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June 7, 2023
The investigation report had revealed that Tingo Group claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Tingo Group headquartered in New Jersey, United States of America, has debunked the investigation report by Hindenburg Research in which the company founded and spearheaded by “Dozy” Mmobuosi, CEO, is said to be an exceptionally obvious scam with completely fabricated financials.
The investigation report had revealed that Tingo Group claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Dozy is regularly described by the media as a billionaire and reports about him went viral this year when he attempted to buy Sheffield United, a football club in England which has just gained promotion to the Premier League.
He currently serves as the CEO of Tingo Group Holdings, the group’s key holding company entity. He has gained international attention, gracing the cover of GQ Africa in December 2022.
However, Hindenburg Research in its comprehensive report noted that it identified major red flags with Dozy’s background. He appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria, the investigation revealed.
But reacting to the investigation report, Tingo Group in the statement on Wednesday faulted the allegations, describing it as “baseless”.
Tingo stated that “The report, which contains numerous errors of fact, together with misleading and libellous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets.”
The statement further noted that “Tingo Group confirms that it remains in compliance with the laws of the territories in which it operates and maintains the highest standards of corporate governance. The Company also confirms that its accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings.”
The company stated that “As disclosed by Hindenburg Research, the report represents their own opinion and is designed to benefit a short position taken by them and their associates from which they stand to realise sizable gains.
“The Company can confirm that no attempt was made by Hindenberg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report prior to its release.”
It also explained that it collaborates with farmers against the claim contained in the research, noting that it was difficult to release some information to avoid legal pitfalls and data breaches.
The statement further noted that “The investor community has demonstrated its faith in Tingo Group on the basis of detailed analyses and reports prepared by leading professional advisors, financial experts and credit rating agencies.
“Tingo Group will respond in detail to the allegations made by Hindenburg Research in due course, but for the avoidance of doubt, the Company believes the report published today is a deliberate attempt to damage its reputation maliciously and unlawfully through the issuance of false, misinformed and distorted information for Hindenburg Research’s own financial gain and at the expense of the Company’s shareholders.”