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TINGO: All Farmers Association of Nigeria (AFAN) Exclusively Adopts Tingo Mobile’s Nwassa Marketplace Platform for its Members



AFAN Launches Nationwide Marketing of the Nwassa Marketplace Platform to all its Members

AFAN to Promote Nwassa Platform to its Farmers as their Recommended Method for the Purchase of Farming Inputs; Sale of Agricultural Produce; and Purchase of a Range of Value-added Services

Six Million New Tingo Mobile Smartphones to be Leased by AFAN Beginning in December 2023

First Rice Harvest on Land Cultivated Through AFAN and Tingo Mobile Partnership Commenced, Plans to Increase Scope of the Program to Cultivate Larger Areas of Land

Tingo Mobile, AFAN and PCX Partnership’s Warehouse Network Now Being Utilized Nationwide

Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable, multi-national fintech, agri-fintech, food processing and commodity trading company, today announced that its trade partner, the All Farmers Association of Nigeria (“AFAN”), has formally adopted Tingo Mobile’s Nwassa as its exclusive marketplace platform for its members.

AFAN is the umbrella body of the 56 recognized commodities and agricultural associations in Nigeria, with branches in all 36 states of Nigeria. In 2022, as part of its strategy to make sustainable agriculture the core foundation of Nigeria’s economy, AFAN announced a national program and commitment to register all farmers across Nigeria, with the potential to grow its membership to 60 million. Tingo Mobile is working closely with AFAN to support it in achieving its goal, and to grow its own customer base in Nigeria to 60 million.

Supported by a wide-reaching national marketing campaign across Nigeria, AFAN is promoting the Nwassa marketplace platform to all its members, and to potential new members, as its recommended method of: (i) purchasing farming inputs, such as fertilizer, seeds, pesticides, tools and equipment; (ii) selling their produce, both directly to consumers and also to wholesalers and food processors, such as Tingo Foods and Tingo DMCC; and (iii) purchasing or facilitating a range of value-added services such as mobile phone airtime and data top-up, insurance, microfinance and bill payment.

To support AFAN’s commitment to register 20 million of its members as new customers of Tingo Mobile and Nwassa, Tingo Mobile is delivering 6 million new smartphones in the coming weeks. AFAN is scheduled to lease the 6 million new smartphones for its members beginning in December 2023, representing a 63% increase in Tingo Mobile’s leasing customers.

Earlier this month, the wet-season rice harvest commenced on the 3,000 hectares of land that Tingo Mobile financed the cultivation of in June 2023. This is expected to generate significant amounts of produce for Tingo Foods and Tingo DMCC, while also providing considerable support to AFAN and its farmers. Following the successful proof of model, Tingo Mobile and AFAN plan to significantly expand the program to cultivate much larger areas of land in 2024. The wet season harvest, which covers a range of different crops, is the first to fully utilize the network of warehouses that Tingo Mobile has commenced to manage in partnership with AFAN and Prime Commodity Exchange (“PCX”) under the terms of the exclusive tri-partite agreement signed on April 26, 2023.

Dozy Mmobuosi, Interim Co-Chief Executive Officer of Tingo Group, Inc. commented: “Our partnership with AFAN continues to go from strength-to-strength, and AFAN’s exclusive adoption of Nwassa as the recommended marketplace platform for their farmers is both a significant and humbling endorsement. I am extremely grateful to AFAN’s president, Farouk Rabiu Mudi, and AFAN’s National Executive Council, for their tremendous support as we work closely with AFAN to further improve and expand Nigeria’s agricultural sector and deliver empowerment and financial upliftment to Nigeria’s farmers.

“It is particularly gratifying to see the Company deliver both technological inclusion and financial inclusion to 6 million new farmers through the lease of our smartphones to AFAN, and their onboarding onto Nwassa. I am confident we will change the lives of these farmers and their families, including through the improvements we can make to their farm’s crop yields, the prices they receive for their produce and also by reducing their post-harvest losses.

