The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has said if the flag bearer of the Labour Party (LP), Peter Obi, was a better candidate, Nigerians would have voted him in the February 25, 2023 poll.
Wike spoke on Wednesday while featuring on Channels Television’s Politics Today programme.
The ex-governor of Rivers State said he supported the presidential candidate of the All Progressives Congress (APC) at the expense of former Vice President Atiku Abubakar, the standard bearer of his party, the Peoples Democratic Party (PDP), in the keenly contested poll.
When asked whether Obi would have handled the major issues confronting the Nigerian economy better than Tinubu if he had been elected, Wike said he doesn’t discuss presidential candidates any longer.
“I don’t want to discuss social media issue,” the FCT minister said. “I don’t discuss about presidential candidate any longer; I discuss about the economy, the President, what he has to offer.”
“If he (Obi) would have been better, Nigerians would have voted for him.”
Obi, a former governor of Anambra State, came third in the election won by APC’s Tinubu. The LP candidate and his PDP counterpart are in court to challenge the decision of the Independent National Electoral Commission (INEC) declaring Tinubu as winner of the poll.
Also speaking during the interview on Wednesday, the FCT minister dared the leadership of his party, the Peoples Democratic Party (PDP) to suspend or discipline him.
He said he has not seen the party chieftain who will suspend or expel him from the party.
“Who will discipline me? I should be the one calling for the discipline of these people who violated the party’s constitution, in the way that the party supported rotation.
“Who will suspend me? I want to dare anybody,” Wike said.
The ex-governor said he informed PDP leadership before he took the ministerial offer of President Bola Tinubu of the ruling All Progressives Congress (APC).
Wike said he remained a PDP chieftain despite working for the APC government. “I want to support Asiwaju (Tinubu) to finish well,” he said.
The PDP powerbroker and member of the G5 group within the main opposition party said he owed no one an apology for supporting power shift to southern Nigeria.
Wike said, “We are just waiting for the presidential panel to finish, you will know who actually are those who are working well for the party.
“How can anybody talk about expelling me? A state that brought a governor? A state that brought three senators? A state that produced 32 House of Assembly members? A state that produced 11 out of 13 House of Representatives.
“The person that would suspend me is the one that couldn’t produce a governor, is the one that couldn’t produce three senators?
“I have not seen that person, with all due respect. Nobody will do it. So, the issue of they will do it does not arise.”
The Imo State Governor, Hope Uzodinma has commenced the distribution of 65,000 bags of rice as palliatives to the people of Imo to cushion the impact of fuel subsidy removal.
The governor flagged-off the distribution in Owerri defying the heavy down poor occasioned by the weather.
Recall that the Federal Government had released N5bn each for states across the federation to help in cushioning the effects of fuel subsidy removal.
The governor said while the subsidy removal is causing temporary hardship, it still remains the best decision by the present government to save the nation’s economy.
He also revealed that the federal government will deliver to the state CNG and electric buses to help reduce transportation cost across the state.
He said: “You recall the incident of the policy of the removal of petroleum subsidy and the temporary hardship that followed. That policy is one of the most cogent policy that this government has taken to be able save our economy from collapse.
“Today, I am flagging-off the distribution under phase One, 65,000 thousands bags of rice to all the citizens and indigents of Imo state.
“I want you to join me in thanking the president of the federal republic of Nigeria President Ahmed Bola Tinubu.
“He is a great thinker, he is an economist, he knows how to create wealth and he is bent at rebuilding the economy.
“There will be some initial challenges but on the over all, he has rolled out some policies that will recover our economy, reduce the foreign exchange rate in Nigeria and also create prosperity for our people.”
The Court of Appeal sitting in Abuja has nullified the decision of the Delta State Governorship Election Petition Tribunal in Asaba which dismissed a petition filed by the 2023 governorship candidate of the Labour Party (LP), Ken Pela, against the election of the state governor, Sheriff Oborevwori.
The appellate court held that the Tribunal’s dismissal of the case before the main hearing was null and void.
The appellate court’s decision paves the way for a full hearing of the petition by the Tribunal, according to Pela’s legal team.
Recall that the Independent National Electoral Commission (INEC) had declared the People’s Democratic party’s candidate, Oborevwori, as the winner of the Guber poll with 360,234 votes while Ovie Omo-Agege of the All Progressives Party came second with 240,229 votes and Pela garnered 48,027 votes.
Disagreeing with the declaration by INEC, Pela had approached the Tribunal challenging the election of the incumbent governor.
The grounds of his petitions bordered on non-qualification, accusing the governor of certificate forgery as well as alleged non-compliance to the Electoral Act by INEC in view of the alleged blank polling unit results uploaded to and downloaded from the INEC Results Viewing Portal (IRev).
