Hindenburg Research, a U.S. investment research firm focused on activist short-selling, has accused Tingo Group, a fintech company, of being an “exceptionally obvious scam with completely fabricated financials”. Tingo Group claims to have diversified business interests in mobile phones, food processing, and online food marketplace for farmers primarily located in Nigeria. In a report released on Tuesday, the firm alleged that Tingo Group lied about its $1.6 billion food processing plant, as well as some of its partnerships and products. Hindenburg Research said its checks with the Nigerian Communications Commission (NCC) revealed that it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers. The research firm claimed that Tingo Mobile’s company presentation and its website used stock photos of farmers using mobile phones. Hindenburg Research said it visited Tingo Mobile’s office in Nigeria and found only a handful of employees and a sign posted on its door by federal tax authorities stating that the company is delinquent on its tax obligation. The firm also accused Dozy Mmobuosi, Tingo’s founder and chief executive officer, of fabricating parts of his personal and professional history. Earlier this year, Mmuobuosi had been in the news for trying to buy Sheffield United, a newly promoted Premier League team. “We’ve identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims “a pure lie”, the report reads in part. “Dozy claimed to have received a PhD in rural advancement from a Malaysian university in 2007. We contacted the school to verify the degree. They wrote back saying no one by his name was found in their verification system. “In 2017, Dozy was arrested and faced an 8-count indictment over issuance of bad checks, according to the Nigerian Economic and Financial Crimes Commission. He later settled the case in arbitration.   “In 2019, Dozy claimed to have launched “Tingo Airlines” and posted social media messages encouraging customers to “fly with Tingo Airlines today”. “Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.” “In April 2023, Tingo’s Co-Chairman 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 research firm also said it observed several errors and typos in Tingo’s financial statements. “We strongly suspect Tingo’s cash balance, which it conveniently claims is held in Nigeria, is fake. The company collected only ~12% of the interest income one would expect from its claimed cash balances,” the report reads. “Overall, we think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved. We do not expect the company will be long for this world.”

  The Edo State Government on Tuesday empathized with the citizens over the removal of fuel subsidy which has led to an increase in the price of goods and services. The state governor, Godwin Obaseki, who stated said that civil and public servants would work three days a week as against five days due to the rise in transportation. He said, “In the wake of fuel subsidy removal by the Federal Government, fuel prices have increased astronomically leading to a rise in prices of goods and services and overall cost of living. “The Edo State Government shares the pains of our people and wants to assure everyone that we are standing with them in these very challenging times. “We want to reassure our people that we will do all within our powers as a sub-national government to reduce the pains and ameliorate the sufferings our people are currently facing in the wake of the current realities. “As a proactive government, we have since taken the step to increase the minimum wage paid to workers in Edo State from the approved N30,000 to N40,000, the highest in the country today. “We want to assure you that we will continue to pay this amount, while we hope to increase it even further if more allocation accrues to our State from the Federal Government in view of the expected savings occasioned by the removal of the fuel subsidy. He continued, “We know the hardship that has been caused by this policy which has radically increased the cost of transportation, eating deep into the wages of workers in the State. Therefore, the Edo State Government is hereby reducing the number of work days that civil and public servants will have to commute to their workplaces from five days a week to three days a week. “Similarly, for teachers and parents, their commuting to school will be reduced as the government is working on deepening the EdoBEST@Home initiative to create more virtual classes, thereby reducing the cost of commuting on parents, teachers and pupils. The Edo SUBEB will provide details on this initiative in the coming days. “To lower the rising cost of energy on our people, we will continue to work with the electricity companies in the State to improve power supply to homes and businesses. “Similarly, fibre optic connections are being made available to help our people work remotely, thereby reducing their cost of transportation. “While government intensifies these efforts to alleviate the burden of the fuel price increase on the people during this very challenging period, we want to call on everyone to remain calm and go about their daily businesses lawfully,” the governor added.