“The success of our first harvest on the land we helped cultivate, with the loans and farming inputs we made available earlier this year, is also a significantly important milestone and a valuable proof-of-concept. On the back of this success, we will now work with AFAN to considerably expand the program to cover much larger areas of land and in many more parts of Nigeria.

“It is a very proud moment for me to see the meaningful difference we are making to increase my home country’s levels of food production and towards tackling the world’s food security crisis. At the same time, as we further strengthen our eco-system and continually make improvements, we are making significant real-term improvements in shareholder value, which we are confident will soon be reflected in our share price as we recover from the short-seller attack we suffered earlier this year.”

Farouk Rabiu Mudi, President of AFAN, commented: ‘‘We could not be happier with our relationship with Tingo and the immense support they continue to contribute towards us and our members. The difference Tingo is making to Nigeria’s agricultural sector and our farmers’ lives is immeasurable. We are therefore delighted to adopt Tingo’s Nwassa as our exclusive marketplace platform, especially having seen the benefits it generates for farmers, and we are committed to promoting Nwassa throughout the country. We are also delighted to be making Tingo’s smartphones and services available to another 6 million of our members, as we progress towards our initial target of enrolling 20 million members with Tingo, with the goal to ultimately register all of Nigeria’s estimated 60 million farmers with both AFAN and Tingo. The harvests we are currently working on with Tingo are yet another example of the value their eco-system is bringing to our farmers, and we look forward to rolling out Tingo’s loans and farming inputs program to other parts of the country.”

Ken Denos, Interim Co-Chief Executive Officer of Tingo Group, Inc. commented: “AFAN’s adoption of Nwassa as the exclusive marketplace platform for its members is yet another indicator of the depth of its relationship with Tingo, and the alignment of our collective interests in providing economic and social upliftment and empowerment to millions more of their constituent members. Combined with the financing and farming resources Tingo has provided to AFAN’s members, as well as the deployment of 6 million new smartphones, we are committed to continuing to work with AFAN to strengthen Nigeria’s agricultural sector while maintaining our profitability and growth objectives.”

About Tingo Group

Tingo Group, Inc. (Nasdaq: TIO) is a global Fintech, Agri-Fintech, food processing and commodity trading group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. 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, offering 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, groundnut oil, nut products, wheat, millet and maize; 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; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore, which, as relatively small businesses within the Company, are currently in the process of being reviewed and re-positioned. For more information visit

News and Report

Transcorp Group Announces N142 Billion Revenue, N58.8 billion PBT, and Celebrates 10 year’s unbroken Dividend payment, at 18th Annual General Meeting




Transnational Corporation Plc (Transcorp Group or the Group), Nigeria’s leading listed conglomerate, announced 57% revenue growth, from N90.3 billion in 2022 to N142.1 billion in 2023, at its 18th Annual General Meeting (AGM), held on Monday, May 27, 2024, at the Transcorp Hilton Hotel, Abuja.

The Company’s outstanding financial results were driven by successful execution across all business lines and demonstrated Transcorp Group’s ability to deliver to all its stakeholders, including shareholders. At the AGM, Transcorp Group confirmed excellent year-on-year growth: the Group’s total assets grew by 20% increase, up from N422.7 billion in 2022 to N529.9 billion in 2023, PBT grew from N30.3 billion in 2022 to N58.8 billion in 2023, and PAT for the Group increased from N16.8 billion to N32.5 billion. This performance was due to the strong results across its subsidiaries: Transcorp Hotels Plc, Transcorp Power Plc, Transafam Power Ltd, and Transcorp Energy Ltd.

The Group’s power subsidiaries, which together with its strategic investment in OPL281, form the basis of its integrated energy strategy, also achieved significant growth, achieving a profit increase of 63%, from N17.7 billion in the previous year to N28.9 billion in 2023. Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity and the Group recently entered the distribution sector, through its investment in Abuja Electricity Distribution Plc.

