₦airaland Forum

Thousands of junior doctors have gone on strike across England as the dispute with the British Government over pay continues. The 72-hour walkout by medics…

https://dailytrust.com/doctors-in-england-go-on-strike-over-pay-dispute/

Mature Politician unlike people looking for manhood

Ben Murray Bruce Praises President Bola Tinubu for Floating the Naira

President Bola Tinubu, @officialABAT, is the first President of Nigeria with a Financial background. Let me tell our 419 businessmen some hard truths. Your days of going to the villa at night to get import duty exemptions, tax waivers, fraudulent judgement claims and bogus business deals are over. Focus on legitimate business deals. Tinubu will not pick a winner like past Presidents. This time you will have to earn your position in the Nigerian Economy.

https://twitter.com/benmurraybruce/status/1668951858679799811?t=P_JLdduxdllMn1NCApoHOw&s=19

Watching another rise of his Mentor with admiration.

Taylor92:
USA retirement age is 62

Canada retirement age is 64

UK retirement age is 65


Tinubu don rush go raise him own to 70 so we could have more Demented ancestors in the government

,

He will soon extend Political age group to 97 to justify why he’s ruling at 91

Olodo,we are talking of Judges

Why will Orji Uzor Kalu have 38, 000 votes in senatorial district and Bola Tinubu has 8000 votes in the whole State for election held same day, date and time?

Tingo’s sales projections for that business are higher than the entire nation of Nigeria’s annual 2022 agricultural exports, which totaled about U.S. $1.15 billion, per government data.
Despite Tingo’s bold claims, we found no import/export records from Tingo at all through searches of Nigerian customs and trading databases.
Tingo DMCC’s website has numerous non-functioning links and includes a fake testimonial that appears leftover from the website template.
Tingo’s financial statements are riddled with errors and typos, including a note to itself that it apparently forgot to delete, saying “please update for the tingle (sic) transaction including the tingle (sic) foods transaction”.
Its financials include other basic errors like incorrect math and leaving zeroes off key metrics.
More troublingly, Tingo’s cash flow and balance sheet statements do not reconcile and show major errors indicating a complete lack of financial controls. Its cash flow statements regularly subtract items from cash that should be added and vice versa.
The errors also seem to apply to Tingo’s audited annual financial statements, which were recently given an unqualified audit opinion by Deloitte Israel (a strange choice given the company lacks substantive operations in Israel).
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.
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 inventory, which was reported in year-end financials, completely vanished from Tingo’s Q1 2023 accounts without explanation. In our experience, $204 million in inventory doesn’t just disappear at companies with internal controls and genuine financial reporting.
Tingo claimed in its reverse merger press release that members of 2 unnamed farming cooperatives supply the majority of its then-9.3 million userbase, consisting of local Nigerian farmers. These farmers supposedly form the core of the company’s phone customers and provide the agricultural products used in Tingo’s food processing and trading businesses.
A local media outlet identified and contacted the cooperatives. Both said they had never heard of Tingo and had fewer than 100 farmers in each cooperative.
We were able to make contact with one of the cooperatives. Its owner reiterated having no relationship with Tingo and flat out told us “they are scammers”.
Tingo claimed its mobile handset leasing, call and data segments generated $128 million in revenue last quarter (~15% of total), claiming these services are provided through an agreement with Airtel in Nigeria. The type of license they claim did not exist until June, 2023.
Our checks with the Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.
Despite claiming to have millions of farmers using its phones, Tingo Mobile’s corporate presentation and webpage uses stock photos of farmers using phones.
We 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 obligations.
Tingo Mobile claimed a Ghana expansion effort would enroll 2-4 million members by February 2023. This would represent ~9%-18% market share in the country within months of launch. We found zero records pertaining to Tingo Mobile through Ghana’s communication regulator.
We tried to contact Tingo’s Ghana support in late May to buy a phone. The email bounced back and no one picked up the phone despite numerous attempts.
We visited Tingo’s Ghana office location in late May 2023. We saw 2 cars in the parking lot and no customers. When we tried to enroll in a plan and buy a phone we were told the location wasn’t operational yet.
TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a major local bank.
Two days after Tingo’s blockbuster 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”.
Tingo now claims its payment group has a point of sale (PoS) system and other merchant products. We 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.
Tingo claims its “seed to sale” online marketplace called NWASSA generated $125.3 million in revenue last quarter or ~15% of its total revenue, yet the website has been “under maintenance” and inoperable for months.