  Wednesday 07 June 2023 Subsidy: Reps demand NNPCL audit over unaccounted N2tn assets Finally, Senate throws out Buhari’s controversial Water Bill Senate Presidency: Akpabio, Yari battle over lawmakers’ votes Like Kwara, Edo Slashes Work Days To Thrice Weekly Over Subsidy Removal How Nigeria Can Repay Debts Within 90 Days – Jimoh Ibrahim It’s Not In Tinubu’s Interest To Impose Leadership On 10th NASS – NEF How I Would Have Removed Fuel Subsidy — Peter Obi Breaks Silence Blinken In Saudi To Rebuild Strained Ties With US INEC Releases Final List Of Candidates For Bayelsa, Imo, Kogi Polls TETFund Approves N130m Intervention Fund For Each Polytechnic Reps To Hold Valedictory Session Today Air Peace Sues NLC, TUC Over Flights Disruptions, Seeks N1.7bn In Damages 38-Year-Old Lawmaker Elected Osun Assembly Speaker Senate Committee Says Nigeria Air Shrouded In Secrecy, Reps Committee Says Launch ‘A Fraud’ LP tenders documents challenging Tinubu’s victory in 17 states Why we suspended planned nationwide strike — NLC, TUC World Bank: Nigeria’s economic growth too slow to reduce poverty 10th NASS leadership: Akpabio’s fate uncertain as Tinubu breaks speakership impasse Some Ex-Governors Dined With Terrorists – Uba Sani 108 Stranded Nigerians Return From Libya Visit a newspaper stand this morning, buy and read a copy for yourself…

  The Senate has rejected the controversial National Water Resources Bill, 2023 after it was listed for concurrence on the order paper for consideration and passage. It was listed as National Inland Waterways Authority Act( Repeal and Re-enactment) Bill, 2023( HB.173) and presented by the Senate leader, Senator Ibrahim Gobir, APC, Sokoto East. The rejection of the bill yesterday by the Senate put an to the controversy among governors and federal lawmakers majorly from the Southern part of the country. With the rejection, it is clear that it has gone with the present 9th National Assembly as it will be ending on Thursday, June 8th. The proposed legislation seeks to concentrate the control of water resources around Rivers Niger and Benue which cut across 19 states, in the hands of the Federal Government. If passed, States that would have be affected are Lagos, Ondo, Ogun, Edo, Delta, Kwara, Kogi, Benue, Anambra, Enugu, Akwa Ibom, Adamawa, Taraba, Nasarawa, Niger, Imo, Rivers, Bayelsa, Plateau, and Kebbi. When the bill was read for concurrence on the floor of the Senate, Senator Gabriel Suswan, PDP, Benue North East raised Order 85 of the Senate Standing Rules which provides that Senators must have full details of the provisions of any bill coming for concurrence. On his part, Senator James Manager, PDP, Delta South who seconded Senator Suswan stressed the need to have details of the bill since provision was made for only the title of bill. The President of the Senate, Senator Ahmad Lawan later ruled in favour of the rule cited and adjourned the plenary for the day. It would be recalled that the House of Representatives had passed the in 2020 amidst suspicion by members and the general public. Before the passage, the Chairman of the House Committee on Water Resources, Sada Soli, had said that the immediate past Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), as well as Commissioners for Justice and Attorneys- General of the 36 states of the federation had been consulted and the opinions received would be attached to the bill and distributed to all members. A member of the House from Benue State, Mark Gbillah, had raised the alarm when the bill was to be taken for the first reading. Only the short title of the bill is written on the Order Paper for the first reading, while a long title, which has more details, is written when listed for the second reading. Gbillah had said, “I am aware that the matter listed for first reading, the National Water Resources Bill, generated a lot of controversies within this honourable House and even across the country, and some of us wonder why this issue is still being represented on the floor of the House because some of us are not comfortable in support of this bill in the first instance Mr speaker. I thought I should bring that to the notice of the Right Honourable Speaker. The Speaker, Femi Gbajabiamila, who admitted that Gbillah “raised a very cogent point,” had noted that Nigeria is a very diverse country and everybody’s sensitivity must be taken into consideration. Gbillah, however, disagreed with the Speaker, stating that the lawmakers were duly elected and given the mandate to represent the interests of their constituents. He said, “Whatever the governors might have agreed upon may not be acceptable to us. It is we that have those powers as enshrined in the Constitution to enact legislation that will be binding on this country.” There were fireworks in the House on September 29, 2020, with some members, mostly from the southern part of the country, raising various legal and procedural issues against the bill. The then President, Muhammadu Buhari had in 2017 presented the controversial bill to both chambers of the National Assembly, which seek to transfer the control of water resources from the states to the Federal Government. The legislation was titled, ‘A Bill for An Act to Establish a Regulatory Framework for the Water Resources Sector in Nigeria, Provide for the Equitable and Sustainable Redevelopment, Management, Use and Conservation of Nigeria’s Surface Water and Groundwater Resources and for Related Matter.’ 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.” Though the 8th House managed to pass the bill, the controversy stopped the passage of the bill by the Senate. Recall that the Senate had on May 24, 2018, considered the executive bill for second reading, during which Senators were divided across regional lines. While Northern Senators had supported the proposal and its objectives, their Southern counterparts vehemently opposed it. Those who opposed the bill had said that the bill if passed into law, would further centralise the power and resources of the country as it would counter the move towards devolution of power domiciled with the Federal Government.

