Accuses Nigeria’s Tingo Group Of Financial Discrepancies
Tingo Group Inc, a self-described “agri-fintech” company with operations in Nigeria and headquartered in the U.S. where it is listed, has come under fire following investigations that allege wide-ranging fraud and malfeasance, according to weetracker report
The company—the subject of a March 2022 report by WT highlighting spurious claims and fuzzy details around the substance of its business—is alleged to be operating an “exceptionally obvious scam with completely fabricated financials,” according to well-known short-seller Hindenburg Research which released explosive findings Tuesday while revealing it had taken short positions on the now-plummeting stock.
Tingo first went public in August 2021 on the OTC market, per the Hindenburg report, through a reverse merger with a Thai company that originally intended to acquire a third-tier crypto exchange. In December 2022, Tingo entered the Nasdaq by closing another reverse merger with a listed Chinese fintech company. The new executive setup had Darren Mercer as Group CEO; Dozy Mmobuosi as CEO of Tingo Group Holdings LLC/Founder of Tingo Mobile Limited and Tingo Foods PLC; and Hao (Kevin) Chen as Group CFO.
The company was renamed Tingo Group Inc and the ticker changed from MICT to TIO on February 27, 2023. Tingo had a recent peak market value of ~USD 3 B as of May 22, which has tanked to below USD 100 M at the time of publishing. At various periods, short-sellers who have been circling the company over several months shared with WT that they suspected Tingo to be an overvalued sham enterprise.
Tingo was founded in 2001 and is led by Mmobuosi Odogwu Banye (AKA Dozy Mmuobosi), CEO of the key holding company entity who drew significant coverage in the media earlier this year for his attempted takeover of newly-promoted English Premier League club, Sheffield United; a deal that ultimately fell through reportedly due to question marks over his finances.
The firm, which claims to have several business segments focused on providing mobile phones, payments, food processing and an online food marketplace for farmers primarily located in Nigeria, has over the last few years projected an image of progress and impact that has proved difficult to substantiate. Further findings now put forward by Hindenburg Research allege Tingo is a brazen fraud in its entirety.
Last year, WT discovered discrepancies in several claims made by members of Tingo’s leadership past and present, as attempts to verify stated achievements and milestones returned responses refuting them. The alarm bells were set off when TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with Stanbic IBTC Bank, a major local bank. Two days after Tingo’s announcement, the bank put out a statement calling Tingo’s claim false and that it had “NOT concluded any agreement with Tingo International in respect of any payment system whatsoever”
Additionally, Tingo’s claims of capturing some 14 million persons via fieldwork and leasing 9 million mobile phones to farmers as of 2014, as well as talk of setting up two mobile phone assembly facilities in Lagos and Abuja in 2013 which churned out 30 minion devices, proved either bogus or extremely embellished upon investigation.
Further claims by the CEO and other executives that suggest Tingo has leased up to 30 million phones to individuals in the Nigerian agric scene over the course of its existence were rebuffed by officials who participated in a government-assisted programme that Tingo may have been piggybacking on. Named farmers cooperatives through which Tingo claims to be reaching millions of farmers via an online marketplace platform denied any knowledge of or association with Tingo when WT reached out. Field officers in Nigeria’s key agric zones also noted claims of 20,000 Tingo agents pushing its services at the grassroots to be unfounded.
New findings by Hindenburg Research highlight a raft of issues. In April 2023, Tingo’s Co-Chairman Christophe Charlier wrote a public letter to Dozy, filed with the SEC, saying he could not approve the company’s annual report and felt it “necessary to recuse myself by resigning” due to “many critical questions, comments and recommendations” that went “unanswered and unheeded”, the report says.
In addition, it was noted that Tingo’s food division is 7 months old, yet claimed to generate USD 577.2 M in revenue last quarter alone, representing 68 percent of total reported revenue. If accurate, its claimed 24.8 percent operating margins would exceed those of every major comparable food company, Hindenburg notes.
However, Tingo has no food processing facility of its own. Rather, it claims its explosive revenue and profitability is derived from acting as a middleman between Nigerian farmers and an unnamed third-party food processor.
In February 2023, the company held a groundbreaking ceremony for a planned USD 1.6 B Nigerian food processing facility of its own. It was found that the rendering of the planned facility, featured in Tingo’s investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website.
