₦airaland Forum

Former Governorship candidate of the Labour Party in Rivers State and owner of several businesses, Prince Tonye Princewill has formally announced the passage of his father, King of Kalabari Kingdom in Rivers State, His Serene Majesty, King Prof. T.J.T Princewill, Amachree the XI, Amanyanabo of the Kalabari Kingdom.
In an emotional message the prince wrote, "He was not just my father, he was also my best friend."

Following a formal briefing to the Buguma Council of Chiefs and the Kalabari Council of Chiefs who were both accorded traditional Kalabari courtesies, the door was officially opened to inform the rest of the world. The statement by Princewill promised more details about the obsequies in the days ahead

Brief Biography:

His Serene Majesty King Prof. T.J.T Princewill, JP, CFR, Amachree XI, The Amanyanabo and Natural Ruler of the Kalabari Kingdom was born on the 4 January, 1930 in Buguma City into the Royal Family of King and
Queen Jacob Tom Princewill, Amachree the VII.

Academically, he attained his professorship in the year 1984 at the University of Port Harcourt. He was the first Head of Department of Microbiology, the first Professor of Microbiology and the first black Professor to be Dean, Faculty of Science, Rivers State University of Science and Technology where he finished his stint with academia.

Traditionally, he was installed King Amachree XI on the 23rd day of March, 2002, thus making him the first Professor to become a King of the Kalabari Kingdom and by extension Rivers State. HSM King Prof. T.J.T Princewill was appointed Chairman, Rivers State Council of Traditional Rulers on the 1st of January, 2010 by His Excellency Rt Hon Chibuike Rotimi Amaechi, thus becoming the first Professor King to be Chairman, Rivers State Council of Traditional Rulers as well as the first King of Kalabari extraction to be Chairman, Rivers State Council of Traditional Rulers.

In 2011, he was honoured with the National Award of Commander of the Order of the Federal Republic of Nigeria by the Administration of HE Dr. GoodluckEbele Jonathan GCFR, former President and Commander-in-chief of the Armed Forces of the Federal Republic of Nigeria.

Though a Professor of international repute, his in-depth knowledge of the tradition and custom was such that he was the second King after King Kariboye- Abbi Amachree IV to have adorned and played the famous Egbelegbe masquerade to the admiration of the people of Tombia from whom the masquerade was acquired by King Kariboye Abbi Amachree IV.

The sum totality of his being was peace personified even in the face of persecution, hence he was fondly referred to as His Serene Majesty

MONTVALE, N.J., June 06, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech and agri-fintech company, categorically refutes all the allegations and misinformation outlined in a report published by Hindenburg Research earlier today.

The report, which contains numerous errors of fact, together with misleading and libellous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets. As disclosed by Hindenburg Research, the report represents their own opinion, and is designed to benefit a short position taken by them and their associates from which they stand to realize sizeable gains. The Company can confirm that no attempt was made by Hindenberg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report prior to its release.

Tingo Group confirms that it remains in compliance with the laws of the territories in which it operates and maintains the highest standards of corporate governance. The Company also confirms that its accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings. The investor community has demonstrated its faith in Tingo Group on the basis of detailed analyses and reports prepared by leading professional advisors, financial experts and credit rating agencies. Tingo Group will respond in detail to the allegations made by Hindenburg Research in due course, but for the avoidance of doubt, the Company believes the report published today is a deliberate attempt to damage its reputation maliciously and unlawfully through the issuance of false, misinformed and distorted information for Hindenburg Research’s own financial gain and at the expense of the Company’s shareholders.

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 the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product. 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 offers 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, pasta and noodles; 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, with 130+ offices located in China’s cities and major towns; 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 Board'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. Forward-looking statements in this news release include, but are not limited to, the ability of the Company to implement certain corporate actions, the ability of the Company to complete its state of the art food processing facility, the ability of the Company to recognize the anticipated benefits from its PCX and AFAN partnership, the ability of the Company to execute on its Tingo DMCC export business, including the expansion of the Company’s business and its future growth, and the Company’s ability to complete the roll-out of additional processing facilities in the future. 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. 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.

A group, Concerned Consumers (CC) has drawn attention to the drastic damage on the national economy as a result of continuous importation of energy drinks, which it described, "as an act of sabotage and destruction to local industries."
Messrs Olufemi Odebunmi and Rufai Rimi, Convener and Co-convener of the CC, respectively wrote in a statement titled, 'The Importation of Energy Drinks into Nigeria Despite the Proven Health Hazards and the Various Ban on Imported Juices,' addressed to the heads of relevant agencies of government, a copy of which was seen by the media posits that "Energy drinks fall into the category of ready-to-drink fruit juice, which importation of same in whatsoever mode and means remains banned in Nigeria since 2003."
Condemning the massive influx of imported energy drinks into the country, Odebunmi and Rimi called on agencies of government including Central Bank of Nigeria (CBN), Nigeria Customs Service, the National Agency for Foods and Drugs Administration and Control (NAFDAC), Consumers Protection Council of Nigeria, Standards Organization of Nigeria (SON) "to be vigilant and discourage the unscrupulous importation of energy drinks into Nigeria which will jeopardize the interest of the local industries and sabotage the national interest of the country." For about 20 years now, product HS Codes 2009.11.0012 – 2009.11.0013 – 2009.9000.99 have been on the Nigeria Customs Service (NCS) list of prohibited products.
"By the circular of the Federal Ministry of Finance of March 20, 2015 the Import Prohibition List (Trade) Annex III states all the products and goods whose importation into Nigeria was prohibited. Curiously, fruit juice in retail packs were banned along with water, mineral water, aerated water containing added sugar or sweetening matter flavoured, other non-alcoholic beverages and beer and stout and the only exception was energy or health drinks."
According to the CC officials, more than 85 per cent of the market is dominated by imported energy drink brands. The locally manufactured brands are all struggling as they don't have international brand name and recognition to match imported ones. They are therefore disadvantaged and even considered inferior. Failure to enforce ban on restricted products is a clear demonstration of government's lack of support for local industries. By not check mating smuggled energy drinks, government and its agencies have done a great disservice to local manufacturers of energy drinks.
"Concerned Consumers are perplexed by various developments in our polity which do not augur well for the health of the citizens and which is also discouraging local production at the time when the country should be looking inward and saving it's scarce foreign exchange."
Reeling out figures to support their call for a ban on imported energy drink brands, the CC Convener and Co-Convener argued that over 300,000 Nigerians would have been fully and gainfully employed if the market was allowed to grow indigenously. They estimated that an average number of between 1,800 and 2,000 containers of energy drinks are imported into the country annually. With each container consisting of 2,600 cases, at the going price of between N18,000 and N20,000 per case, the estimated loss to the country is over N104 billion annually.
Bemoaning the unpalatable effects of the imported energy drink, the CC officials said if the trade continues unchecked, it will lead to closure of local industries leading to massive loss of jobs, increase in the high rate of unemployment and scarcity of the much-needed foreign exchange, allowing the Naira to further depreciated.
"We are amazed that our health and regulatory and standard organizations are still allowing imported energy drinks into the country even after the debilitating nature of the damage to our health from these imported energy drinks and most importantly, why would it be exempt along with health drinks, almost a case of healthy and unhealthy drinks branded together."