The Group’s hospitality business achieved record average occupancy of 81%, with profit increasing by 105% from N4.6 billion in the previous year to N9.5 billion in 2023; while revenue grew by 36% from N30.4 billion in 2022 to N41.5 billion.

President/Group CEO, Dr. Owen D. Omogiafo, OON, highlighted the Group’s strategic growth plans, including the multipurpose, world-class 5,000-capacity event centre at the Transcorp Hilton Abuja, opening this year, as well as the ambition to increase available power generation capacity. She said: “The reward for success is more work, and across our Group, we are not relenting. We are focused on maximising our strengths and opportunities for vertical growth, to deliver more value and achieve sustainable growth. We are confident that the coming year will bring even more value to our shareholders.”

Tony O. Elumelu, CFR, Group Chairman, explained: “Transcorp Group has not only recorded unprecedented growth, the Group has demonstrated its potential to deliver much more value to stakeholders and to our country. The sustained success of all our businesses reflects our resolute stance on corporate governance, our commitment to improving lives and transforming communities, and the priority we place on our people. Despite the current macro-economic challenges, the future remains an exciting one”.

“Government has a critical role to play. We remain committed to creating more value and appreciate the policies already implemented. However, we call on the Federal Government to prioritise the crippling issues in the power sector. The challenges in the power sector should be uppermost in our nation’s transformation agenda. The private sector cannot thrive without improved access to electricity. Fundamentally reforming the power sector is essential to our national economic transformation.”

Shareholders at the AGM approved a dividend of 10 kobo, a 100% increase over the previous year. The financial year 2023 is the 10th consecutive year of consistent dividend payment by Transcorp Group.

Shareholders also lauded Transcorp Group’s commitment to growing shareholder value and strong corporate governance, as well as its consistency in paying dividends year-on-year. The Group’s commitment to community and social responsibility, inclusive of its sustainability and CSR projects, was also commended at the AGM.

About Transnational Corporation

Transnational Corporation Plc (Transcorp Group) is one of Africa’s leading, listed conglomerates, with strategic investments in the power, hospitality, and energy sectors, driven by its mission to improve lives and transform Africa.

Transcorp’s power businesses, Transcorp Power Plc and Transafam Power, provide over 20% of Nigeria’s installed power capacity. Transcorp is committed to developing Nigeria’s domestic energy value chain, through its investments in OPL287. The Group’s hospitality business, Transcorp Hotels Plc owns the iconic Transcorp Hilton Abuja, Nigeria’s flagship hospitality destination, and has launched the digital platform Aura by Transcorp Hotels.














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News and Report

Anxiety as CBN sacks 200 employees




No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank, Saturday PUNCH reports.

This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024.

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff.

Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked persons were more than 200 but not less than 200.

They revealed that the new move included older directors who were not affected by the last round of retrenchment.

One of the sources in a 20-second call with our correspondent simply stated, “It is true and confirmed.”

The staff who could not disclose further details for fear of being tapped added that the move had caused palpable apprehension amongst staff of every cadre as the management had not specified any standard criteria for the decisions.

Another undeniable authority confirmed the information, indicating that additional dismissals are expected in the months ahead, spread out across staggered phases.

The official said, “It is real and is even more than 200 officials but the actual number is unconfirmed yet. The sacking is coming in staggered phases and that is why we can’t confirm the number yet.

“But it is not less than 200. The sacked persons include directors and other cadres but the ones that are easily known are the directors. Some of the old directors that were not affected during the last round of sacks are now affected.”

The sack letter obtained by our correspondent and issued by the Human Resources Department on May 24, 2024, indicated that the policy was to reorganise the organisation for effective operations.

The letter, lacking a signature, read, “The new strategic direction of the bank has been widely publicised. In line with our new mission and vision, the bank is currently undergoing a significant organisational and human capital restructuring process.

“As a result of this review, I have been directed to notify you that your services will not be required with effect from Friday, 24th May 2024. Your final entitlements will be calculated and paid to you in due course. Thank you”

In February, at least 1,500 members of staff of the apex bank of Nigeria were redeployed from the headquarters located at Central Area to its Lagos office.