Following its groundbreaking, Tingo reported in a May 2023 SEC filing that it made “significant progress” on the facility, including laying “the foundations of its numerous buildings”. Hindenburg says its team visited the site a week later and found zero signs of progress; it was empty except for the plaque and billboard commemorating the groundbreaking ceremony, surrounded by weeds.
Further Tingo claimed its mobile handset leasing, call and data segments generated USD 128 M in revenue last quarter (~15 percent of total), claiming these services are provided through an agreement with Airtel in Nigeria, even as the type of license they claim did not exist until June 2023. Also, WT recently obtained a statement from Airtel denying any ties to Tingo.
“Airtel Nigeria does not have any MVNO arrangement with any company called Tingo Mobile,” reads the email from an executive in charge of investor relations at Airtel Africa.
Tingo now claims its payment group has a point of sale (PoS) system and other merchant products. Hindenburg says it found that pictures of Tingo’s claimed PoS system were taken from a different PoS operator’s website, with a Tingo logo photoshopped over them. The report by Hindenburg also lists several other issues related to Dozy’s questionable background history, shoddy financial reporting, an obscure online marketplace, and purported international operational divisions.
While there has been no communication from Tingo’s leadership following the development, Block & Leviton, a law firm that previously sued Elon Musk over his Twitter stake, has announced an investigation into Tingo Group for potential securities law violations, opening its resources to anyone who purchased Tingo Group, Inc. stock and has lost money, whether or not they have sold their investment.
The National Water Resources Bill, 2023 faced a setback during Tuesday’s Senate plenary when its consideration for concurrence was postponed.
The decision to stand down the bill came after Senator Gabriel Suswam, representing Benue North East senatorial district, raised a point of order seconded by Senator James Manager, representing Delta South senatorial district.
Suswam cited order 85 of the Senate Rules, which states that senators must be provided with the details of the provisions of any bill listed for concurrence.
He argued that without access to such information, the bill could not be adequately assessed.
Manager echoed the importance of transparency and called for full disclosure of the bill’s contents. He noted that the bill, as presented, only contained a title and lacked comprehensive provisions.
In 2020, the House of Representatives passed the bill amid concerns regarding its intent and purpose.
The initial bill sought to transfer the control of water resources from the states to the Federal Government, but was rejected by governors.
Clause 2 (1) of the supposed revised legislation states that: “The right to the use, management and control of all surface water and groundwater affecting more than one State pursuant to item 64 of the Exclusive Legislative List in Part 1 of the Second Schedule to the Constitution of the Federal Republic of Nigeria, 1999 as amended, and as set out in the First Schedule to this Bill is vested in the Government of the Federation to be exercised in accordance with the provisions of this bill.”
It adds: “States may make provisions for the use, management and control of water resources occurring solely within the boundaries of the state in line with regulations and guidelines made pursuant to this Bill on policy and principles of Integrated Water Resources management.”
The summary of the bill reads: “This Act repeals the Water Resources Act, Cap W2 LFN 2004; River Basin Development Act Cap R9 LFN 2004; Nigeria Hydrological Services Agency (Establishment) Act, Cap N110A, LFN,2004; NationaI Water Resources Institute Act Cap N83 LFN 2004; and establishes the National Council on Water Resources, Nigeria Water Resources Regulatory Commission, River Basin Development Authorities, Nigeria Hydrological Services Agency, and the National Water Resources Institute.”
The proposed bodies, if established, will “provide for the regulation, equitable and sustainable development, management, use and conservation of Nigeria’s surface water and groundwater resources.”
The candidate of the Labour Party in the February 25 presidential elections, Peter Obi, has reacted to the recent removal of Petroleum Subsidy by the Bola Ahmed Tinubu administration.
Obi in a series of tweets posted on his verified Twitter page on Tuesday, said his approach to the subsidy removal would have included palliative measures to cushion the harsh economic effects that the removal of the subsidy regime would bring.
The LP candidate said he would have adopted the “tooth pain” removal analogy to provide succour to Nigerians as prices of petroleum products rise.
He reiterated his support for the removal of the subsidy regime adding that the statistical analysis he conducted shows that Nigeria is not consuming the amount of fuel it subsidizes.
Obi said, “I’ve actually been in support of the removal of subsidies right from the President Goodluck Jonathan era, when I was a member of the Economic Management team.