The inventory, which was reported in year-end financials, completely vanished from Tingo’s Q1 2023 accounts without explanation. In our experience, $204 million in inventory doesn’t just disappear at companies with internal controls and genuine financial reporting.
Tingo claimed in its reverse merger press release that members of 2 unnamed farming cooperatives supply the majority of its then-9.3 million userbase, consisting of local Nigerian farmers. These farmers supposedly form the core of the company’s phone customers and provide the agricultural products used in Tingo’s food processing and trading businesses.
A local media outlet identified and contacted the cooperatives. Both said they had never heard of Tingo and had fewer than 100 farmers in each cooperative.
We were able to make contact with one of the cooperatives. Its owner reiterated having no relationship with Tingo and flat out told us “they are scammers”.
Tingo claimed its mobile handset leasing, call and data segments generated $128 million in revenue last quarter (~15% of total), claiming these services are provided through an agreement with Airtel in Nigeria. The type of license they claim did not exist until June, 2023.
Our checks with the Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.
Despite claiming to have millions of farmers using its phones, Tingo Mobile’s corporate presentation and webpage uses stock photos of farmers using phones.
We 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 obligations.
Tingo Mobile claimed a Ghana expansion effort would enroll 2-4 million members by February 2023. This would represent ~9%-18% market share in the country within months of launch. We found zero records pertaining to Tingo Mobile through Ghana’s communication regulator.
We tried to contact Tingo’s Ghana support in late May to buy a phone. The email bounced back and no one picked up the phone despite numerous attempts.

Tingo Mobile claimed a Ghana expansion effort would enroll 2-4 million members by February 2023. This would represent ~9%-18% market share in the country within months of launch. We found zero records pertaining to Tingo Mobile through Ghana’s communication regulator.
We tried to contact Tingo’s Ghana support in late May to buy a phone. The email bounced back and no one picked up the phone despite numerous attempts.
We visited Tingo’s Ghana office location in late May 2023. We saw 2 cars in the parking lot and no customers. When we tried to enroll in a plan and buy a phone we were told the location wasn’t operational yet.
TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a major local bank.
Two days after Tingo’s blockbuster 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”.
Tingo now claims its payment group has a point of sale (PoS) system and other merchant products. We 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.
Tingo claims its “seed to sale” online marketplace called NWASSA generated $125.3 million in revenue last quarter or ~15% of its total revenue, yet the website has been “under maintenance” and inoperable for months.
Tingo claims it has launched its NWASSA platform in Ghana. The Ghana website also doesn’t work and just says “Updating…” without ever going anywhere.
In a May 2023 press release, Tingo claimed its brand-new agricultural export business, Tingo DMCC, was on track to deliver over U.S. $1.34 billion in exports by Q3.
Tingo’s sales projections for that business are higher than the entire nation of Nigeria’s annual 2022 agricultural exports, which totaled about U.S. $1.15 billion, per government data.

We are short Tingo Group Inc (NASDAQ:TIO) because we believe the company is an exceptionally obvious scam with completely fabricated financials.
Tingo, headquartered in New Jersey, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Tingo was founded and is spearheaded by “Dozy” Mmobuosi, CEO of the key holding company entity. Dozy is regularly described by the media as a billionaire and made waves earlier this year when he attempted to acquire the now-Premier League soccer team Sheffield United.
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”.
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”.

