"It Is a Lie": Nigerian Billionaire Dozy Mmobuos' Firm, Tingo Group, Denies Fraud Allegations

"It Is a Lie": Nigerian Billionaire Dozy Mmobuos' Firm, Tingo Group, Denies Fraud Allegations

  • Tingo Group, a Nigerian owned fintech company, has denied fraud allegations made by Hindenburg Research, an American investment organisation
  • The organisation described Tingo Group's activities as fraudulent, using the media to win investors' trust
  • Additionally, Dozy Mmobuosi, the group's owner was mentioned in the report for making false reports about himself, which the company has denied

Tingo Group, a Nigerian fintech company owned by Dozy Mmobuosi, has denied the allegations of fraud labeled in a report by Hindenburg Research, a US based investment organization.

Legit.ng had previously reported that Hindenburg Research alleged that Tingo Group cooked its books, but Tingo has stated that its accounting records are accurate and correct.

Tingo group of companies
Chairman of Tingo Group Dozy Mmobuosi Credit: Tingo
Source: Facebook

Tingo Group Reacts to fraud allegations

In a statement titled "Tingo Group Refutes Malicious and Misleading Allegations in Hindenburg Research Report," the company described the accusations as baseless and emphasized the accuracy of its accounting records.

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The company went on to denounce the report as containing numerous errors of fact, misleading information, and libelous content, suggesting that it was a deliberate attempt to undermine the positive work being done by Tingo Group in various global markets.

According to the company, there is evidence to support its authenticity, including business licenses from the relevant authorities, Punch reports.

Part of the statement reads:

Tingo Group affirms its adherence to the laws of the jurisdictions it operates in and upholds exemplary corporate governance practices.
"All are lies, as there is no attempt was made by Hindenburg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report prior to its release."

Tingo Group also emphasised that its financial results are accurately reported within its financial statements and Securities and Exchange Commission (SEC) filings.

Mmobuosi has been in the spotlight in recent months after attempting to buy Sheffield United Football Club in England. The deal to buy the club was reportedly around £90 million (N51.78 billion).

Elumelu's wife buys more Transcorp shares

In a similar report, Awele Elumelu, the wife of Tony Elumelu, has bought N6 billion worth of shares in Transcorp.

The investment makes her the third-largest shareholder, which helps the family have a firm grip on the company.

Transcorp Group is one of Nigeria's leading Conglomerates with investments in the hospitality, power, and oil & gas sectors.

Source: Legit.ng

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