“If you have followed me very well right from the time I was a member of Jonathan’s economic management team, I consistently maintained that subsidy should be removed because I see it as organized crime.
“People were just stealing the resources of the country and I showed it empirically in my statistical analysis that we were not consuming the amount of fuel they claimed we consumed.
“I also gave them the “tooth pain” removal analogy that if you approach a dentist to remove a painful tooth, he will apply a local anesthetic to numb the area around the tooth so you do not feel pain. It’s not the same thing as pulling the tooth forcefully, the pain you feel will be different. For me, I will go with the approach of the dentist, while supporting the removal of the tooth because I wouldn’t want to go through the pain of a forceful removal.
Continuing further, the LP candidate drew attention to his campaign manifesto where he itemized how monies saved from the removal of the subsidy regime will be utilized.
“If you read my manifesto you will see clearly how I planned to remove subsidies. I will govern with the people and show them statistically and empirically what we are going to save, and what we are going to do using the savings to better the suffering masses.
“The problem in Nigeria is that often government tell the masses to suffer and sacrifice, for a better future; but in future things gets worse.
The Tertiary Education Trust Fund (TETFUND) has approved N130m for each polytechnic in Nigeria as a zonal intervention fund.
This was confirmed by the Director of Infrastructure of the Fund, Buhari Mika’Ilu, at the TETFund/NBTE sensitisation workshop on the 2023 Zonal Intervention on Skills for Rectors and Directors of Skills in Beneficiary Polytechnics, which was held in Abuja on Tuesday.
Mika’Ilu said that the fund is aimed at reinvigorating skills acquisition in polytechnics across the country, adding that it would integrate the efforts of the National Board for Technical Education (NBTE) in increasing the capacities of polytechnics to deliver on their mandate.
“Funds are allocated in line with the provision of the Establishment Act and guided towards addressing critical and essential needs of the beneficiary institutions for the improvement of quality and maintenance of standards in the tertiary educational institutions.
”NBTE has been at the forefront in championing the need to have skills in the educational system in Nigeria. It is in response to this that the fund has prioritised the 2023 zonal allocation to polytechnics to be geared towards reinvigorating skills acquisition in the polytechnics across the country,” he said.
He said the money would be used mainly for acquiring, installing, and testing new training equipment and materials within the institutions.
”This is to further consolidate the efforts of NBTE in increasing the capacities of polytechnics to deliver on their mandate. Therefore, the sum of N130,000,000 only allocated to each polytechnic has the main focus of procurement, installation, testing, training, and commissioning of relevant training materials,” he said.
He explained what some of the previous years’ intervention funds were used for. In 2017, funds were focused on building and upgrading toilet facilities while in 2022, funds were used in the procurement of new ICT facilities for the institutions.
“In the year 2017, the Fund focused the zonal intervention on the “Student Dignity Project”. Hence, the intervention was used to upgrade and standardise all lavatory facilities or provision of new ones where necessary in academic areas of institutions, also shuttle buses (coaches) were procured for students’ use among other projects.”
“Most recently, the 2022 intervention was used for the deployment of ICT facilities within the institutions in line with the guidelines developed by the Fund. This is essential to increase the capacities of institutions to function effectively and deliver their programmes online.
”The Fund has allocated a total of N60,290,000,000.00 for zonal intervention for the year 2023 to all the two hundred and nineteen beneficiary institutions of which, the sum of N9,230,000,000.00 is allocated to polytechnics,” he said.
He added the intervention, a post-research activity, had created an opportunity for academic staff in Science and Technology Programmes to fabricate equipment, thus promoting skills development in the Polytechnics.
Immediate past governor of Rivers State, Nyesom Wike, has warned the ruling All Progressives Congress, APC, not to bungle what he called God-given chance to correct past mistakes of governing the country.
At a media briefing on Tuesday, Wike said God gave the APC the opportunity to correct past errors that his party, the Peoples Democratic Party, PDP, failed to correct but that the APC is about to spoil that with its internal crisis.
The governor was making reference to the struggle for the principal positions of the 10th Assembly.
The announcement of the former Minister of Niger Delta, Godswill Akpabio, and Tajudeen Abbas as the party’s choices for the Senate and Speaker of the House positions is facing serious opposition in the party.
