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Tingo Allegations: Can Hindenburg Research Be Trusted As An Unbiased And Reliable Source Of Information?

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By Victor Ojelabi

In the realm of business and investment, integrity stands as an unwavering pillar, serving as a beacon of trust and reliability.

It is a trait that should never be taken lightly for it holds the power to build or demolish a company’s reputation in an instant. As the saying goes, “Integrity is doing the right thing, even when no one is watching.”

Yet, in the midst of the financial world’s intricate dance, we find the curious case of Hindenburg Research, a company that has made a name for itself through scathing reports and allegations.

It recently released negative report accusing Tingo Group Inc (NASDAQ:TIO) of fraudulent activities. These allegations has sent shockwaves through the financial market, causing the Tingo Group to lose up to- 80%.

As we delve deeper into the underpinnings of this company, we encounter an anecdote that highlights the importance of integrity. Imagine a marketplace bustling with activity, where vendors proudly display their wares, vying for the attention of eager customers.

Amidst this vibrant atmosphere, a lone figure emerges, armed with allegations and proclamations. But as he steps into the limelight, whispers start to circulate, questioning his own integrity.

As a wise proverb reminds us, “He who points a finger forgets the three pointing back at him.” Hindenburg Research finds itself entangled in a web of contradictions and suspicions.

While it presents itself as an arbiter of financial ‘truth’, like the lone figure, its own integrity becomes a subject of the doubt.

The backdrop against which this controversy unfolds reveals a striking paradox. Hindenburg Research accuses Tingo Group of fraudulent activities, casting a dark shadow over the company’s reputation.

However, in this high-stakes game of integrity, Hindenburg Research itself stands accused of lacking transparency and credibility.

As we navigate this labyrinth of allegations and counterclaims, the words of Jack Dorsey, founder of Twitter and Square, echo powerfully in our ears. He aptly describes Hindenburg Research’s reports as a “calculated attack on the United States’ growth story.”

Legendary investor Carl Icahn further exposes Hindenburg’s tactics, likening them to a “disinformation campaign” that harms innocent investors.

Hindenburg Research’s Troubling Past

Hindenburg Research has a history of making damaging allegations against companies, often resulting in significant consequences for the targeted businesses.

However, several cases have raised doubts about HR’s integrity and highlighted their questionable tactics.
For instance, Hindenburg Research published a report accusing Nikola, an electric vehicle maker, of lying about its technology and capabilities.

The allegations prompted federal authorities to indict Nikola for defrauding investors. The research agency also search alleged that DraftKings, a sports betting firm, potentially facilitated illegal betting.

As a result, the Securities and Exchange Commission probed DraftKings to investigate these claims. Lordstown Motors an electric truck maker, was accused by HR of exaggerating customer demands for its vehicles.

This led to scrutiny by federal authorities and further investigations into the company’s practices. Hindenburg accused Adani Group, one of India’s largest multinational conglomerates, of manipulating its stock price and falsifying its accounts.

The accusations resulted in a loss of $70 billion in market value for Adani Group.

However, the allegations were dismissed by India’s highest courts, discrediting HR’s claims, as were the other claims used as example.

Independent Validation by Deloitte

In the face of Hindenburg’s accusations against Tingo Group, an independent verdict emerges from an independent registered and esteemed public accounting firm, Deloitte.

To ascertain the accuracy of Tingo Group’s financial statements, the Deloitte was engaged to conduct a thorough audit. Deloitte’s opinion, based on their audit findings, confirmed the reliability of Tingo Group’s financial reporting practices.

This endorsement from a reputable accounting firm adds weight to Tingo Group’s credibility and further diminishes the credibility of HR’s allegations.

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

But perhaps the most compelling evidence in Tingo Group’s defense comes in the form of an endorsement from the All Farmers’ Association of Nigeria (AFAN). As the umbrella organization for Nigerian farmers and agricultural cooperatives, AFAN’s support carries significant weight.

It affirms the genuine collaboration between Tingo Group and Nigerian farmers, debunking Hindenburg Research’s allegations of fraud.

AFAN, AFAN, as the umbrella organization for Nigerian farmers, has affirmed Tingo Group’s collaboration with millions of farmers, particularly through the Nwassa platform. AFAN’s endorsement also highlights Tingo Mobile’s loan facility to finance farming activities, further cementing the company’s commitment to the agricultural sector.

Weathering the Storm and Demonstrating Resilience

While controversies pose challenges, they also present opportunities for growth and improvement. Many successful conglomerates have faced adversity and emerged stronger by prioritizing transparency, governance, and stakeholder trust.

Tingo Group can utilize this controversy as a catalyst for positive change and long-term prosperity by staying focused on its mission and demonstrating resilience in the face of false allegations.

In the midst of this controversy, Tingo Group has an opportunity to weather the storm and emerge stronger. History teaches us that great conglomerates like Alphabet Inc., Berkshire Hathaway, and Samsung Group have faced adversity and turned it into a catalyst for growth.

Tingo Group must stay focused on its mission, reaffirming its commitment to transparency, corporate governance, and stakeholder trust.

Ultimately, actions speak louder than words. Tingo Group’s positive track record, its tangible impact on the Nigerian agricultural sector, and the endorsements from reputable organizations like AFAN underscore its success and potential for future growth.

