the expiry date.
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Another Gloworld Retail Office Opens in Maiduguri

Technology company, Globacom, on Wednesday opened another Gloworld retail outlet in the Borno State capital, Maiduguri.
The new Gloworld shop is the latest in Globacom’s trademark customer interface shops, and is equipped with the latest technology for fast and efficient customer service and complaints resolution.
According to Mr. Augustine Mamuro, Globacom’s Regional Sales Coordinator, North East, the opening of the centre is in line with its “desire to bring its services closer to the people, create more platforms for customers to have access to Globacom’s wide range of products and services and give them more exciting experience on the network.”
He added that Globacom’s approach to customer service “is one that is underpinned by innovation and total inclusiveness. This is why we are consistently seeking innovative channels to make available our array of services to them”.
Mamuro assured the people of Maiduguri that the office is manned by well-trained, polite and customer-friendly staff who will provide first-class services and attend to customers’ enquiries as well as their service and product needs.
He also said the new shop will offer affordable Glo products, devices, smartphones and accessories, adding, that the people are assured of quick and satisfactory resolutions of all issues ranging from SIM replacement and registration to recovery of over-scratched cards, refill, unblocking of phones and laptop configurations for internet, as well as post paid bill payments and purchase of all Glo and other complementary products”.
The Deputy Governor of Borno State, Alhaji Umar Umar Kadafur, who was the Special Guest at the event, eulogised Globacom for deeming it fit to open a new Gloworld in Maiduguri for the benefit of the people.
He lauded the management of the company for its thoughtfulness in bringing its products and services close to the people of the state.
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I Don’t Belong to Wike’s Camp, Dakuku Peterside Declares

Dakuku Peterside has publicly declared his political leaning in Rivers State, saying he does not belong to the camp of the former governor and current Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Instead, Peterside, a former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), said he aligns with Wike’s predecessor and estranged former godfather Rotimi Amaechi.
“I am a friend to Rotimi Amaechi,” the former All Progressives Congress (APC) governorship hopeful said on Channels Television’s Politics Today programme on Wednesday.
“I am not on the side of Nyesom Wike,” Peterside submitted, adding that he is also not politically aligned with Governor Siminalayi Fubara.
He, however, said he was ready to provide advice for the incumbent governor on how to move the state forward.
“When Nyesom Wike was governor, recall that I was doing open letters to him consistently, giving him my advice. I did that for some time. If Governor Fubara seeks my advice, of course, I am willing to give that, like many governors,” he said.
Rivers is one of the politically charged states in Nigeria, a situation which could be attributed to the chunk votes and fat purse of the oil-rich state.
Like a coat of many colours, fragmented political camps make up the diverse and intrigue-filled state dominated by pugilists in the APC and the Peoples Democratic Party (PDP) where the incumbent governor belongs.
Leaders of the camps include Wike, a PDP powerbroker and two-term governor of the state from May 2015 to May 2023. Another political gladiator in the state is Amaechi, a former APC presidential hopeful and ex-transport minister who previously governed the state from May 2007 to May 2015.
There are also those loyal to Fubara and former governor Peter Odili; while former PDP National Chairman Uche Secondus; Magnus Abe; and Tonye Cole; amongst others, have their die-hard followers too. For over a decade, political crises have been Siamese to the State with followers of the various camps always at loggerheads.
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