The former Rivers State Governor has intervened to ensure a smooth ride for the anointed candidates and on Monday visited President Bola Tinubu alongside Akpabio and former governor of Ebonyi State, Dave Umahi, to assure Tinubu that Akpabio was the best choice.
His visit was coming less than a week after his second visit to the president at the presidential villa.
He had earlier visited Tinubu to congratulate him on his victory.
The former Minister of State for Education had earlier endorsed Akpabio and Tajudeen in a sharp U-turn after initially endorsing deputy speaker of the House, Ahmed Idris Wase for the position of the Apes of the House.
Before endorsing Akpabio, he awarded the former minority leader of the Senate a state honour a few days to the end of his tenure.
Having taken into consideration the political developments since the conduct of the primaries of political parties in 2022, the ex-governor advised the APC to sit up.
“APC should be jubilating that God has given them an opportunity at the cost of PDP. God gave APC the opportunity to repent from the sins they committed against Nigerians.
“God gave them this opportunity now and they want to bungle it again by bringing in crisis.
“If Mr. President doesn’t have a smooth administration, at the end of the day, who suffers? Is it, not Nigerians? Let us believe that we are all one, let us give everyone a sense of belonging,” Wike said.
On the continuous question of his stay in the PDP and if he would agree to serve in the Tinubu government, he said, “First of all, I am not lobbying for an appointment, for Christ’s sake.
“And I can’t only be important because you have given me an appointment. I mean, you should look at it very well.
“Two, Mr. President has not called me. With due respect, if Mr. President calls you and says, I want you to serve. Maybe I will ask, in what capacity do you want me to serve? And he says it, I say okay, thank you, sir.
“Look I have a political team, I have a family, I won’t just sit down without talking to anybody and say oh Yes. Look, look, I am not begging for an appointment,” he said.
TRIBUNAL: Peter Obi Submits Ward Level Results For Lagos, 16 States As Evidence Against Tinubu
AdminThe Presidential Election Petition Court sitting in Abuja on Tuesday, admitted in evidence, certified true copies of ward level results (INEC Form EC8Bs) tendered by the presidential candidate of the Labour party, Peter Obi, in 17 states.
Obi is challenging the presidential election results declared in favor of President Bola Tinubu in over 17 states and over 18,000 polling units.
His petition also cites alleged overvoting in parts of the South West.
Beginning today’s proceedings, Obi’s legal team, represented by Ben Anichebe SAN told the court he would continue with tendering of duly certified true copies of documents from INEC beginning with Form EC8Bs.
INEC Form EC8Bs is the sheet for recording and collation of elections at ward level.
Anichebe proceeded to tender duly certified INEC Form EC8Bs for Adamawa (21 LGAs), Bayelsa(8LGAs), Benue (23 LGAs), Kogi (21 LGAs), Nasarawa (11 LGAs), Niger (25 LGAs), Ondo(18 LGAs), Sokoto (23 LGAs), Delta (25 LGAs), Ekiti (11 LGAs), Imo (25 LGAs), Kaduna (21 LGAs), Oyo(27 LGAs), Cross River (18 LGAs), Edo(15 LGAs), Akwa Ibom (31 LGAs), Lagos (20 LGAs).
Lawyers representing the Independent National Electoral Commission, Bola Tinubu, Kashim Shettima and All Progressives Congress, APC raised objection to the admissibility of the documents, but would reveal their reasons later.
Nevertheless, the five-man panel of court led by Justice Haruna Tsammani admitted Obi’s documents in evidence and marked them as exhibits.
Recall that Obi’s team had already tendered polling unit results in the respective states they are contesting the results declared by INEC.
So far, they have presented one witness before the PEPC to testify on a US District Court judgement that had ordered the forfeiture of funds traced to Tinubu’s bank account, involving alleged drug deals.
Speaking to newsmen after the court rose, Anichebe said what was more important to the team is the “evidence” they are tendering before the court.”
According to him, when all their evidence are in, they would not need many witnesses to testify against INEC and Tinubu.
THE WHISTLER earlier reported that Obi’s lawyers told the PEPC that they had 50 witnesses to present.
The court had given them 3 weeks to do so and the time started running from May 30.
The proceedings have entered the 2nd week.
The World Bank has slashed the initial 2.8 per cent International Monetary Fund (IMF) projected 2023 global economic growth to 2.1 per cent as a result of uncertainties amid high-interest rates.
