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Tingo Group: A By-Standers Verdict in the Face of Controversy

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In the world of business, success often comes with scrutiny and challenges. Tingo Group, fintech and agro-tech conglomerate with presence in Africa, Southeast Asia, and the Middle East, led by Dozy Mmobuosi, recently found itself embroiled in a contentious controversy following allegations made by Hindenburg Research, an acclaimed U.S. investment organization.

As an independent investigative journalist, I felt compelled to delve into the matter and present an objective assessment of Tingo Group’s activities. Through meticulous examination and analysis of available documents, I aim to shed light on the facts surrounding the controversy and provide a fair and balanced verdict.

Unraveling the Allegations

Hindenburg Research’s accusations against Tingo Group centered on allegations of fraudulent accounting practices. As an investigative journalist, I recognized the importance of approaching these allegations with skepticism and thoroughly scrutinizing the credibility of the source. Hindenburg Research, known for its short-selling tactics, thrives on creating negative sentiment to profit from stock depreciation. With this in mind, it becomes imperative to question the motives and reliability of their claims.

Following these claims, Tingo Group swiftly responded, vehemently refuting any wrongdoing and asserting the accuracy of their accounting records. The company emphasized its commitment to transparent financial reporting and compliance with relevant regulations. Tingo Group maintained that its financial statements and Securities Exchange Commission filings accurately represented the company’s financial position.

Credibility of Hindenburg Research Questioned

It is interesting and paradoxical that even Hindenburg Research itself has an integrity test noose dangling over it. The legitimacy of Hindenburg Research as a legitimate research and investigative company is also in question. The company is under investigation by the FBI and has been flawed on many fronts, including a lack of transparency about its origin and financial reports.

Eminent persons in global business that are smart enough to understand the underpinnings of Hindenburg Research have described them in the underquoted way:

Jack Dorsey founder of Twitter and Square is quoted as describing
“Hindenburg Research report (as) a calculated attack on United States’ growth story”. (SIC)

Legendary US investor Carl Icahn said, “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,”

Adani Group, one of India’s biggest companies calls the Hindenburg report a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.

Endorsement from the All Farmers’ Association of Nigeria (AFAN)

One significant development in this controversy came in the form of support from the All Farmers Association of Nigeria (AFAN). In an effort to dispel doubts surrounding Tingo Group’s collaboration with millions of farmers, AFAN came forward with a resounding endorsement. As the umbrella organization for Nigerian farmers and agricultural cooperatives, AFAN’s opinion carries considerable weight.

AFAN confirmed that it had introduced approximately 11 million new members to become end-users of Tingo Mobile’s smartphone and fintech applications, particularly the Nwassa platform.

Tingo Mobile advances loan facility to all farmers association of Nigeria to finance cultivation of 3,000 hectares of new farming land for rice and wheat production.

Furthermore, AFAN highlighted the active engagement of its members with Tingo Foods, a subsidiary of Tingo Group, for the processing and exportation of their agricultural produce. AFAN’s support serves as compelling evidence of the genuine collaboration between Tingo Group and Nigerian farmers, further discrediting Hindenburg Research’s claims.

An Independent Verdict from Deloitte

To assess the veracity of Tingo Group’s financial statements, an independent registered public accounting firm, Deloitte, was engaged to conduct a thorough audit. The firm’s opinion, based on their audit findings, attested that Tingo Group’s financial statements fairly represented the company’s financial position, results of operations, and cash flows. This independent validation carries significant weight in establishing the credibility and integrity of Tingo Group’s financial reporting practices.

Weathering the Storm: A Catalyst for Growth

While controversies can pose significant challenges, they also present opportunities for companies to reflect, reassess, and emerge stronger. In the realm of business, renowned conglomerates such as Alphabet Inc., Berkshire Hathaway, and Samsung Group have encountered and overcome adversity, ultimately achieving remarkable growth.

For Tingo Group, this controversy can serve as a catalyst for positive change and long-term prosperity. The management team must remain focused on its mission and reaffirm its commitment to transparency, corporate governance, and stakeholder trust. By weathering this storm, Tingo Group can demonstrate resilience and position itself as a symbol of excellence within the Nigerian fintech industry.