Those joined as respondents in the petition marked EPT/DL/GOV/01/23, were INEC, Governor Oborevwori, his Deputy, Monday Onyeme and the People’s Democratic party.
But at the pre-hearing stage, the lead counsel to Oborevwori and Onyeme, Damian Dodo SAN, had urged the Tribunal to dismiss the LP’s petition for being abandoned by petitioners.
He had argued that the petitioner’s failure to apply for a pre-hearing notice within time meant his petition was incompetent and ought to be thrown out.
The media unit of the Delta State Government claimed in a statement on July 6 that the chairperson of the tribunal’s panel, C.H Ahuchaogu, said “the petition was incompetent and a flagrant violation of paragraph 18 subsection one of the fourth schedule to the Electoral Act 2022.
“There is merit in the application seeking to dismiss this petition and accordingly, (the) petition, EPT/DL/GOV/01/2023, is hereby dismissed.”
But Pela instituted an appeal (CA/AS/EP/GOV/DL/04/23) before the Court of Appeal saying the Tribunal erred in law by dismissing his petition without hearing and determining it.
On Thursday, the Appellate court agreed with the petitioner’s submission, saying that the decision of the Tribunal dismissing his petition is null and void.
Reacting after the court rose, Adams.M told THE WHISTLER that the petition of his client at the Tribunal was still on course as he will continue with his case.
“I thank God for today. We are heading back to the Tribunal. We are continuing from where we stopped,” he said.
On how the LP can prove its case knowing that the 180 days timeline would elapse in about two weeks time, the legal team said they would strategize to beat the deadline.
“Within the next few days, they should set up a panel for the Tribunal.
“By the special grace of God, we have the strategies that we will try to adopt to speed up the process so that we are within time. I think he has a very strong case at the Tribunal but it is left for the judges to decide,” Pela’s legal team said.
…..Grows Profit By 12.1% To N101.1bn
The Chairman of BUA Cement Plc, Abdul Samad Rabiu has promised to support the efforts of the Federal Government to drive down the price of cement in Nigeria.
Rabiu said this during an interview with journalists held at the sidelines of the company’s seventh Annual General Meeting held on Thursday in Abuja.
The Minister of Works, Dave Umahi had last week said that he will dialogue with cement manufacturers for them to reduce the prices of their products.
The Minister who spoke while featuring on Sunrise Daily, a Channels Television programme had said contractors have complained over the high cost of cement in the country and made claims that importing the product would be cheaper.
“I’m going to be running figures with them (cement manufacturers) to check the cost of cement if we import it and the cost they are giving us here,” he said.
But speaking on the development, the BUA Cement Chairman said the company is currently increasing its production capacity, noting that once that is achieved by the end of this year, it will boost availability of the product and drive down prices.
The price of cement hovers between N4,500 and N4,800 depending on the location.
Rabiu said, “I understand that the minister is quite concerned, that the price of cement is high at almost N5,000 per tonne. I appreciate where the government is coming from and the frustration from all the issues in the country.
“The price of cement at N5,000 is not high. If we look at the rate of the US dollar today, to import cement will be at N5,000. The cement cost, insurance and freight to any port in Nigeria will be in the region of about $100 a tonne. So, at $100 per tonne, if you take N800 to $1 then it will be N4,000 per bag. Then the port cost, and transportation from the port.
“It’s not that the government wants to import cement, but they are frustrated that the price of cement is high. What we told our shareholders is that we will engage with the government to support the government.
“Even though we know that the price of cement is high, it will not be cheaper if imported. We have two lines coming up by the end of the year, the Obu Line 3 and the Sokoto Line 5 that will give us a combined capacity of six million tonnes.
“By the time we have those two lines active with the current one, we will have about 17 million tonnes per annum. We are going to reduce the prices of cement once these two lines are up and running. This is the promise we are making to Nigerians.”
At the AGM, the shareholders approved the proposal of the board of directors to pay the sum of N2.80 per share in 2022 compared to the N2.60 per share paid in the previous year of 2021
Speaking on the financial performance, the BUA Cement Chairman told the shareholders that despite the challenging operating environment, the Company demonstrated strength and sustained capacity, which resulted in the excellent financial performance.
According to him, revenue rose by 40.3 per cent to N361.9bn in 2022 as against N257.3bn recorded in 2021, He said this outperformed its peers in cement volume growth during the period under review.
In terms of profitability, the BUA Cement Chairman explained further that profit after tax rose by 12.1 per cent to N101.1bn, in comparison to N90.1bn recorded in 2021.
On the outlook for the company, Rabiu expressed optimism that domestic demand for cement will continue to rise given the increased consciousness on the part of the governments at all level to improve existing economic and infrastructures, continued private-public partnerships, increasing interests in the Federal Government’s Road Infrastructure Tax Credit Scheme and the drive for Foreign Direct Investments.