  One week after President Bola Tinubu announced the removal of subsidy payment on Premium Motor Spirit also known as petrol, the presidential candidate of the Labour Party (LP) in the February 25, Peter Obi, on Tuesday broke his silence on the much-criticised move. He said rather than go through a “forceful removal”, he would have provided “various relieving policies” to cushion the effect of subsidy removal. Obi, a former Anambra State governor, spoke with judicial correspondents at the Court of Appeal, venue of the Presidential Election Petitions Tribunal on Tuesday. “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,” he tweeted. 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. — Peter Obi (@PeterObi) June 6, 2023 “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.” Obi gave a “tooth pain” removal analogy saying, “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.”   “Recall that even when Jonathan’s government wanted to remove it they came up with various relieving policies like Sure-P and others. 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,” he added. Like Obi, Like Atiku Obi’s stance followed the position of the Peoples Democratic Party (PDP) presidential candidate in the last election, Atiku Abubakar who also faulted the manner in which fuel subsidy was removed by Tinubu, a former Lagos State governor. The President during his inaugural speech on May 29 at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol. The President said that the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June. From N184/Litre To Over N500 Many Nigerians had expected that the new price regime would come into effect by July 1 but almost immediately after the presidential pronouncement, queues resurfaced at filling stations across the country even as retail outlets hoard the product and increase prices. Already, a litre of petrol is being sold at over N500 across the country following NNPC price adjustment and the presidential pronouncement on subsidy removal. Fuel queues have since surged for the vital commodity, compounding the traffic situation in parts of the country, even as transportation cost skyrocket to more than 100% increment. The Organised Labour had resolved to embark on a nationwide strike beginning Wednesday but was restrained by a court order of Monday, June 5, 2023. The Organised Labour subsequently shelved its planned strike after a meeting with the Federal Government late Monday.

  The House of Representatives has warned the Federal Government against terminating a contract signed with a private firm, Iris Smart Technologies Limited, for the production of electronic passport booklets. According to the House, procuring the equipment capable of putting the latest security features in the Nigerian e-passport will cost the government about N22 billion. The legislative chamber also warned that the production of 10 million booklets by the firm would be stalled. These are part of the recommendations contained in the report by the House Ad-Hoc Committee to Investigate the Proposed Domestication and Processing of Nigerian International Passports, which the lawmakers considered and adopted at the plenary on Tuesday. In the report, the committee noted that the Iris Smart Technologies Limited Renewal Agreement with the Federal Ministry of Interior of April 2015 clearly stated in Article 4:0 that the duration of the contract shall be for the delivery of an additional 10 million passport booklets. The committee stated that “time will be of the essence if the contract expressly states it or if there are clauses to show that parties intended time to be of the essence.” It further stated, “It will be to the legal detriment of the federal government to unilaterally terminate this agreement for any reason until it runs its course, which is the production of 10 million e-passports or the current remainder under the circumstances. “The Federal Government can go into negotiations in line with Paragraph 4 above with ISTL to explore suitable options of how the e-passport infrastructure can be maintained until the contract is fully performed. “The Central Bank of Nigeria and the Nigerian Security Printing and Minting Plc should be further advised to abide by this opinion in the overall best interest of the Federal Government, in order not to incur unnecessary liability on our lean financial resources through avoidable litigation or other costlier dispute resolution mechanisms. “Since the current domestication project was initiated by the Nigerian Immigration Service, in conjunction with the Infrastructure Concession Regulatory Commission, and based on the reports and presentations by all the relevant stakeholders, especially the ICRC, the process was fair, equitable, transparent, and followed all international standards. Therefore, the process should be allowed to be concluded.” The committee added that the current management of the NIS initiated the domestication process, which requires 90 to 180 days to fully implement the process and other processes of the passport, which will solve the issue of scarcity. It stressed that the forex generated by Iris Technologies and the NIS through the sales of passports in foreign countries “should be unlocked by CBN and allow NIS and Iris Technologies to have access to the revenue component being generated,” to solve the issue of booklet scarcity before the domestication process. Listing its findings during the probe, the committee explained that an e-passport project is technology based and not a security printing task, as with the