Actions Speak Louder Than Words

Ultimately, results speak louder than words. Tingo Group’s track record of positive results and its tangible impact on the Nigerian agricultural sector cannot be ignored. The company’s contributions, coupled with the support of reputable organizations like AFAN, provide compelling evidence of its success and potential for future growth.

After a thorough investigation into the controversy surrounding Tingo Group, it is crucial to approach the allegations made by Hindenburg Research with skepticism and evaluate the credibility of the source. The endorsement from AFAN and the positive verdict from Deloitte lend credence to Tingo Group’s claims of transparency and accurate financial reporting. As Tingo Group continues its journey, it is imperative for stakeholders to closely monitor the company’s actions and results, ultimately determining its true potential in the face of adversity.

Written by By Seunmanuel Faleye, and first published on Newsheadline247

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Opinion

The Nullity of Sanusi’s Reappointment: A Legal Perspective

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By Abba Hikima

I am not an enthusiast of the royal institution. I have never been. This is why I declined dozens of media requests yesterday to comment either on the propriety of Sanusi’s reappointment or Bayero’s deposition.

In my opinion, the royal institution is overly exaggerated in relation to its actual societal role. Therefore, truth be told, I am indifferent to who among the ‘blue-bloods’ gets what.

But as lawyer, I am concerned about legal and legislative processes, especially ones that regardless of societal utility affect the people.

This morning, I watched the video stream in which Governor Abba Kabir Yusuf while assenting the Kano State Emirate Council (Repeal) Law, 2024, relied on the 1984 Emirs Appointment and Deposition Law to legitimize Sanusi’s reappointment. In my usual curiosity, I began to wonder whether the 1984 still subsists in view of the prior existence of 2019 version which was a substantive and principal law. Every legal mind knows that principal laws normally repeal the ones preceding them. But I wasn’t sure.

True to my expectation, upon reaching my office, I dusted and perused the 2019 law, and lo and behold, the 1984 Emirs Appointment and Deposition Law was validly repealed by Section 51 of the Kano State Emirates Council Law, 2019, which until yesterday was the principal legislation governing emirs’ appointments and depositions in Kano State.

The 2019 law was, in turn, also validly repealed by Section 2 of the law signed into law yesterday titled Kano State Emirate Council (Repeal) Law, 2024, and which did not re-enact the 1984 law under which Sanusi was reappointed. The latest law also, aside “abrogation”, “repeal”, “reversion”, “setting aside” and other negative and nullifying provisions did not make or establish anything.

The law merely empowered governor to revert back to pre-2019 arrangement which as a matter law was inexistent by virtue of section 51 of the 2019 law which today stands repealed.

The logical implication of this legislative acrobatics is therefore that Sanusi’s appointment is null and void, as one cannot, as Denning aptly said, ‘put something on nothing and expect it to stand.’

This is price of rush, speed and politicization of ordinarily non-political affairs which both Ganduje and Abba’s government could now very well be accused of on this issue.

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Umo Eno: The New Face of Nigerian Politics

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By Michael Effiong

Nigeria’s political landscape is witnessing a significant shift. Indeed, there is something unique and exceptional happening in Akwa Ibom State, and it is time for the entire nation to rise, applaud, and emulate Governor Umo Bassey Eno.

 

In just barely one year in office, Governor Eno is carving a niche for himself with his leadership and governance stye, which are rooted in the values of unity, empathy, humility, integrity, and prudence. Many now refer to him as the new face of Nigerian politics.

 

For those following Governor Eno’s activities, this moniker is not mere flattery. In words and actions, he has demonstrated traits that are rare in our political space. Even those traits hitherto exhibited by others, he is taking these traits to a new level. He is the true epitome of politics without bitterness.

 

Many politicians claim to operate an open-door policy and make decisions without political bias, but their actions often tell a different story. In his inauguration speech, Governor Eno stated, “Elections are over, and our kindred spirit must be renewed and deepened. We are all Akwa Ibomites first before politics. Politics must not separate or sever the ties of our brotherhood, common heritage, and aspirations. I pledge to be Governor for all, irrespective of political persuasions.”