He said, “As a company, we remain focused on our strategies primarily market consolidation as there is no market across the country where our presence is non-existent.
“We eagerly and excitedly await the completion of the Lines 3 and 5 at Obu and Sokoto during the first quarter of 2024. This would enable us provide more quantities of cement to the domestic market and particularly increase our market share across the African continent.”
Many of the shareholders who spoke at the AGM commended the board and management of the company for the improvement in financial performance.
They urged the board and management of BUA Cement not to relent in their quest to grow the company.
Colombia women's team coach Nelson Abadia has left his role, the country's football federation said on Thursday just weeks after the South Americans achieved their best-ever World Cup finish.
Abadia, 67, succeeded Fabian Taborda in 2017 and led Colombia to the quarter-finals at this year's tournament in Australia and New Zealand, where they lost 2-1 to England.
Under Abadia, Colombia finished as Copa America Femenina runners-up last year and won gold at the 2019 Pan American Games.
"The technical director Nelson Abadia and the Colombian Football Federation have terminated their contractual relationship..." the governing body said in a statement.
"In the coming days, the Colombian Football Federation will announce the person who will take over as coach of the Colombia Women's Senior National Team."
Next year, Colombia will compete in the CONCACAF W Gold Cup in February and March as well as the Olympics in Paris.
[reuters]
The Independent National Electoral Commission (INEC) has launched a portal for the recruitment of ad hoc staff for the 2023 off-cycle governorship elections.
The off-cycle polls are scheduled for November 11 in Bayelsa, Imo and Kogi states.
Ad hoc staff include supervisory presiding officers, presiding officers, assistant presiding officers, registration area technicians, and registration area centre managers.
In a notice on Wednesday, the electoral umpire said the portal for applications opens at 8am on August 31 and will close at 12am on October 2.
“Are you ready to play a crucial role in the democratic process? The Independent National Electoral Commission (INEC) invites you to become an Ad-Hoc Staff for the upcoming off-cycle governorship elections in Bayelsa, Imo, and Kogi States,“ the notice reads.
“The Commission has approved the activation of INECPRES both the Mobile App for Android phones only and the web portal (laptops/desktops only), to this end the portal will be available to eligible applicants for registration of all categories of ad-hoc staff (SPO/PO/APO/RATECHs/RAC Managers) except the Collation officers.”
INEC said applicants must not be political party members and must not have demonstrated or expressed support for any candidate or party.
The commission said the applicants must reside in the state selected except for registration area technicians.
Applications can be made via the web address pres.inecnigeria.org or by downloading the INECPRES mobile android app via https://inecpres-app.com/pres-app.apk.
[TheCable]
A human rights lawyer, Prof. Mike Ozekhome (SAN) on Wednesday said the Nigerian Navy, traditional rulers, the Economic and Financial Crimes Commission (EFCC) and others are complicit in the theft of crude oil in Nigeria.
Ozekhome was speaking as one of the panelists who discussed, “The Impact of Maritime Security Threats on the Nigerian Economy: Nigerian Navy Perspective” at the ongoing 63rd Annual General Conference of the Nigerian Bar Association (NBA) in Abuja.
The senior lawyer said the Nigerian Navy has the mandate of protecting the territorial waters in the country and that, it has sophisticated equipment to carry out the responsibility, thus, the Navy cannot say, it is free from theft of crude oil in the country.
He also blamed government officials for the crude oil theft, saying that, the issue is like a situation where a non-state actor becomes more powerful than the state itself.
“The people stealing the oil are government officials in collaboration with the Nigerian Navy. The Navy has the constitutional duty to protect the nation’s territorial waters and all the economic activities therein”, he said and called on the Nigerian Navy to name those behind the crude oil theft for them to be shamed and prosecuted.
As a way of addressing the issue of crude oil theft, Ozekhome stressed the need for strong technology to monitor crude oil theft and piracy and that Nigerian youths should be given employment and empowerment.
He also made a case for serious legal reform to put stiffer punishment for crude oil theft to act as a deterrent to others and that government should legalise the illegal refineries that are in the Niger Delta region of the country.
Earlier in his paper, Commander Obiora Bede Anyikwa identified crude oil theft, smuggling and illegal refineries as major security threats to Nigeria’s maritime environment.
Commander Anyikwa disclosed that Nigeria has been removed from the list of piracy-prone countries because of the efforts of the Navy.
While lamenting that some of the actions of non-state actors undermine the performance of security agencies, the Navy Commander called for the upgrade of the maritime domain awareness capability for improved operational efficiency as well as approval for Nigerian Navy lawyers to prosecute maritime offenders.
