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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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Beware of ‘Full Blown Dictatorship, Dele Momodu Cautions Tinubu in New Letter

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By Eric Elezuo

Chairman, Ovation Media Group, Chief Dele Momodu, has again written an open letter to President Bola Tinubu, cautioning him against metamorphosis into full blown dictatorship.

As usual, Chief Momodu took the instrumentality of his social media handles to send his message to Tinubu, which is coming barely two after he wrote him the first letter bordering on the need to curtail his spendthrift attitude and embrace empowerment of Nigeria’s teeming youths.

In the letter titled Once Again, An Appeal to President Tinubu, Momodu outlined their days in the struggle for democracy against the military government, wondering why someone, like Tinubu, who had congregated and protested in the past, will turnaround today to say there will be no protest.

Momodu further blamed Tinubu for the present hardship in the country, accusing him of not knowing the difference between running Lagos as governor and running Nigeria as president.

“And let me be frank Sir. You caused it all. You did not realise that a country is much more complicated than a State,” he said, further accusing of having a stranglehold on Lagos for 24 years since he became governor in 1999.

Momodu advised that the proposed protest should be seen as a litmus test for the security agencies, especially as the Department of State Service (DSS), claimed they have unraveled the identities of those wishing to cause mayhem.

“But I’m reasonably assured that any potential threat can be contained and nipped in the bud, since our secret service claims to have discovered the sponsors of mayhem. Such people should be arrested speedily,” Momodu advised.

He finally advised Tinubu to seek friendly advice, and extricate himself from the ‘hawks’ surrounding him as they do not mean well for him.

It would be recalled that the country has been on edge since the masses vowed to embark on a 10-day protest over extreme hardship in the country, beginning from August 1, 2024.

Read Dele Momodu’s letter in full:

ONCE AGAIN, AN APPEAL TO PRESIDENT BOLA TINUBU…

Your Excellency,

For the second time within two weeks, I’m compelled to write you this epistle. As I write this, my mind goes back to my earliest recollection of you as a Senator of the Federal Republic of Nigeria. As a young journalist, you were everyone’s delight. The June 12 Presidential election annulment brought out the best in you as a pro-democracy figure. You spent money and time fighting the military. Our exile years were lived in constant fear and trepidation.
Fast forward Sir. We returned to Nigeria in 1998

You contested the Lagos State Governorship election in 1999, and pronto, you won. Since then, you have been in absolute control of a state described as the California of Africa, and possibly the sixth richest economy in Africa. Lagos is a country on its own…. I’m just trying to let you know that you’ve been a President in Lagos for 24 years before becoming the President of Nigeria.

Unfortunately, things have not been easy for Nigerians (except members of the privilegentsia) since you realized your lifelong ambition. And let me be frank Sir. You caused it all. You did not realise that a country is much more complicated than a State.

I’m sad and embarrassed that a fighter for Democracy is now saying Nigerians will not be allowed to congregate and demonstrate on the streets, something you and I enjoyed during the military regimes, at home and abroad.

I will never support anarchy, after engaging in peace initiatives in Sierra Leone, Liberia and The Gambia. But I’m reasonably assured that any potential threat can be contained and nipped in the bud, since our secret service claims to have discovered the sponsors of mayhem. Such people should be arrested speedily.

Please Sir, go back to your original friends in civil liberties and seek their assistance. Then, use this opportunity to test the strength, security architecture and combat readiness of our security agencies. Ignore the advice of the hawks in your team. They have nothing to lose since they are mostly beneficiaries of what others died for. Resist the temptations of full blown dictatorship…
You’re in my prayers as you bear this cross…

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Rotary International District 9112 Launches Coastal Restoration Initiative, Plants 1000 Coconut Trees in Lagos

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In a bid to promote its mission of improving the environment, Rotary International District 9112 on Sunday kicked off an environment-saving intervention tagged: Coastal Restoration Initiative at Westside Beach, Okun, Ajah, Lagos, where 1000 coconut trees were planted along the coastal shores of the Atlantic Ocean.

Speaking at the event, the Governor of Rotary International, District 9112 Rotarian Femi Adenekan, said the “initiative is conceived to save the environment as well as reduce the adverse effect of the climate change.”

According to him, “the environment is one of the main focus areas of Rotary International. We need to consciously come to the realization that we need to save our environment. We need to save ourselves. So that in the future, those that will come after us will have life.”

“People assume that the world belongs to them. They have forgotten that they are just tenants on the surface of the earth. If you try to change nature, nature will react, which is the reason we are having a lot of environmental damage in the world. Some of wrong human activities, such as throwing plastics and other items into water or where it ought not to be is causing us environmental challenges. If we don’t take care of our environment, the environment will react and take us out of the surface of the earth,” He said.

The chairman of the District 9112 Tree Planting Committee, Rtn. Gboyega Bada recommended the adoption of an “Every Rotarian Plant a Tree Every Year” policy and also indicated plans for Rotary International District 9112 to propose a Private Bill to the Lagos State House of Assembly to enable all Lagos Residents plant a tree every year for the next five years to address the challenges of climate change.