The flobal growth has slowed sharply and the risk of financial stress in Emerging Market and Developing Economies (EMDEs) is intensifying according to the World Bank’s latest Global Economic Prospects report released on June 6 2023.
“The Global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023” the report read.
Also, in EMDEs other than China, growth is set to slow to 2.9 per cent in 2023 from 4.1 per cent recorded in the preceding year as growth projections for 70 percent of EMDEs and nearly all advanced economies have been downgraded.
“Most EMDEs have seen only limited harm from the recent banking stress in advanced economies, however they are now sailing in dangerous waters.
“With increasingly restrictive global credit conditions, one out of every four EMDEs has effectively lost access to international bond markets.
“The squeeze is especially acute for EMDEs with underlying vulnerabilities such as low creditworthiness. Growth projections for these economies for 2023 are less than half those from a year ago, making them highly vulnerable to additional shocks” the statement noted.
Speaking on the report, the World Bank Group President Ajay Banga revealed that the surest way to curtail poverty is through employment but it will be almost if growth rate is slow.
“The surest way to reduce poverty and spread prosperity is through employment and slower growth makes job creation a lot harder.
“It’s important to keep in mind that growth forecasts are not destiny, we have an opportunity to turn the tide but it will take us all working together” Banga said.
Also commenting the World Bank Group’s Chief Economist and Senior Vice President Indermit Gill said outside of East and South Asia, it is a long way from the dynamism needed to eliminate poverty, counter climate change, and replenish human capital.
He said, “In 2023, trade will grow at less than a third of its pace in the years before the pandemic. In emerging markets and developing economies, debt pressures are growing due to higher interest rates.”
Fiscal weaknesses have already tipped many low-income countries into debt distress. Meanwhile, the financing needs to achieve the sustainable development goals are far greater than even the most optimistic projections of private investment, Gill acknowledged.
He also stressed that the overlapping shocks of the pandemic, the Russian invasion of Ukraine, and the sharp slowdown amid tight global financial conditions have dealt an enduring setback to development.
Former Kaduna Senator, Shehu Sani has warned that the sex competition recently announced in Sweden should not be brought to Nigeria.
Vanguard reported on Sunday that Sweden officially declared sex as a sport and would have the first-ever European Sex Championship on Thursday.
The report disclosed that contestants will have daily sexual encounters that span for a maximum of one hour.
Reacting to the development via Twitter on Tuesday, Sani said the various sports approved by the International Olympics Committee are sufficient for Nigeria, thereby, the newly introduced one by Sweden should not be embraced.
“Don’t bring the newly invented Swedish Sport to Africa. We are okay with the ones approved by the International Olympics Committee,” Sani wrote.
Head, the Swedish Federation of Sex, Dragan Bratych had said he wished that sex would be universally regarded as a sport one day.
[Vanguard]
The Independent National Electoral Commission, INEC, vehemently objected to a request by the presidential candidate of the Labour Party (LP) Mr Peter Gregory Obi and his party to tender exhibits in 17 states of the federation against the election of President Bola Ahmed Tinubu.
The exhibits, mainly form EC8B used by the electoral body in collating results at the ward level of the states during the February 25 presidential election were opposed to be tendered by INEC which issued the exhibits to Obi and the Labour Party.
Represented at the Presidential Election Petition Court, PEPC, by a Senior Advocate of Nigeria SAN, Steve Adehi, INEC while opposing the admissibility of the documents, however, informed the court to give rationale for his objections at the address stage of the proceedings.
Obi’s lawyer and Senior Advocate of Nigeria SAN, Mr Benbella Anachebe, while introducing the documents, explained that the exhibits were obtained from the custody of INEC.
Besides, Anachebe said that the documents were duly certified by the electoral body before releasing them to his clients.
Apart from INEC, which conducted the election in dispute, President Bola Ahmed Tinubu and the All Progressives Congress (APC), who were declared winners of the poll, also kicked against the admission of the exhibits.
However, in line with the pre-hearing report and and agreements of counsel, reasons for the objections are to be reserved at the address stage of the hearing of the petition.
The states where the exhibits were tendered and admitted are Adamawa, Bayelsa, Benue, Kogi, Nasarawa, Niger, Ondo, Sokoto, Delta and Ekiti.