[Nigerian Tribune]
Mrs Jeddy-Agba, represented by Enoch Simon, a director in the litigation department of the Attorney-General of the Federation’s office said:” since 2019, the Federal Ministry of Justice has not received any budgetary allocation for settlement of judgment debt”.
The solicitor-general decried that in spite of available legal framework in the country, the timely prosecution of fundamental right cases and enforcement of the resulting judgments, remained a major challenge for the government.
She said it was unfortunate that the ministry was often compelled to pay judgment debts that emanated from unlawful actions of law enforcement institutions and agents.
“Most often, security or law enforcement agencies are the actual judgment debtors since their actions and inactions occasion the infractions.
“However, the ministry of Justice is dragged into the arena either because the Attorney-General of the Federation is sued as a nominal party or the judgment creditor approaches the AGF to grant consent, pursuant to the provisions of section 84 (1-3) of the Sheriffs and Civil Process Act.
“As a matter of due process and FGN Financial Regulations, if is the policy of the Federal Ministry of Finance that payment of judgment debt by any agency must be based on clearance by the Attorney-General and requisite budgetary appropriation,” she said.
The solicitor-general said some of the debtor agencies do refer judgment debts to the Attorney-General for intervention.
Similarly, the Executive Secretary of the NHRC, Tony Ojukwu, SAN, said the Commission would in line with its mandate, continue to hold the government and its agencies accountable.
He maintained that under the NHRC Act, decisions of the commission are at par with high court judgements.
Meanwhile, in his remarks, frontline human rights activist, Femi Falana, SAN, said Nigerians must always stand up to defend their rights and demand strict adherence to the principles of the rule of law.
Mr Falana lamented that government does not pay any monetary judgment and therefore, called the people to demand for their rights when violated.
Speaking on the implementing the decisions of ENDSARS judicial panels of inquiry, Prof, Joy Ezelio, Dean Emeritus Faculty of Law, UNN said:” you cannot talk of justice without remedies.
”We must have a system that activates itself, unmet justice brings ugly side of the people.
”Why would a government not implement the recommendations of panels it setup ” she asked.
NAN
Some in Africa are celebrating the coups. Many are fed up and desperate for change, analysts say
AdminAfter mutinous soldiers in Gabon announced they had deposed the country’s president, many residents danced in the streets and declared themselves free from the presidential family’s 55-year rule. It’s becoming a familiar scene in West and Central Africa, which has recorded eight coups since 2020.
“It is an expression of the popular dissatisfaction,” said Hermann Ngoulou in the Gabonese capital of Libreville. “The country has been experiencing a deep crisis on all levels due to bad governance, the rising cost of food (and) the high cost of living.”
There have been about 100 documented coups across Africa since the 1950s. This resurgence of military takeovers is often prompted by diminishing democratic dividends, according to analysts.
In Gabon, the coup occurred shortly after the president was declared the winner of the election from which international observers, for the first time, had been barred.
That’s not unusual in a region where elections are often alleged to be flawed, longtime leaders pursue the extension or elimination of term limits, and civic space is eroded by misgovernance, said Tiseke Kasambala, the director of Africa programs at the Washington-based Freedom House watchdog group.
In the end, the result is “widespread resentment and frustration amongst citizens,” she said.
At least 27, or half, of the 54 countries in Africa are among the 30 least developed in the world, according to the latest United Nations Human Development Index. Most are in West and Central Africa, often endowed with natural resources whose rich profits are little seen by everyday citizens.
The failure of leaders to significantly improve the lives of their populations has left people frustrated and desperate, said Remi Adekoya, a politics lecturer at the University of York.
“Africans do not think the idea of military rule is great; it is the disappointment in what is supposed to be a democratic rule that is causing people, if not openly support military dictatorship, to not be against it,” Adekoya said. “The leaders who are supposed to be democrats are not abiding by the rules of democracy … and people are wondering, what is in this system for me?”
Research network Afrobarometer's 2023 surveys found that the number of people supporting democracy and elections in Africa has fallen. Only 68% of respondents across 34 countries preferred democracy to any other system of government, down from 73% a decade ago.
“A significant correlation” was established between the number of Africans reporting substantial corruption in the presidential office and dissatisfaction with democracy.
Most respondents believed elections are “an imperfect but essential tool for choosing their leaders,” the study noted.
On Aug. 26, as Gabonese went to the polls, authorities cut off the internet. As service returned in the hours after the coup, the president used it as a megaphone to the world, sharing a video in which he called on friends of Gabon to “make noise” for his restoration.
International sanctions imposed to reverse coups in Africa have often failed, resulting instead in more hardship for populations already struggling with high rates of poverty and hunger.