 

Governor Eno understood from the start that no party has a monopoly of knowledge and that reducing the political temperature in the state would help him succeed. A toxic atmosphere stunts growth, no matter how good or intelligent a person is.

 

As a “Talk and Do” leader, he has extended his hand of friendship across party lines more than any other contemporary Nigerian politician. This is exemplified by his decision to fly to Abuja to congratulate former governor, Senator Godswill Akpabio just hours after he was elected as President of the Nigerian Senate.

 

This action drew mixed reactions in the state. Some political leaders in Umo Eno’s PDP were unhappy, feeling the move was uncharitable to his supporters after a bitter and divisive election season. However, as a thoughtful, earnest, decent, dignified, farsighted, and focused leader, Governor Eno knew that, as a pastor, there is no substitute for Unity and Faith. Even the Nigerian coat of arms shows that what usually follows are Peace and Progress.

 

This move has become his guiding principle, he has embraced All Progressives Congress (APC) members who received federal appointments and opened his heart to leaders from other parties. It is no wonder Nigeria’s Minister of State, Petroleum Resources (Gas), Rt Hon. Victor Ekperikpe Ekpo described him as a blessing and vessel of peace. According to the Minister, “As a Pastor, you have not disappointed the pulpit; as a politician, you have not disappointed us. As Governor, you’re the champion of unity in Akwa Ibom State. You are a unifier.”

 

Despite rumours that this open-arms and fatherly gesture may precede a crossover to APC, Governor Eno affirms that his rapprochement with APC political appointees and working closely with President Bola Ahmed Tinubu makes good business sense, as it would yield fruits and democratic dividends for the state and its people. Collaboration and cooperation trump confrontation any day for the astute entrepreneur.

 

The dividends of this relative peace are now evident as he is making giant strides in agri-business, rural development, infrastructural renewal, education and more, without traducing his predecessors. In rural development and road construction, the governor has continued projects started by the last administration and initiated his own in all 31 local government areas.

 

Statistics show that over 280 kilometers of road are ongoing, with some completed and commissioned before his first anniversary. Because of the quantum of projects, some now call him “Mr. Projects Pro Max.”

 

A few of the road projects brought to fore his responsive and empathetic leadership style. Take for example the 1.3 kilometers underground concrete flood control and reconstruction of a section of Atiku Abubakar Way, Uyo, complete with walkway, drainage, and solar street lights. After receiving a tip about the road’s flood-ravaged state from a concerned citizen, he verified it personally and awarded a contract for its immediate reconstruction to prevent a recurrence by the next rainy season. The road has since been completed and was commissioned by former President Goodluck Ebele Jonathan.

 

Governor Eno’s empathy shines through his actions. Moved by the inflation biting the land, he established the Akwa Ibom Bulk Purchase Agency through which a Food Voucher scheme was launched. Beneficiaries selected from the updated National Social Register now receive 5kg bags of rice, beans, and garri. Emphasizing that the food voucher programme is a stopgap, he has begun an aggressive “Back to Farm” programme, where the state is supporting farmers and requiring political leaders to engage in agri-business.

 

To show his seriousness, he is setting up his own farm too while declaring every first and third Friday of the month as work-free days to enable civil servants embrace farming. Of course, one cannot forget his partnership with Songhai Farms. A Model Farm is already sprouting in Nsit Ubium LGA.

 

Governor Eno consistently states that his mantra is building from the bottom up and touching the poorest of the poor.

 

Another evidence of this is the ARISE Shelter Initiative, fondly called ARISE Homes. In the first phase, 100 poor people across the 31 LGAs will be gifted brand-new 2-bedroom houses.

 

His model Primary Health Centre projects are a lullaby to rural dwellers. These centres have consulting rooms, a theatre, doctors, nurses, matrons and quarters, a laboratory, ICT and records unit, a modern kitchen, solar-powered electricity, a standby generator, and 214 medical equipment and consumables. To ensure proper staffing, 200 more health workers are to be recruited.

 

Furthermore, he initiated medical outreach programmes in the three senatorial districts which reached thousands, with hundreds of surgeries and treatments performed on-the-spot.