Others are Imo, Kaduna, Oyo, Cross River, Edo, Akwa Ibom and Lagos.
That of Ebonyi was put off on the grounds that INEC was yet to make the exhibits available to the two petitioners.
Breakdown of the exhibits showed that the collated Ward results were tendered in 21 local government areas of Adamawa, 8 in Bayelsa, 23 in Benue, 21 in Kogi, 11 in Nasarawa, 25 in Niger, 18 in Ondo, 23 in Sokoto and 25 in Delta.
The rest are 11 local government areas of ekiti state, 25 in Imo, 21 in Kaduna, 27 in Oyo, 18 in Cross River, 15 in Edo, 31 in Akwa Ibom and 20 in Lagos.
Meanwhile, Chairman of the Court, Justice Haruna Simon Tsammani has adjourned further hearing in the petition till June 7.
[DailyPost]
A Nigerian-born British data management lead at the Bank of England, Abel Aboh, has been appointed to the board of the Data Lab Scotland, a leading innovation centre for data and artificial intelligence in Scotland, United Kingdom.
Aboh is among the 20 new board members to oversee the centre’s Governance, Innovation, and Education Advisory Boards for a period of three years.
The mission of the Lab is to help Scotland maximise value from data and lead the world to a data-powered future.
Brian Hills, the Chief Executive Officer of the Data Lab, said, “We were overwhelmed by the volume and quality of applications for our boards; a true testament to the reputation of The Data Lab and Scottish data and AI innovation.
“The newly appointed board members bring an exceptional range of skills and perspectives across industry, academia, and the public sector as we continue in our vision to create the world’s most impactful data and AI community.”
With work experience that spans across global financial services, defence, airline and sports, Aboh is a professional data and technology influencer.
In 2021, Aboh was nominated as a finalist for the prestigious British Data Awards, Data Leader of the Year 2021, which was celebrated by the Bank of England and the Nigerians in the Diaspora Commission.
On his appointment, he said, “It is really a great honour and privilege to be part of the Board of the Data Lab Scotland’s Artificial Intelligence and data to help contribute and provide strategic direction to the leadership of the Lab.
“I am deeply humbled for this opportunity to contribute and help unlock the rich opportunities for AI and data, not just in Scotland, UK and across the world, by bringing industry, academia and public sector to harness opportunities, connect people and ideas, develop knowledge and expertise for the good of humanity and society- creating a better and sustainable economy and society.”
The Nigerian-British man stressed his love for data and AI, saying, “I am deeply passionate and intentional about data, AI, transformation, innovation, education, technology, inclusion, social and global mobility.”
[Punch]
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The Nigerian National Petroleum Company Limited (NNPCL) has released a new ex-depot price of N479.50 per litre of Premium Motor Spirit (PMS) petrol to the marketers,
It was also gathered the marketers are not against the removal of subsidy but are worried that the NNPCL is giving them the product paid for at the old rate since eight months ago for the new rates.
They are said to be concerned about recovering money to pay for the loans with which they purchased the tickets.
The Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi told The Nation these on the phone.
NNPCL Chief Communication Officer, Malam Garba Deen Muhammad, who was asked to respond to the allegation, did not respond to calls.
Asked about the new ex-depot price, Maigandi said: “The price has started coming out. Some depots have started releasing the price. “They are selling at the rate of N479.50. That is the ex-depot price.”
Lamenting over NNPC’s application of new prices for old tickets, he said, “You know the banks are charging you based on the money they lent to you.
“Again, we, the Independent petroleum marketers have already purchased the product from NNPC since getting to eight months. Now they are saying they will give us the product for this new rate and not the old rate we paid at.
“And it is with our money they (NNPCL) bought this product. These are part of the challenges we are encountering now.”
A 38-year-old first time lawmaker from Odo-Otin state constituency, Adewale Egbedun, has emerged as the speaker of the Osun State House of Assembly.
He was elected unopposed after the 8th Assembly was inaugurated by the State Governor, Ademola Adeleke on Tuesday.
Egbedun emerged after he was nominated after he was nominated by Ibrahim Abiola of Irewole/Isokan constituency and seconded by Areoye Ebenezer from Atakumosa West and East constituency.