Niger was the world’s third-least-developed country before the coup there in July, and has 4.3 million people in need of humanitarian aid, according to the U.N. Sanctions aimed at reversing that coup resulted in “serious socio-economic crises” for Niger’s residents, the head of West Africa’s regional ECOWAS Commission, Omar Alieu Touray, told reporters recently in Nigeria.
Even as frustration grows against what some describe as “electoral coups” that keep longtime leaders in power, analysts warn that military regimes are never the answer, and efforts to intervene should be aimed at entrenching democracies.
“If a country requires reforms before elections, then the best way to support these reforms must be seriously considered, even if the protagonists include military coup leaders,” wrote Ornella Moderan, head of the Institute for Security Studies Sahel program.
The mutinous soldiers in Gabon claim to have taken power in the interest of the people — a familiar line in past coups elsewhere.
Militaries have sometimes been encouraged by what appears to be popular support, Adekoya said. “What is most encouraging for any would-be coup plotter today is the reaction of the crowd to the coups, the fact that on many streets in these countries, people are coming out to celebrate them,” he said.
But military regimes have not proven to be a better alternative for good governance.
In Mali, where soldiers have been in power since 2020, the Islamic State group almost doubled the territory they control in less than a year, according to U.N. experts. And in Burkina Faso, which recorded two coups in 2020, economic growth slowed to 2.5% in 2022 following a robust 6.9% the year before.
In other places like Chad, military regimes have been accused of clamping down on dissidents, sometimes resulting in extrajudicial killings.
African countries run by regimes have experienced “a breakdown in the rule of law, an increase in arbitrary arrests and detentions, bans on peaceful protests and impunity for human rights violations committed by military forces,” said Kasambala with Freedom House.
Still, some of the regimes are supported because of “intrusive” external forces, she said, citing former French colonies such as Mali, Niger and Burkina Faso where “perceived French interference in the affairs of government and what is seen as the propping up of authoritarian rulers has generated widespread anti-French sentiment.”
In the end, Africans weary of decades of misrule are not asking for much, Adekoya said.
“People are just asking for some slight improvements to their fortunes, some slight sense of security, and free and fair elections,” he said. “Once you have the majority of people feeling ‘the system is not working for me,’ then that system is in trouble.”
[news.yahoo]
The Nigeria Labour Congress (NLC), has condemned the planned demolition of illegal structures in the Federal Capital Territory (FCT).
FCT Minister, Nyesom Wike, had vowed to demolish all illegal buildings and structures, as part of efforts to restore the Abuja Master Plan. He also threatened to revoke lands that were allocated, but not developed and reclaim uncompleted buildings that had become a safe haven for criminals.
Wike vowed not to spare anyone, irrespective of status, who had distorted the master plan, encroached the green areas and would also ban motorcycle and tricycle operators, open grazing, roadside markets in the FCT.
However, speaking at the NLC National Symposium in Abuja on Thursday, NLC President, Comrade Joe Ajaero, said the planned demolition was a war against the poor and a violation of their human rights.
Ajaero, who Spoke on the theme, “Nigerian Economy and the Crisis of Survival: Robbing the Poor to Pay the Rich”, urged Wike to halt his plans unless there were alternative shelters for the affected poor.
“The new attack by Wike to drive the poor out of Abuja, it’s a war where they tell you that you build in a place that is not part of the master plan, the master plan is only known to them.
“The NLC is saying that those structures are not illegal, those structures should be made legal unless there is alternative to them.
“There is no area they map out, either quarter plot or half plot for the poor to build in Abuja and when the poor manage to get small shelter, it’s been demolished on daily basis. It is a war against the poor.
“The number of people Adolf Hitler killed under a gas chamber will be a child play for people who will die because of shock over demolition”, Ajaero added.
[TheWill]
More...
The governorship candidate of the Social Democratic Party (SDP) in Rivers State in the 2023 election, Magnus Ngei Abe, has appealed to his supporters to stop lobbying for any appointment for him in the President Bola Tinubu-led administration.
According to him, the President should be allowed to form his government with those who can help him serve the people of Nigeria better.
Naija News reports that Abe, in a statement posted on his Facebook page, said he could not be fighting with the president’s appointees while declaring support for him at the same time.
Abe’s reaction, as gathered by this platform, follows agitation on why the President didn’t consider him for a ministerial position, instead of picking the former governor of the state, Nyesom Wike.
While urging his supporters and agitators to stop crumbling over the situation, Abe said, “Please, if anybody is lobbying for appointment, go and lobby for yourself, do not lobby for any appointment for me on any platform.
“I withdrew my case against the elections in Rivers state, I have congratulated the President’s appointees, including the minister of the FCT, Nyesom Wike, and I genuinely wish them well.
“I am not, and I cannot be seen to be fighting with the President’s appointees while supporting the President.
