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Monday, June 19, 2023
Sunday, June 18, 2023
Difficult Father’s Day for me’ – Davido remembers late son, Ifeanyi
Nigerian afrobeats singer, David Adeleke, aka Davido, on Sunday, said he was going through difficulty as it was the first Father’s Day since he lost his first son, Ifeanyi Adeleke.
Marvelledblog recalls that Ifeanyi drowned in a swimming pool at the singer’s Banana Island mansion last October.
On the occasion of the 2023 father’s day, Davido took to his Instastory to share how his death has taken a toll on him.
In a series of posts, he wrote: “Difficult father’s day for me… But I thank God for strength.”
“Some days will be like this.”
“Water full my eyes but I’ll be alright! Forever!”
The father four recently confirmed that the late Ifeanyi has a younger stepbrother called Dawson who lives in London.
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Holding the US accountable for market manipulation targeting African tech companies
- The recent attack on Tingo Group by Hindenburg Research, a manipulative US financial research company, raises concerns for Nigeria and Africa.
- Hindenburg Research employs deceptive tactics to manipulate stock prices, causing significant harm to African businesses and communities.
- Nigeria and Africa must take a stand to protect their interests and ensure the sustainability and prosperity of their technological advancements and economic progress.
The recent attack on Tingo Group, an African tech giant, by a manipulative financial research company operating with impunity in the US highlights a grave concern for Nigeria and the entire African continent.
This article sheds light on the modus operandi of this company, the devastating consequences it inflicts on African businesses and communities, and the urgent need for Nigeria to take a stand and protect its own interests.
The Hindenburg Hustler’s Reign of Manipulation
Operating under the guise of independent analysis, the Hindenburg Research company, led by Nathaniel Anderson, employs a strategy known as “short and distort.” They orchestrate disinformation campaigns targeting booming stocks, fabricating evidence, and spreading lies until the stock prices collapse.
These manipulative tactics, backed by Anderson’s billionaire allies, have allowed them to pocket hundreds of millions of dollars annually. They even had the audacity to publicly shame Carl Icahn, a renowned banker, as a display of their power over Wall Street.
Impacts on Africa and Tingo Group
While such actions may be mere games for US bankers, their consequences for Africa are dire. Tingo Group plays a vital role in enabling 11 million farmers to access seeds, fertilizers, and markets for their crops. Many of these farmers, living in regions affected by climate change, rely on Tingo for their livelihoods, healthcare, and education.
Moreover, Tingo operates in conflict-ridden areas, providing income and communication channels for those who are isolated or displaced. When Tingo suffers, Africa suffers.
Africa’s Technological Progress Under Attack
Africa has witnessed remarkable progress through its homegrown technology entrepreneurs, who have been instrumental in lifting the continent out of poverty. Mobile money services, pioneered in Africa a decade before their adoption in the US, have transformed financial inclusion and reduced poverty.
However, Hindenburg and similar entities are indifferent to the importance of these advancements for Africa’s development.
US Responsibility and Inadequate Support
The United States, through the Digital Transformation with Africa Initiative (DTA), pledged a mere $800 million for Africa’s digital transformation. This amount pales in comparison to the value destroyed by Hindenburg and its likes in just a matter of days.
If the US genuinely cares about Africa’s digital transformation, it must employ its enforcement bodies to swiftly shut down these manipulative entities that exploit unconscious racial biases in financial institutions.
It is hypocritical for US capital markets to tout their concern for ESG matters and UN development goals while failing to regulate criminals like Nathaniel Anderson operating near the UN headquarters in New York.
Protecting African Companies
In the face of regulatory inaction, African tech companies seeking support from US capital markets, like Tingo Group, must take proactive measures to protect themselves.
Seeking independent inquiries, such as Tingo’s engagement with White & Case, a renowned global law firm, is crucial to evaluate allegations and make informed recommendations. Unmasking Anderson’s billionaire allies is necessary to expose the criminal conspiracy surrounding him.