Another first timer, from Ife-North State Constituency, Akinyode Oyewusi emerged as the Deputy Speaker, while Kofoworola Adewumi from Ede-North, emerged as the majority leader. Three returning lawmakers from the PDP, Tajudeen Adeyemi, Ifelodun, Adewumi Adeyemi, Obokun and Olaide Ajibola, Olorunda were not elected into any principal offices.
While first timers like Adekunle Oladimeji (Irepodun/Orolu), emerged as Deputy Majority Leader, Olawale Akerele (Ilesa West) was elected as Chief Whip and Afeez Ibrahim (Olaoluwa) as the Deputy Chief Whip.
In his inaugural speech, the Speaker stressed that he will focus on reviewing outdated legislation and sponsored new bills to introduce innovative ideas for the promotion of social sector of the economy.
Earlier in his address, Governor Ademola Adeleke sought the support of the lawmakers to deliver dividends of democracy to the masses in the state.
THE WHISTLER has gathered that former governors of Rivers and Ebonyi states, Nyesom Wike and Dave Umahi’s meeting with President Bola Tinubu on Monday was part of moves to save former Minister of Niger Delta, Godswill Akpabio from being dumped as the All Progressive Congress’ candidate for the position of the Senate President.
The duo alongside Akpabio met Tinubu on Monday behind closed-door with none revealing what was discussed.
But a probe into what may have prompted what a source said was an unscheduled meeting especially as it involved a non-member of the ruling All Progressives Congress, APC, in the person of Wike, with the visit coming less than one week after Wike had visited the president said it was “aimed at saving Akpabio, nothing more.”
Wike is a member of the major opposition Peoples Democratic Party, PDP, and has not hidden his support for Tinubu and the APC since the conclusion of the general elections.
With the PDP having three senators from Rivers State and 11 out of 13 House of Representatives seats in the state, the APC has appreciated Wike’s endorsement that the ruling party should produce the Senate President and Speaker of the House.
It’s down to the number’s game with the APC controlling the Red Chamber with majority seats while the combined opposition parties control the highest number of the House seats.
With stiff opposition within the APC, there are fears that the opposition parties may likely team up with the opposing APC candidates in order to elect principal officers that would be subservient to the minority caucus’ cause.
Electing opposition deputy Senate president and deputy speaker has also been muted by the opposition APC candidates as a way of extracting commitments from the opposition parties.
Following the stiff opposition within the APC to the announcement of Akpabio as the preferred choice, Tinubu who made the endorsement is reportedly having a change of heart.
It was gathered that his support for Akpabio has waned with sources revealing that the president would not openly withdraw his support for the former Akwa Ibom State Governor.
Instead, sources within the Tinubu camp had told this paper that he’s likely to allow all those vying to be Senate President and Speaker of the House to go ahead and contest on Tuesday, June 13, when the upper house would be convened to elect its principal officers.
It was learnt that Wike and Umahi were drafted in to save the former minority leader of the 8th Senate.
A source privy to the development said “Akpabio drafted the two men to meet with Tinubu in order to assure him that they will do all they can to get him elected.”
Meanwhile, Akpabio did not reply to text messages and calls.
Also, Mary Ekpenyor, an aide to the former Governor did not respond to calls.
The APC had said it was waiting for Tinubu, who then was President-elect to make his choice of those he wanted as principal officers of the 10th Assembly.
He therefore settled for Akpabio and Tajudeen Abbas, a lawmaker from Kaduna State for both the Senate president and Speaker.
But the opposition within the APC, being supported by the opposition political parties have made the choices of the president to descend into chaos.
The source could not say if Tinubu assured Akpabio of his commitment to his cause but said the assurance came from Wike and Akpabio, who explained the strategy they will adopt to produce Akpabio and others.
As part of their strategies , the two immediate governors said they would interface with the senators-elect across all political parties to get the numbers before the D-Day.
The source explained that with former Zamfara State Governor, Abdul-Azeez Yari proving more difficult, essential concessions would likely be conceded to the opposition parties in order to produce Akpabio.
Yari, sensing there were moves to gag him using anti-graft agencies, had gotten an ex parte order from the Federal High Court in Abuja stopping the Economic and Financial Crime Commission from arresting him.
His camp feels his association with former Abia State Governor, Orji Uzor Kalu, and the opposition parties, where they have promised them the deputy Senate president is the x-factor to win the race to the Senate.