 

Ensuring peace is also the motivation for building goodwill with organized labour, apart from many perks for workers, he has released over N18billion for gratuities, leave grants and pensions.

 

People living with disabilities have not been left out, with a N100 million facility for students and grants of N250,000 per undergraduate and N300,000 for postgraduate students.

 

Understanding his own grass-to-grace story, Governor Eno genuinely cares about helping people earn a decent living. This mindset led to the establishment of the Ibom Leadership and Entrepreneurial Development Centre. Through its Entrepreneurship Accelerator Programme (EAP), the government has trained 800 budding entrepreneurs and given them N400 million in grants. His plan is to train 5,000 entrepreneurs before the end of his tenure, with N2.5 billion in grants. The economic effects of this will no doubt be massive.

 

In addition, he has completed the state-of-the-art Dakkada Skills Acquisition Centers (DASAC), reputed to be the first-of-its-kind in Nigeria.This facility which now has a governing council will train people in various skills in agri-business, woodwork, plumbing, ICT, Tailoring etc.

 

Governor Eno wants to equip youths with resources to make their own money and employ others, rather than wait for handouts.

 

In just one year, Akwa Ibom is really rising. As a matter of fact, Governor Umo Eno has shown competence, capacity, and character. He has pursued his economic blueprint, the ARISE Agenda, with such gusto without borrowing a single kobo. So, describing him as the new face of Nigerian politics is not enough, we should also call him “Mr. Performer.”

 

Effiong, a Senior Special Assistant to Governor Eno writes from Lagos

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Opinion

Opinion: Umo Eno: The New Face of Nigerian Politics

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By Michael Effiong

Nigeria’s political landscape is witnessing a significant shift. Indeed, there is something unique and exceptional happening in Akwa Ibom State, and it is time for the entire nation to rise, applaud, and emulate Governor Umo Bassey Eno.

In just barely one year in office, Governor Eno is carving a niche for himself with his leadership and governance stye, which are rooted in the values of unity, empathy, humility, integrity, and prudence. Many now refer to him as the new face of Nigerian politics.

For those following Governor Eno’s activities, this moniker is not mere flattery. In words and actions, he has demonstrated traits that are rare in our political space. Even those traits hitherto exhibited by others, he is taking these traits to a new level. He is the true epitome of politics without bitterness.

Many politicians claim to operate an open-door policy and make decisions without political bias, but their actions often tell a different story. In his inauguration speech, Governor Eno stated, “Elections are over, and our kindred spirit must be renewed and deepened. We are all Akwa Ibomites first before politics. Politics must not separate or sever the ties of our brotherhood, common heritage, and aspirations. I pledge to be Governor for all, irrespective of political persuasions.”

Governor Eno understood from the start that no party has a monopoly of knowledge and that reducing the political temperature in the state would help him succeed. A toxic atmosphere stunts growth, no matter how good or intelligent a person is.

As a “Talk and Do” leader, he has extended his hand of friendship across party lines more than any other contemporary Nigerian politician. This is exemplified by his decision to fly to Abuja to congratulate former governor, Senator Godswill Akpabio just hours after he was elected as President of the Nigerian Senate.

This action drew mixed reactions in the state. Some political leaders in Umo Eno’s PDP were unhappy, feeling the move was uncharitable to his supporters after a bitter and divisive election season. However, as a thoughtful, earnest, decent, dignified, farsighted, and focused leader, Governor Eno knew that, as a pastor, there is no substitute for Unity and Faith. Even the Nigerian coat of arms shows that what usually follows are Peace and Progress.

This move has become his guiding principle, he has embraced All Progressives Congress (APC) members who received federal appointments and opened his heart to leaders from other parties. It is no wonder Nigeria’s Minister of State, Petroleum Resources (Gas), Rt Hon. Victor Ekperikpe Ekpo described him as a blessing and vessel of peace. According to the Minister, “As a Pastor, you have not disappointed the pulpit; as a politician, you have not disappointed us. As Governor, you’re the champion of unity in Akwa Ibom State. You are a unifier.”