“Anyone who claims to be with me should follow my steps and cease all hostilities against politicians who are in the APC or working with the APC government.
“The President is my father, and I have confidence in his ability to help Nigeria economically, which is why I supported him, and I will continue to support him.
“Let us give him space and time. By the grace of God, Nigeria will be better for us all, not only for those with positions in Government.
“Bile, bitterness, Unforgiveness and anger have never been part of my politics.
“Progress, prosperity and service are what we have always preached and talked about; it is time to practice what we preach with or without appointment.
“No matter what happens today, the sun will always rise again tomorrow morning; those who find favour before God will live to see the glory of another sunrise.”
Read the full statement below;
MY ADMONITION TO ALL THE RISING CONCERNS OPINIONATED ON SOCIAL MEDIA AND VARIOUS ONLINE PLATFORMS FROM WELL-WISHERS AS WELL AS DERIDERS
”Please, can we tone down all these aggression. We have always supported President Tinubu, and we will continue to support the President.
”Let us all allow the President to form his government and bring in those he needs to help him serve the people of Nigeria.
”I withdrew my case against the elections in Rivers state, I have congratulated the President’s appointees, including the minister of the FCT, Nyesom Wike, and I genuinely wish them well.
”I am not, and I cannot be seen to be fighting with the President’s appointees while supporting the President.
”Anyone who claims to be with me should follow my steps and cease all hostilities against politicians who are in the APC or working with the APC government.
”Appointments, as we have all now confirmed, are not made on platforms, and appointment is not the only benefit from supporting the government.
”Please, if anybody is lobbying for appointment, go and lobby for yourself, do not lobby for any appointment for me on any platform.
”The President is my father, and I have confidence in his ability to help Nigeria economically, which is why I supported him, and I will continue to support him.
”Let us give him space and time.
”By the grace of God, Nigeria will be better for us all, not only for those with positions in Government.
”Bile, bitterness, Unforgiveness and anger have never been part of my politics.
”Progress, prosperity and service are what we have always preached and talked about. It is time to practice what we preach with or without an appointment.
”No matter what happens today, the sun will always rise again tomorrow morning; those who find favour before God will live to see the glory of another sunrise.”
Magnus Abe
[NaijaNews]
Tingo Group Announces Completion of Investigation Into Allegations Made Against the Company in Short-Seller Report and Issues its Response
AdminTingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech, agri-fintech and food company, today announced it has completed the investigation of the allegations made by short seller Hindenburg Research (“Hindenburg”), that relate directly to the Company and its businesses.
At the direction of the Company’s independent directors, independent counsel investigated certain of the Hindenburg allegations and provided the independent directors with an interim report summarizing evidence it had reviewed, along with items requiring further investigation. The Company’s outside counsel then conducted its own investigation into the allegations, which included following up on the items identified by independent counsel. Based on the Company’s outside counsel’s investigation and further investigative work of its own, the Company has concluded it can now provide the following response to the allegations in the Hindenburg report:
- Agri-Fintech Holdings, Inc. Resignation of Director: Christophe Charlier was a co-Chairman of OTC-listed company, Agri-Fintech Holdings, Inc., which sold Tingo Mobile Limited to the Company on November 30, 2022. Mr. Charlier has never been a member of the Company’s Board of Directors, nor has he been involved in the management of the Company. In his resignation letter, which was filed with the SEC, Mr. Charlier complained only of a lack of communication and teamwork at Agri-Fintech Holdings.
- Tingo Foods Revenue and Operating Margin: The revenue reported by Tingo Foods in Q1 2023 and its operating margin of 24.8 % has been confirmed.
- Tingo Foods Business Relationships: During the period from September 2022 to March 31, 2023, Tingo Foods purchased its raw crops from two organizations in Nigeria, including the All Farmers Association of Nigeria (“AFAN”), which delivered the crops to third-party food processors. Tingo Foods then sold the processed food to several large wholesalers in Nigeria.
- Food Processing Facility: The construction of the Tingo Foods processing facility in Nigeria is well underway, with food and beverage processing operations expected to commence in Q2 2024. The images and renderings used for the Foods Processing Facility’s groundbreaking ceremony in February 2023 and in early presentational materials were stock images provided by an external marketing company, whereas specific renderings of the actual facility are currently being utilized. The Company has contracts in place with the construction company for the project and with Evtec Energy Plc and TAE Power Solutions Limited for the construction of a solar power plant to power the processing facility. Evtec Energy Plc is a special purpose vehicle for the project, whereas TAE Power Solutions Limited is a part of a multinational group that has been trading for more than 25 years.
- Tingo Foods Sale of Inventory: The inventory held by Tingo Foods at the time it was purchased by the Company in February 2023 was sold to a customer on March 20, 2023, the proceeds for which were received on June 29, 2023.
