Nigerian Billionaire and His Company, Tingo, Accused of Fraud

Nigerian Billionaire and His Company, Tingo, Accused of Fraud

  • A Nigerian tech billionaire, Dozy Mmobuosi, has been accused of fraud by a Hindenburg Research
  • The company said Mmobuosi’s firm, Tingo Group, has forged financial records to deceive investors
  • Also, the Hindenburg report said Mmobuosi lied about his educational qualifications and achievements

Dozy Mmobuosi, the founder of Tingo Group, a conglomerate, has been accused of orchestrating a large-scale scam with allegations of forged financial statements.

The celebrated tech billionaire now faces scrutiny and uncertainty.

Dozy Mmobuosi, Tingo Group
Chairman of Tingo Group Dozy Mmobuosi. Credit: Tingo
Source: Getty Images

Tingo shares fall more than 80%

The stocks of his firm, Tingo, the Nigerian-based agri-tech firm, fell by as much as 80.27%, closing at $0.07 on Tuesday, June 6, 2023, after Hindenburg Research released a report alleging fraud in the company.

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According to BusinessDay, Hindenburg Research said it was shorting Tingo Group because it believes the company is a scam with forged financial records.

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Tingo is listed on the NASDAQ exchange with the Ticker TIO.

An executive of Tingo denies the allegations in the Hindenburg Research report, describing them as lies.

The Tingo executive said the company plans to release an official statement after a crucial meeting.

Report accuses Tingo boss of forgery

Per the Hindenburg report, Tingo ignored red flags, including Mmobuosi’s claims to have developed the first mobile app in Nigeria.

The report also accused Mmobuosi of claiming to have received a Ph.D. in rural advancement from a Malaysian university in 2007. Hindenburg said the school denied knowing anybody by that name after it was contacted.

Tingo Group is a holding company with a presence in Nigeria and other markets that provides:

  • Food processing and sales.
  • Mobile handset sales and leasing.
  • An online food marketplace known as Nwassa.

Legal fireworks looming

Block & Leviton, a Boston-based law firm known for fighting corporations on behalf of investors, said it was investigating Tingo Group for potential law breaches.

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Following the report on Tuesday, Block & Leviton, a Boston-based law firm with a reputation for fighting corporations on behalf of investors, said it was investigating Tingo Group for potential securities law violations.

As the accusation swirled worldwide, there were questions about the nature and future of Tingo Group and its success and level of Mmobuosi’s alleged involvement in sharp practices.

Meet Nigerian billionaire Dozy Mmobuosi, who wants to buy English Club, Sheffield United for N50.6bn Nigerian tech entrepreneur Dozy Mmobuosi is close to acquiring Sheffield United, an English Club, for around 90 million pounds amid a transfer embargo by the club. Reports say Mmobuosi is allegedly in the final stages of finalizing the deal.

He is said to be waiting to pass EFL’s owners and directors’ test but beyond that, he is good to go.

He founded Tingo Mobile in Nigeria in 2001, a company that has grown consistently since.


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