Surviving Hindenburg’s Attacks
Companies like Bloom Energy, Ormat Technologies, and Technoglass have managed to weather Hindenburg’s onslaught.
Bloom Energy’s share price more than doubled within two years, while Ormat Technologies and Technoglass saw their share prices stabilize and triple, respectively, once they dispelled Hindenburg’s allegations. This demonstrates that resilience and evidence-based responses can triumph over baseless attacks.
Demanding Accountability
The fact that such criminal activities persist at the heart of the world’s largest economy, shielded by constitutional protections, is astounding.
Nigeria, together with the African Union, should consider leveraging institutions like the World Bank or IMF’s Financial Sector Assessment Program to hold the US accountable for allowing these manipulative practices to thrive.
Conclusion
In an era where Africa’s population is projected to surpass that of the US within 25 years, Nigeria must draw a line and protect its interests. It can no longer rely on the goodwill of the US to defend its companies, leaders, and people. It is time for Nigeria and Africa as a whole to stand on their own two feet, safeguard their businesses, and assert themselves on the global stage. Only by doing so can Africa protect its progress, ensure sustainable development, and secure a prosperous future.
By: Dr. Monday Ashibogwu (Lagos-based Development Expert).
One dies, two injured as trucks collide in Ogun
One person died and two others were injured when a Man diesel truck crashed into the rear of a another truck in motion.
The accident occurred on Saturday at Adelex stretch of Sagamu – Benin expressway and involved a Man diesel truck marked AGL 830 XN and unregistered Mack truck.
IMF hails Tinubu as Naira records first closing gain
The Naira yesterday recorded its first closing gain of N39/$1 at the Investors and Exporters (I&E) window following the Central Bank’s (CBN’s) unification of exchange rates into the I&E window.
The naira, which closed at N702/$1 on Thursday came back strong yesterday, closing at N663/$1, a N39/$1 appreciation, according to data from FMDQ Group.
It was the first closing gain for the naira since the rate unification policy took off on Wednesday.
The policy, which allows forex dealers and investors to buy and sell dollars at exchange rate of their choice provided they can find buyers, had pushed the local currency to over 15 years low before the ongoing recovery.
The new policy is part of the bold reforms promised by President Bola Tinubu.
Ranging from subsidy removal to some “housecleaning” at critical institutions to exchange rate unification, the market has responded positively.
The Nigerian equities market has outperformed its peers, gaining 13 per cent in the past two weeks
A major support for the unified exchange rate policy came from the International Monetary Fund (IMF) on Friday, which gave its backing to the exchange rate unification policy of the apex bank.
IMF thumps up Tinubu’s unification of exchange rates.
The International Monetary Fund (IMF) yesterday expressed support for the foreign exchange rates unification by the Tinubu administration.
It pledged to give the government the required encouragement to ensure the success of the foreign exchange reforms.
The IMF, in a terse statement in Abuja by its Resident Representative in Nigeria, Ari Aisen, said it “ greatly welcomes the authorities’ decision to introduce a unified market-reflective exchange rate regime in line with our long-standing recommendations.
“We stand ready to support the new administration in its implementation of FX reforms.”
The Central Bank of Nigeria (CBN) ,in a June 14,2023 circular by its Director, Director, Financial Markets, Dr. Angela Sere-Ejembi,abolished segmentation in the foreign exchange (FX) market and collapsed all rates into the Investors and Exporters (I&E).
In effect, buyers and sellers of foreign currency in the official FX market are now allowed to quote rates they find comfortable in the FX market.
President Bola Tinubu had said during his inauguration on May 29 that he would unify Nigeria’s exchange rate
Women’s World Cup: Canada names squad to face Super Falcons, others
Canada has named their squad to play at the FIFA Women’s World Cup in Australia & New Zealand. Led by Head Coach Bev Priestman and capta...

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In an interview with Punch this week, indigenous rap artiste, Olusegun Osaniyi popularly known as " Lord of Ajasa, who w...