Rtn Bada stated that the vision of Rotary District 9112 on Tree Planting is to achieve a safer and cleaner environment by planting 10,000 seedlings of Coconut, Mango, Breadfruit, Avocado and other ralated crops that have economic, health and environmental benefits.

The event was well attended by Stakeholders in the Private and Public Sectors. Pan African Towers Ltd, Tolaram Group, Azeez Amida Foundation, Telenoetica Ltd, amongst others were well represented. Past District Governor Tunji Funsho led other Rotary Leaders to give their support. The DG’s wife Rtn Tayo Adenekan, the District Governor elect Rtn Lanre Adedoyin, General Manager of Lagos State Coconut Development Authority, Dapo Olakulehim and Lagos State Parks and Gardens Agency, Club Presidents and Rotarians from the 73 Clubs graced the occasion.

Also speaking at the event, one of the Guest Speakers, the world acclaimed horticulturist, Mr. Andrew Vale of Tolaram Group and The Lagos Free Zone, highlighted the importance of trees, saying; “planting trees improves air quality, reduces air pollution, and illnesses from air pollution. More so, plants produce oxygen and provide shelter, medicine, and many more.”

In his own special remarks, Chairman, LUFASI Park and DG Coconut Naija, Dr. Desmond Majekodunmi, said; “the basic fact about the environment is that whatever you sow, you shall reap. The environment will always treat you, the way you treat it.”

It is of note that the vision of District 9112 on tree planting for this year is to achieve a safer and cleaner environment through the planting of 10,000 seedlings of coconut, mango, breadfruit, avocado and other related crops that have economic, health and environmental benefits.

The event was witnessed and supported by main stakeholders in the industry, agencies and partners which included, Mr Dapo Olakulehin, General Manager, Lagos State Coconut Development Authority (LASCODA), Mr Andrew Vale of Tolaram Group, Channel Scott from Pan African Towers, Azeez Amida Foundation, Telenoetica, The Legend Lifeskills Foundation, Etam Avitat, Lagos State Parks and Gardens Agency (LASPARK) , presidents and members of various Rotary Clubs in District 9112 amongst others.

Rotary leaders who witnessed the event are PDG Tunji Funsho, PDG Kamoru Omotosho, PDG Omotunde Lawson among others.

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Protest: Oluwo Advises Tinubu to Dialogue with Opposition Leaders, CSOs, Labour Leaders, Students, Others

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The Paramount Ruler of Iwoland,His Imperial Majesty, Oba Abdulrosheed Adewale Akanbi, has called on President Bola Ahmed Tinubu to invite stakeholders for dialogue ahead of August 1st, 2024 planned protest.

Oluwo stated consultation is necessary to avert violent confrontation by inviting the stakeholders for national discourse.

He feared protest might be hijacked by hoodlums to steal and destroy public properties built by our collective patrimony. Oluwo said dialogue becomes reasonable when it’s embraced before protest. He called on Nigerians to learn from Endsars protest that got many properties built with public funds destroyed.

Oba Akanbi asked President Tinubu to extend the invitation to major political opposition parties leaders mostly the Peoples Democratic Party (PDP), Labour Party, labour union leaders, students’ unions, civil society organizations (CSO), notable traditional rulers and other stakeholders to discuss the state of the nation and collate more ideas to address the economic hardship.

Oluwo expressed strong conviction in patriotic opposition political parties leaders to honour such national conversation.

Oluwo affirmed the economic hardship and inflation are global, conveying the need to hold national talks with stakeholders to discuss solutions to the country’s challenges.

A statement released by Oluwo through his press secretary, Alli Ibraheem, reads “At this crucial moment of global economic challenge, Nigeria inclusive, I call on President Bola Ahmed Tinubu to convey a national dialogue most especially with the dog handlers comprising the opposition parties leaders, civil society organizations, labour leaders, students, traditional rulers and religious leaders”

“In a democratic setting,a peaceful protest is guaranteed provided some are not waiting somewhere to hijack it. Protest will not be advisable at this critical moment of tense global economic hardship”

“I’ve strong hope in the opposition leaders to honour national dialogue and contribute intellectual ideas to national development. No patriotic opposition leaders will want Nigeria to be destroyed”

“Even if a protest is held, we will resort to a round table discussion after the road show. Rather than allowing hoodlums to hijack and destroy the nation we are trying to construct, why not embrace dialogue? When we sit together and talk to each other, more virile approaches and solutions may be suggested for application. It will also provide an avenue for the government to reveal their plans in checkmating food crisis and manage the economy to our collective advantage ”

“Different bodies should have representative(s) at such gathering. Those willong to protest should appoint leaders. It shouldn’t be like endars protesters without leader. No harm will be done to them. As a traditional ruler and leader, I’m watching to ensure masses interests are protected and always ready to speak truth to power. Sincere protesters can reach out to notable traditional rulers”

“The inflation is killing. It’s a global phenomenon. I visited Saudi Arabia recently. Prices of goods have gone up acrosa the world. Even the rich are finding it difficult. Addressing the challenge should involve everyone to come together and discusss way forward”

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