- Tingo Mobile Business Relationships with Farming Organizations: Tingo Mobile leases mobile phones to four co-operatives and farming organizations: the Kebbi (Dala) Multi-Purpose Cooperative Society (“Kebbi”), the Ailoje Royal Farms Multi-Purpose Cooperative (“Ailoje”), the All Farmers Association of Nigeria (“AFAN”), and the Ashanti Investment Trust (“Ashanti”). The two farming cooperatives referenced in the Hindenburg report were Kebbi and Ailoje, to which Tingo Mobile has leased 4.5 million and 4.844 million phones respectively. The relationships with all the co-operatives and farming organizations have been confirmed.
- Mobile License: Tingo Mobile does not directly provide airtime and data services on the phones it leases to customers, or through its Nwassa platform. Such services are currently provided by a third-party vendor. Tingo Mobile therefore does not require a Mobile License from the Nigerian Communications Commission. This arrangement allows Tingo Mobile’s customers to choose the best network provider for their location from Airtel, MTN, 9 Mobile and Globacom. Tingo Mobile earns a commission on the airtime and data services purchased by its customers, which it receives from its vendor, and which were previously received from Airtel.
- Tingo Mobile’s Phone Suppliers: Since 2020, Tingo Mobile has purchased mobile phones from two suppliers: UGC Technologies Limited, with which it has had a contractual relationship since December 2020, and Bullitt Mobile, with which it has had a distribution agreement since February 2022.
Hindenburg contacted a company called UGC Mobile Technologies in the U.S., not Tingo Mobile’s supplier, UGC Technologies Limited, which has offices in Africa and China. Tingo Mobile has purchased almost all its mobile phones from UGC Technologies Limited to date, with only a small purchase of 1,000 units of Caterpillar branded phones from Bullitt Mobile in 2022.
- Tingo Mobile’s Taxes: On April 7, 2023, Tingo Mobile paid in full to the Nigeria Federal Inland Revenue Service (“FIRS”) its corporate income tax (“CIT”) and Tertiary Education Tax (“EDT”) for the fiscal year 2022.
- Tingo Mobile Ghana: The Company’s recently established operations in Ghana are currently conducted exclusively through its trade agreement with the Ashanti Investment Trust. The Company leases mobile telephones to individuals introduced through the Ashanti Investment Trust and such customers also have access to Nwassa. The sim cards, airtime and data are sold to customers through a third-party vendor, as a result of which Tingo Mobile is not required to have a license with the National Communications Authority in Ghana. Tingo Mobile does not currently deal with or accept any new customers other than through its relationship with the Ashanti Investment Trust, it is however preparing to further expand the company’s business in Ghana and is currently recruiting a workforce and building a website to assist in facilitating this.
- TingoPay: Tingo Mobile entered into a partnership with Visa on September 27, 2021, subsequent to which it has hosted several joint events with Visa, and it also launched a beta version of TingoPay with Visa on February 14, 2023. Prior to contracting with Visa, Tingo Mobile entered into a strategic partnership agreement with Stanbic Bank, dated November 17, 2020, and work was undertaken by the parties to develop an integrated e-wallet solution. After a disagreement over the Tingo Mobile press release in April 2021, the partnership with Stanbic Bank ceased and Tingo Mobile instead entered into the partnership and e-wallet integration with Visa.
- Tingo Mobile’s NWASSA Platform: The Nwassa USSD platform is pre-loaded on the Tingo Mobile phones that are leased to the cooperatives and their farmers. Other individuals that have their own mobile phone can also register on the Nwassa USSD platform and conduct transactions on the platform. The Nwassa platform can be used by farmers to purchase items such as farming inputs, insurance, micro-loans, or additional airtime. The transactions made through Nwassa are processed by a third-party payment processing company owned by an American multi-national fintech company, which collects a commission payment on behalf of Tingo Mobile on each transaction and remits the commissions to its bank account. Tingo Mobile has confirmed its Q1 2023 reported revenue from the NWASSA platform.
- Tingo DMCC: Tingo DMCC is the Company’s new agricultural export business. As of June 30, 2023, Tingo DMCC had conducted three export sales transactions totaling $348 million with customers located in neighboring countries within Africa. Tingo DMCC currently conducts its business through its direct contacts and sales leads. It is, however, in the process of developing a separate website for use in the future.
- Financial Statement Errors: The “errors” identified by Hindenburg in Tingo Group’s financial statements and MD&A in its year-end 2022 Form 10-K and Q1 2023 Form 10-Q were typographical errors that were obvious to the reader from the remainder of the numbers and other information.
