News
SEC Suspends Nigeria’s Tingo Group Shares over Fraud Allegations
United States Securities and Exchange Commission (SEC) has suspended trading in the securities of Tingo Group- Nigerian agri-fintech, amid allegations of fraud, particularly concerns about the inaccuracy of the group’s published financial statements and assets.
The Tingo Group has however defended the misstatement of several millions in its financial statements as only “typographical errors.”
But SEC said in a statement dated November 13 that “The commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of (Tingo),”.
The suspension is effective November 14 and would end 11:59 p.m. November 28, the commission stated.
Since Tingo Group is listed on the American National Association of Securities Dealers Automated Quotations (NASDAQ), it is required to abide by U.S. laws and regulations that control electronic securities trading globally.
SEC explained that Tingo Group’s publicly disseminated assets since May 2022 have sparked doubts in the trade marketplace, which has not encouraged investors and dealers.
“It appears to the Securities and Exchange Commission that there is a lack of adequate and accurate information concerning the securities of Tingo Group because of questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace concerning Tingo Group, including press releases, periodic filings with the Securities and Exchange Commission,” the SEC stated on Monday.
Tingo came under intense scrutiny after a damning report by Hindenburg Research alleged its trading operations to be an “obvious scam,” an accusation the group denied.
The Tingo Group defended the misstatement of several millions in its financial statements as only “typographical errors,” insisting it was innocent of the fraud allegations.
Still, the SEC has cautioned “broker-dealers, shareholders, and prospective purchasers” to “carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”
News
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
News
As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
News
President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
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