An investigation by Hindenburg Research has found that Tingo Group, founded and spearheaded by “Dozy” Mmobuosi, CEO of the key holding company entity is an exceptionally obvious scam with completely fabricated financials. Tingo Group which is headquartered in New Jersey, United States of America, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Nigerian ‘Billionaire’ Founder Of Tingo Group, Dozy Mmobuosi, Accused Of ‘Brazen’ Fraud, Lying About $1.6Billion Food Processing Facility, Telecom Operations In Nigeria, Ghana, PhD From Malaysian Varsity, Others –ReportTingo Group which is headquartered in New Jersey, United States of America, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
However, Hindenburg Research in its comprehensive report noted that it identified major red flags with Dozy’s background. In 2017, Dozy was arrested and faced an 8-count indictment over the issuance of bad checks, according to the Economic and Financial Crimes Commission, Nigeria’s anti-graft agency.In 2019, Dozy claimed to have launched “Tingo Airlines” and posted social media messages encouraging customers to “fly with Tingo Airlines today”.
If accurate, its claimed 24.8 per cent operating margins would exceed those of every major comparable food company. Yet, Tingo has no food processing facility of its own, the report said. 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”.
The inventory, which was reported in year-end financials, completely vanished from Tingo’s Q1 2023 accounts without explanation. These farmers supposedly form the core of the company’s phone customers and provide ag products used in Tingo's food & trading businesses.Both said they had never heard of Tingo and had fewer than 100 farmers in each cooperative.“Its owner reiterated having no relationship with Tingo and flat out told us ‘they are scammers’.
Tingo Mobile claimed its Ghana expansion efforts would enroll 2-4 million members by February 2023. This would represent ~9%-18% market share in the country within months. The company also 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.
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