All the information required to be disclosed relating to Certain Relationships and Related Transactions (including the acquisition of Tingo Mobile on November 30, 2022), and Director Independence, was included in the Form 10-K.
While the Company’s cash-flow statement inadvertently labeled an increase in trade receivables as a decrease, the numbers themselves were correct. The discrepancies Hindenburg identified between the change in receivables reported on the balance sheet and change in receivables reported in the cash flow statement reflect Hindenburg’s misunderstanding of the numbers and the relevant U.S. GAAP accounting standards, including in relation to how the business combinations that closed during the relevant accounting periods impacted the numbers. In both cases, the “difference” resulted from non-cash adjustments related mainly to the Company’s acquisition of Tingo Mobile in Q4 2022 and its acquisition of Tingo Foods in Q1 2023, all of which were correct.
- Independent Auditors: The engagement with Brightman Almagor Zohar & Co., a firm in the Deloitte Global Network, was after consideration of the relevant factors regarding the location of auditors. Such factors included that the Company does not have any operations in the U.S., and the consolidation process and preparation for the group’s financial statement and SEC filings is performed by the Company’s finance function in Israel.
- Bank Balances: Bank statements were obtained directly from the banks used by Tingo Mobile and Tingo Foods, and interviews with the banks were conducted over video conference calls. The bank balances of each company were confirmed at several dates, including at the Quarter End dates of March 31, 2023, June 30, 2023, and as late as August 3, 2023, which reconciled and agreed to each company’s accounting records and financial statements.
Tingo Mobile earns interest only on funds held in a fixed deposit account. Due to its cash needs from time to time, Tingo Mobile is unable to encumber a large portion of its funds in a fixed-deposit account that would earn interest.
Having concluded the investigation into the allegations made by Hindenburg against the Company and its businesses, which was deemed to be the highest priority, the Company and its outside counsel will now proceed to investigate Hindenburg’s allegations against the founder of Tingo Mobile and Tingo Foods, Dozy Mmobuosi.
About Tingo Group
Tingo Group, Inc. (Nasdaq: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa, that is currently in beta version, offering a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit tingogroup.com.
Disclaimer
The information in this news release includes certain information and statements about management and the Company’s board of director’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made with the SEC by the Company and: (i) the results of the independent review; (ii) the risk of restatement of the Company’s previously reported financial statements or the identification of one or more material weaknesses in internal control over financial reporting; (iii) costs relating to the independent review, which are likely to be material; (iv) the outcome of any legal proceedings that may be instituted against the Company, including as may result from the independent review and (v) the ability to meet stock exchange continued listing standards. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Rwanda President, Paul Kagame, who doubles as the Commander-in-Chief of Rwanda Defence Force (RDF), on Wednesday, approved the retirement of 95 military generals and senior officers as well as 930 junior soldiers.
Top on the list of retirees is General James Kabarebe, the country’s former Minister of Defence and Chief of Defense Staff.
Those affected were disclosed in a statement published on the Rwanda Defense Force’s official website on Wednesday.
The announcement came amid recent military coups in Niger Republic and Gabon.
Until his retirement, General Kabarebe served as the special advisor to the president on security.
Local media reports that some of those retired had attained the retirement age of 65 while others were indicted in some misconduct.
“The president has also approved the retirement of 83 senior officers, 06 junior officers and 86 senior NCOS, 678 end of contract and 160 medical discharges,” the statement partly read.
Prior to their retirement, the Ugandan president promoted a number of lieutenant colonels to the rank of colonels and brigade commanders.
Although the statement did not categorically state the reasons behind the retirement of over 600 military officers, the president had in previous weeks addressed opinion leaders on the need to keep the country united.
“Our history has been an example of how destructive division can be. We have also seen that it is our unity that has led to our country’s transformation. We have people who lost their family members, others who have family members who are perpetrators, everyone has suffered the consequences of division. The only solution to this is unity. We cannot accept to return to the destructive practice of division. That would be self destruction.” President Kagame said.
Reacting to the development, some users on X (formerly Twitter) claimed it was a coup prevention strategy while others commended the soldiers for serving the nation for over three decades.
President Bola Tinubu has expressed concern over the recent coup d’état in Gabon, saying he is watching closely while consulting with member states of the African Union.
Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this on Wednesday to State House Correspondent in Abuja.
The Nigerian Presidency warned against the seizure of power by the gun.
‘’President Bola Tinubu is watching closely with deep concern for the country’s social-political stability and at the seeming autocratic contention spreading across different regions of our beloved continent.
‘’The president as a man who has made significant sacrifices in his life in the course of advancing and defending democracy believes that power belongs in the hands of Africa’s great people and not in the barrel of a loaded gun,’’ he said.
The junta had ousted the President of Gabon, Ali Bongo Ondimba, accusing him of treason.