Tingo’s food division is 7 months old, yet claimed to generate $577.2 million in revenue last quarter alone, representing 68% of total reported revenue. If accurate, its claimed 24.8% operating margins would exceed those of every major comparable food company.
Yet, 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 $1.6 billion Nigerian food processing facility of its own, attended by the country’s agriculture minister and other political luminaries.
We 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”.
We 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.
Subsequent to the “groundbreaking”, Tingo announced a $150 million agreement with a UK entity called Evtec Energy to build solar panels for its non-existent food processing facility. Funding for the deal is slated to be provided through Evtec, but UK filings show that Evtec was “Dormant” as of its most recent annual report and held zero cash in the bank.
Tingo Group bought Tingo Foods from Dozy in February 2023 for $204 million, a price “approximately equal to the cost value of the inventory held by Tingo Foods”.

https://hindenburgresearch.com/tingo/

Court Slams Peter Obi For Presenting Illegal Documents in His Petition Against Tinubu’s Victory

https://twitter.com/abdullahayofel/status/1666109248852336640

Ihateheadslamer:
Is FCT not the capital of federal republic of Nigeria

They've got the right to claim first class citizens of federal republic of Nigeria

What should Calabar, Lokoja and Lagos the former Capitals claim?

I don't know when FCT residents become first class citizens.
While residents of other states where the president did not have 25% become 3rd class citizens

Amosun visits President Bola Ahmed Tinubu at the Presidential Villa, Abuja

DrBasit:
The Constitution stipulates 25% from two-thirds of the 36 States and the FCT.
It simply means a winner must have 25% in 24States of the federation. It could be 25% in 23 States plus 25% in FCT or 25% in any 24 states without 25% in FCT. Either way, it is still correct. Why then the fuss about the legitimacy of Tinubu as the rightful winner of the 2023 Presidential election. 🤷‍♂️🤷‍♂️

FCT and not the FCT

I don't know when FCT residents become first class citizens.
While residents of other states where the president did not have 25% become 3rd class citizens

helinues:


Pikin wey talk say him mama no go rest should also forget about sleeping

I don't know when FCT residents become first class citizens.
While residents of other states where the president did not have 25% become 3rd class citizens

Nigerian Equities rallied to a 5.2% gain on Tuesday as investors reacted positively to the inauguration speech of President Bola Ahmed Tinubu.

In what Nairametrics analysts termed a “TinuBULL”, stocks rallied from the opening sessions, posting one of the best one day returns ever.

All the indices posted positive gains with NGX30, NGX Banking, and NGX Industrial all posting 5.58%, 8.2% and 6%, respectively.

That total number of deals recorded was 9,916,up 56.38%, suggesting that investors were in a bullish mode. Total volumes traded was also up 133.5%, even as market turnover rose up 10%.

The market capitalization of the All Share Index also crossed the N30 trillion mark to N30.35 trillion.

https://nairametrics.com/2023/05/30/tinubull-as-nigerian-stocks-post-5-2-gain-after-inauguration-speech/

The Movement for the Actualization of the Sovereign State of Biafra has pleaded with the President, Bola Tinubu, to release the detained leader of the Indigenous People of Biafra, Nnamdi Kanu, who has been locked up by the Department of State Services.

Uchenna Madu, leader of MASSOB made the plea Tuesday, May 30, 2023, in a statement while celebrating the 56th anniversary of Biafra.


https://punchng.com/biafra-day-release-nnamdi-kanu-massob-begs-tinubu/

President Bola Ahmed Tinubu first day in Office.

President Tinubu appoints Nosa Asemota as his personal photographer

https://twitter.com/kc_journalist/status/1663545488908627971

President of South Africa, Cyril Ramaphosa arrives Nigeria for Tinubu's inauguration

Dialpad:
A bunch of Obi guys are currently on Twitter space crying,lamenting, wailing over the result of the election.

I hope these people wake up to reality and understand that power has indeed changed hands.

God bless Nigeria

President of Ghana

Delegation from United States of America Arrives with Presidential Fleet

Delegation from France and Japan

Delegation from Qatar Arrives Nigeria

President of Chad Arrives in Abuja

Nandoife:
Welcome to Nigeria

President of Gambia Arrives in Abuja

Arrival of President of Sierra-Leone

President of Burundi Arrives in Abuja also