As stakeholders closely monitor the unfolding of this controversy, it becomes imperative to critically evaluate the credibility of Hindenburg Research and approach their allegations with skepticism.

For in the realm of integrity, it is not enough to point fingers without ensuring that one’s own hands are clean.

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I Have Delivered On Yahaya Bello Prosecution Promise — EFCC Chairman Olukoyede

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EFCC Chairman, Ola Olukoyede has declared that he has fulfilled his 2024 promise to oversee the prosecution of former Kogi State Governor Yahaya Bello.

Addressing public questions regarding his previous vow to resign if Bello was not prosecuted, Olukoyede stated during an interview on Sunday Politics aired by Channels Television that his mandate to investigate and bring the matter to court has been achieved.

“A sitting governor, because he knew he was about to leave office, moved money directly from government to a bureau de change and used it to pay his child’s school fees in advance $720,000,” Olukoyede said.

He described the alleged action as disturbing, particularly in view of the economic condition of Kogi State.

“In a poor state like Kogi, you want me to close my eyes to that under the excuse that I am being used? Being used by who at this stage of my life?” he asked.

Olukoyede also recalled a public statement he made in April 2024, when he vowed to resign if Bello was not prosecuted.

“If I do not personally oversee the completion of the investigation regarding Yahaya Bello, I will tender my resignation as the chairman of the EFCC,” he had said.

Addressing public concerns over the pace of the case, the EFCC chairman said the commission had fulfilled its responsibility and that the matter is now before the courts.

“Have I not fulfilled that promise? Is Yahaya Bello not being prosecuted? The case is in court,” he said.

He stressed that the EFCC’s role is to investigate and prosecute, not to determine guilt or secure convictions.

“I have three cases against Yahaya Bello. Am I the judge who will decide conviction? I have done my work and fulfilled my mandate,” Olukoyede added.

Bello is currently facing multiple charges before different courts. He is standing trial on a 16-count charge involving alleged property fraud amounting to N110 billion, alongside Umar Oricha and Abdulsalami Hudu.

In a separate case before the Federal High Court, the former governor is also facing a 19-count charge bordering on alleged fraud and money laundering involving N80.2 billion.

The EFCC had earlier declared Bello wanted in April 2024 over alleged financial crimes estimated at about N80 billion, a development that sparked widespread political debate.

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Atiku Issues Stern Warning To Tinubu Govt Over Detention Of Critic Abubakar Musa

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Former Vice President Atiku Abubakar demanded the immediate and unconditional release of Abubakar Salim Musa (known as @AM_Saleeeem on X), a prominent critic of President Bola Tinubu’s administration.

 

Atiku’s statement characterized the arrest as part of a “growing crackdown on dissent” and warned that such repression threatens Nigeria’s democratic future as the nation approaches a critical general election period.

 

Atiku made the call in a statement issued on Monday, following a report by Amnesty International Nigeria on the arrest of the young Nigerian on Sunday, January 11, 2026.

 

“This case is yet another stark example of the repressive nature of the President Bola Tinubu administration, which continues to bare its fangs against dissent, whether expressed through public protests or online criticism,” Atiku said.

 

According to him, Musa’s only offence was his persistent criticism of the worsening security situation in Northern Nigeria and across the country.

 

“Abubakar’s only ‘offense’ was his consistent and legitimate criticism of the deteriorating security situation in Northern Nigeria and across the country,” he stated.

 

Rather than engage with the concerns raised, Atiku said the government resorted to intimidation and prosecution.

 

“Instead of addressing these serious concerns, the government’s response has been to arrest him and subject him to what Amnesty International rightly describes as ‘bogus charges and a sham trial,” he added.

 

The former vice president stressed that Musa’s arrest was not an isolated incident, noting that several Nigerians had suffered similar treatment for expressing dissent.

 

“Numerous Nigerians, including journalists, schoolchildren, entertainers and even NYSC members, have faced arrest, assault and intimidation simply for criticising the President or members of his family,” Atiku said.

 

He warned that such actions pose a grave threat to Nigeria’s democratic foundations.

 

“This dangerous trend undermines the very foundations of democracy, which rest on the protection of fundamental human rights and freedom of expression,” he said.

 

Atiku further argued that Nigeria’s democratic credentials were being eroded by the continued repression of critics.

 

“Nigeria cannot claim to be part of the free world while its citizens are routinely arrested, assaulted and intimidated for voicing criticism of their government,” he stated.

 

With general elections approaching, Atiku cautioned against an atmosphere of fear and repression.

 

“As the nation approaches a critical general election, neither the people nor the opposition can operate effectively in an atmosphere of fear and repression,” he warned.

 

He demanded the immediate and unconditional release of Musa and others detained for exercising their constitutional rights.

 

“I call on the Tinubu administration to immediately and unconditionally release Abubakar Salim Musa and all others detained for exercising their constitutional rights,” Atiku said.

 

He also urged the government to halt arbitrary arrests and intimidation, while calling on the international community to intervene.

 

“I urge the international community, particularly countries and organisations that champion democracy and human rights, to hold the Tinubu regime accountable and demand an end to these violations,” he said.

 

Atiku concluded by calling on Nigerians and civil society groups to resist any further erosion of civil liberties.

 

“I encourage fellow patriots, civil society groups and all Nigerians of conscience to join this demand and stand firmly against any further erosion of our freedoms,” he added.

 

 

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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