At the time, the CBN said the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives and redistribute skills to ensure a more even geographical spread of talent.

It added that it was also in compliance with building regulations, as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office.

Efforts to get the reaction of the Director of Corporate Communication, Hakama Sidi Ali, was not successful as she did not respond to several calls sent across to her or reply the text messages to her line.

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Paris-bound bizman arrested with 111 cocaine wraps




The National Drug Law Enforcement Agency has arrested a 48-year-old businessman, Emmanuel Orjinze, at the Nnamdi Azikiwe International Airport, Abuja, for ingesting 111 wraps of cocaine.

The suspect, who claimed to be a professional footballer in Europe, was arrested on May 21 during the outward clearance of an Air France flight to Paris, France.

This was made known in a statement signed by the agency’s Director of Media and Advocacy, Femi Babafemi, and shared on the agency’s website on Sunday.

The statement read, “Operatives of the National Drug Law Enforcement Agency have arrested a 48-year-old Paris, France-bound businessman, Emmanuel Okechuku Orjinze, for ingesting 111 wraps of cocaine, which he excreted after days of observation in the agency’s custody following his arrest at the Nnamdi Azikiwe International Airport, Abuja.

“Okechukwu, who also claims he is a professional footballer in Europe, was arrested on Tuesday, May 21, during the outward clearance of Air France flight AF 878 from Abuja to Paris, France.

“After a body scan confirmed he ingested illicit drugs, he was taken into custody where he excreted a total of 111 pellets of cocaine that weighed 1.603 kilograms over three days. The suspect claimed he did business in the maritime sector while still scouting for any European football club to engage him. ”

In the same vein, the NDLEA officers operating at the Murtala Muhammed International Airport, Ikeja, Lagos hinted that they had dismantled another drug trafficking syndicate at the airport.

This, they said in a statement, followed the arrest of four members of the network and the seizure of a total of 8kg of methamphetamine and 7.60kg of Loud, a synthetic strain of cannabis imported from South Africa.

The statement added that a drug trafficking syndicate was busted at the airport when an official was caught with illicit substances in their backpack and bag.

On May 21, 2024, the NDLEA officers, supported by aviation security, intercepted the official at Terminal 1 and discovered the drugs during a search, blowing the lid off the syndicate.

“A swift follow-up operation at the Ajao Estate area of Lagos led to the arrest of two other members of the syndicate: Chris Nwadozie and Chinedu Nwaosu. Further investigation led to the arrest of another member of the cartel working within the airport system on Saturday, May 25,” the statement added.

In a related development, the agency also arrested a freight agent, Sonubi Abiodun, for attempting to export eight parcels of cocaine concealed in paint buckets to the United Kingdom.

Additionally, the NDLEA operatives arrested suspects producing and distributing skuchies, a mixture of black currant and illicit drugs, in Lagos, and recovered 2,480 litres of the psychoactive substance.

In Cross River State, a suspect, Ogar Emmanuel, was arrested with 2.5kg of cannabis, while 290kg of cannabis was recovered from the warehouse of Usani Ikpi, who is still at large. Additionally, three suspects – Sa’adu Sule, Mukhtar Nura, and Hamza Nura – were arrested in Katsina State with 70kg of cannabis, which originated from Ogun State.

The statement added, “No fewer than five suspects including Ezekiel Munda, 30; and Sule Mustapha, 21, were arrested by the NDLEA operatives on Thursday, May 23, during raids at the Karu Abattoir, Jikwoyi and Tora Bora hill area of the FCT, Abuja, where 95.01kg of cannabis and different quantities of opioids were recovered from them.

“In Edo State, operatives arrested a physically challenged notorious drug dealer, Zekere Sufianu, 45, at Auchi town on Wednesday, May 22. At the time of his arrest, he was found with 751 grams of Loud, 178 grams of tramadol, and pills of swinol,” the statement concluded.

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