Machine-Readable Passport era; that the security printing aspect of an e-passport constitutes only 13 per cent of the various components of an e-passport booklet; and that the domestication of the manufacturing of e-passport booklets does not eliminate the need for foreign exchange and importation of components. The committee also explained that an e-passport booklet is an active electronic device, as opposed to the old MRP, which is a merely printed booklet; that the chip embedded in the e-passport has a security access module that allows for a ‘handshake’ with and amongst other devices and equipment within the e-passport network; and that the system does not allow the “infiltration” or use of non-prequalified third-party devices or other booklets within the network. It stated, “The Nigerian Security Printing and Minting Plc is not a technology company; MINT is a security printer and cannot be an e-passport solution provider. Therefore, it requires a technology partner if it must go into the e-passport project. “There are over N22 billion worth of systems and equipment, both local and international, in this secured e-passport network. Therefore, if a new booklet solution provider is appointed, this technology infrastructure would have to be discarded. This investment would be lost, and a new network must be purchased and implemented at a greater cost to the Federal Government.” The panel also stated that it is impossible to have two different e-passport projects running concurrently in any country and that to establish a new e-passport solution, it would require a duration of 36 to 48 months for the rollout of the new infrastructure, “with the attendant consequence that no e-passport would be issued both locally and in foreign missions for that period.” It added that, as a result, “there would be no passport issued and no revenue accruing from the project for the entire duration of the rollout of the new e-passport solution.”

Pauline Tallen, former Minister of Women Affairs and Social Development, has denied involvement in the alleged N2billion fraud in her ministry. Tallen said this when she spoke with the News Agency of Nigeria (NAN) in Abuja on Tuesday, saying that investigation by the Economic and Economic Crimes Commission (EFCC) was triggered by a false alarm. “There was no money missing anywhere in the Ministry that I superintended for four years, be it the alleged N500 million or N2billion being reported in some section of the media. “The allegation and investigations were prompted by a false allegation by the an individual that said that I collected N500m meant for the African First Ladies’ Mission Complex (AFLM) headquarters in Abuja, but failed to disburse it,” she said.   Confirming that N500 million was actually released to the ministry by the Ministry of Finance, Tallen said the money was disbursed as received, with documentary evidence. “It’s a price that one must pay for holding a leadership position. Last month, someone accused me of collecting N500 million meant for AFLM but that I failed to disburse it. “It sounded strange to me because government funds are never transferred to personal bank accounts of serving ministers. The minister is not the accounting officer of the ministry. It is the Permanent Secretary. “I have all the documentary evidences here with me, I’ll show you if you don’t mind. The documents clearly state how the money was received and disbursed,” she said. The former minister added that the money was a support from the Ministry of Finance for the AFLPM, which was released through the Ministry of Women Affairs since AFLPM was not an agency. “I was never involved in the process of the disbursement of money. The two presidential aides and the ministry’s Permanent Secretary were the ones involved and due process was followed in the disbursement. The documentary proof is there.   “This similar false claim on the same issue had earlier been made against an official in the presidency. It was an embarrassing, messy and scandalous allegation, which involved calling the EFCC into the matter, so I’m also another victim of such wild and frivolous allegation,” Tallen said. She said that she later discovered based on investigation that she was targeted for smear campaign because of her support for the Adamawa Governorship Candidate of the All Progressives Congress (APC), Mrs Aisha Binani, during the 2023 primaries. The support, according to the former minister, did not go down well with some vested interests in the election. She said that it was not long after the election that the EFCC inviting her office staff as well as her daughter to its office for questioning. “As a matter of fact that was what prompted me to go to the EFCC office to find out what was amiss. “They never invited me nor arrested me as was widely speculated in a section of the media. I went there on my own accord to confront the issue and resolve it once and for all,” she added. Tallen said that her support for Binani was purely official in line with the mandate of her office as the minister of women affairs, which entailed encouraging, empowering supporting and protecting the interests of women to enable them rise to certain levels or positions. “I thought everyone, especially women, would champion the campaign of Binani’s ambition to be Adamawa and Nigeria’s first female governor so that we would make history. “I wanted our administration to break the jinx of a woman not being able to become a governor so that President Muhammadu Buhari will go down in history as achieving that feat,” she said.