Despite rumours that this open-arms and fatherly gesture may precede a crossover to APC, Governor Eno affirms that his rapprochement with APC political appointees and working closely with President Bola Ahmed Tinubu makes good business sense, as it would yield fruits and democratic dividends for the state and its people. Collaboration and cooperation trump confrontation any day for the astute entrepreneur.

The dividends of this relative peace are now evident as he is making giant strides in agri-business, rural development, infrastructural renewal, education and more, without traducing his predecessors. In rural development and road construction, the governor has continued projects started by the last administration and initiated his own in all 31 local government areas.

Statistics show that over 280 kilometers of road are ongoing, with some completed and commissioned before his first anniversary. Because of the quantum of projects, some now call him “Mr. Projects Pro Max.”

A few of the road projects brought to fore his responsive and empathetic leadership style. Take for example the 1.3 kilometers underground concrete flood control and reconstruction of a section of Atiku Abubakar Way, Uyo, complete with walkway, drainage, and solar street lights. After receiving a tip about the road’s flood-ravaged state from a concerned citizen, he verified it personally and awarded a contract for its immediate reconstruction to prevent a recurrence by the next rainy season. The road has since been completed and was commissioned by former President Goodluck Ebele Jonathan.

Governor Eno’s empathy shines through his actions. Moved by the inflation biting the land, he established the Akwa Ibom Bulk Purchase Agency through which a Food Voucher scheme was launched. Beneficiaries selected from the updated National Social Register now receive 5kg bags of rice, beans, and garri. Emphasizing that the food voucher programme is a stopgap, he has begun an aggressive “Back to Farm” programme, where the state is supporting farmers and requiring political leaders to engage in agri-business.

To show his seriousness, he is setting up his own farm too while declaring every first and third Friday of the month as work-free days to enable civil servants embrace farming. Of course, one cannot forget his partnership with Songhai Farms. A Model Farm is already sprouting in Nsit Ubium LGA.

Governor Eno consistently states that his mantra is building from the bottom up and touching the poorest of the poor.

Another evidence of this is the ARISE Shelter Initiative, fondly called ARISE Homes. In the first phase, 100 poor people across the 31 LGAs will be gifted brand-new 2-bedroom houses.

His model Primary Health Centre projects are a lullaby to rural dwellers. These centres have consulting rooms, a theatre, doctors, nurses, matrons and quarters, a laboratory, ICT and records unit, a modern kitchen, solar-powered electricity, a standby generator, and 214 medical equipment and consumables. To ensure proper staffing, 200 more health workers are to be recruited.

Furthermore, he initiated medical outreach programmes in the three senatorial districts which reached thousands, with hundreds of surgeries and treatments performed on-the-spot.

Ensuring peace is also the motivation for building goodwill with organized labour, apart from many perks for workers, he has released over N18billion for gratuities, leave grants and pensions.

People living with disabilities have not been left out, with a N100 million facility for students and grants of N250,000 per undergraduate and N300,000 for postgraduate students.

Understanding his own grass-to-grace story, Governor Eno genuinely cares about helping people earn a decent living. This mindset led to the establishment of the Ibom Leadership and Entrepreneurial Development Centre. Through its Entrepreneurship Accelerator Programme (EAP), the government has trained 800 budding entrepreneurs and given them N400 million in grants. His plan is to train 5,000 entrepreneurs before the end of his tenure, with N2.5 billion in grants. The economic effects of this will no doubt be massive.

In addition, he has completed the state-of-the-art Dakkada Skills Acquisition Centers (DASAC), reputed to be the first-of-its-kind in Nigeria.This facility which now has a governing council will train people in various skills in agri-business, woodwork, plumbing, ICT, Tailoring etc.

Governor Eno wants to equip youths with resources to make their own money and employ others, rather than wait for handouts.

In just one year, Akwa Ibom is really rising. As a matter of fact, Governor Umo Eno has shown competence, capacity, and character. He has pursued his economic blueprint, the ARISE Agenda, with such gusto without borrowing a single kobo. So, describing him as the new face of Nigerian politics is not enough, we should also call him “Mr. Performer.”

Effiong, a Senior Special Assistant to Governor Eno writes from Lagos

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