Hon. Justice Rabiu Gwandu of the Lagos Judicial Division of the National Industrial Court has dismissed the case filed by the Association of Senior Staff of Banks, Insurance and Financial Institutions, and Association of Senior Civil Servants of Nigeria (ASSBIFI ) and 9 Others against Trade Union Congress of Nigeria and Petroleum and Natural Gas Senior Staff Association of Nigeria, challenging the enforcement of agreements and resolutions reached and ratified at the 11th Triennial Delegates Conference held on the 28th day of June 2019 at NAF Center Abuja for lack of proof.
Justice Gwandu held that the purported agreement relied upon by the Association of Senior Staff of Banks, Insurance and Financial Institutions and Others were not tendered in evidence, and the resolution adopted via video never told the specifics of the terms of same, as the full facts are not within the purview of the Court.
However, the Court faulted the Trade Union Congress of Nigeria and Petroleum and Natural Gas Senior Staff Association of Nigeria on disobedience of court orders, and ordered them to pay N10m as penalty into the account of the Court Registrar.
From facts, the claimant- Association of Senior Staff of Banks, Insurance and Financial Institutions and Others had sought an Order of the Court mandating, directing and compelling the TUC, PENGASSAN to immediately enable them produce and assume the office of the President of the Defendant (TUC) for the year 2022 to 2025 in line with the agreements and resolutions reached and ratified at the 11th Triennial Delegates Conference of the Union held on the 28th day of June 2019 at NAF Center Abuja.
In defense, the 2nd Defendant- PENGASSAN filed a notice of preliminary objection on the grounds that the suit is not properly constituted as the Associations have no locus standi to institute the action and the suit does not disclose any reasonable cause of action or a justiciable dispute to activate the jurisdiction of the Court.
In opposition, the Claimants- Association of Senior Staff of Banks, Insurance and Financial Institutions and Others averred that they are all members of the TUC and were involved in the Conference where the alleged resolutions were adopted, and cannot be barred from participating in the suit.
The learned Counsel to the ASSBIFI argued that the relationship between his clients and the TUC is not a mere domestic agreement but a valid and legal obligation, and urged the court to grant the reliefs sought.
In addition, PENGASSAN again filed an application praying the Court for an Order setting aside the proceedings of 6th July, 2022 together with the bench ruling and Order of Interlocutory injunction granted the Claimants on the grounds that the Bench Ruling with the Order of injunction is scandalous, and the Order of Injunction was made in grave error of Law as well as misrepresentation and concealment of material facts by the Claimants, and against public policy and administration of justice.
The defendants maintained that the purported agreements and resolutions and the minutes of the meeting where the understanding were reached are not exhibited.
Counsel to the PENGASSAN submitted that the TUC’s constitution is supreme and
the national officers of the union must be elected during the NDC notwithstanding any agreement or resolution that may have been reached to favour any candidate, and urged the court to dismiss the case.
Delivering judgment after careful evaluation of the submission of both parties, the presiding Judge, Justice Rabiu Gwandu dismissed the PENGASSAN’s objections for lacking merit and berated the Counsel for referring to the bench ruling and Order of injunction granted by the Court which the Association flagrantly disobeyed as scandalous.
Justice Gwandu fumed that the defendant’s Counsel, a senior member of the Bar, should know and be privy to the fact that his statements are highly disrespectful to the Honourable Court and described such statements as uncouth and unprofessional.
Justice Gwandu ruled that the Association of Senior Staff of Banks, Insurance and Financial Institutions and Others failed to prove to the Court that when agreements are reached and same are expected to have a binding effect on parties, such agreement is reduced to paper and signed with each party being aware of its obligations to such an agreement, the resolution as seen via the video does not outline the full details of any obligations that may or may not arise from it.
The Court ordered the TUC and PENGASSAN to pay costs of 5 million Naira (N5,000,000) each as a penalty for disobeying a valid Order of Court, same is to be paid to the account of the Chief Registrar of the Court.
“…it is disheartening that Counsel would be present when the Order of this Court was disobeyed, Counsel also had the duty to have informed my Brother Judge in Abuja that there existed a prior Order which they were present when it was made, but they chose to be silent and use that contradicting Order to their advantage, this does not show good faith on the part of Counsel to the Defendants.” The Court ruled.