The recent media frenzy surrounding Dozy Mmobuosi, a prominent Nigerian entrepreneur, and his conglomerate, the Tingo Group, appears to be a deliberate attempt to undermine their commendable efforts to address multifaceted challenges in the global business landscape, particularly in Africa. Hindenburg Research’s publication, which accuses Mmobuosi and his company of wrongdoing, raises questions about the true intentions behind the report. In response, the Tingo Group has vehemently condemned the allegations, asserting that they are baseless and intended to manipulate stock prices for the benefit of Hindenburg Research and their associates.
Denouncement of the Allegations
In an official statement released on Wednesday, the Tingo Group categorically refuted the claims made by Hindenburg Research. The company highlighted numerous factual errors, misleading information, and defamatory content contained within the report. Tingo Group firmly believes that Hindenburg Research’s intentions were malicious, as they failed to conduct proper due diligence or verify any of the allegations before publishing the report.
Corporate Compliance and Financial Integrity
Tingo Group asserts its strict adherence to the laws of the jurisdictions in which it operates, emphasizing its commitment to maintaining the highest standards of corporate governance. The company affirms the accuracy and correctness of its accounting records, as well as the reliability of its financial results, which are duly reported in its financial statements and Securities and Exchange Commission (SEC) filings. The confidence of the investor community in Tingo Group is evidenced by the support received from leading professional advisors, financial experts, and credit rating agencies. These endorsements are based on comprehensive analyses and reports, affirming the company’s credibility and financial stability.
Tingo Group’s Diverse Business Verticals
Tingo Group, traded under NASDAQ as TIO, is a global Fintech and Agri-Fintech conglomerate with operations in Africa, Southeast Asia, and the Middle East. One of its key subsidiaries, Tingo Mobile, is a leading Agri-Fintech company in Africa, offering innovative products such as a ‘device as a service’ smartphone and a pre-loaded platform. Recently, Tingo Mobile has expanded internationally and forged trade partnerships to increase the number of subscribed farmers from 9.3 million in 2022 to over 32 million. These partnerships provide farmers with access to services such as the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up.
In addition to Tingo Mobile, the Tingo Group operates other business verticals, including TingoPay, a SuperApp developed in partnership with Visa. TingoPay offers a wide range of services, including payment services, an e-wallet, foreign exchange, and merchant services. Tingo Foods, another subsidiary, focuses on food processing, transforming raw foods into finished products like rice, pasta, and noodles. Furthermore, Tingo DMCC operates as a commodity trading platform and agricultural commodities export business based in the Dubai Multi Commodities Center. Tingo Group also holds and operates an insurance brokerage platform in China, with offices across the country, and Magpie Securities, a regulated finance services Fintech business operating in Hong Kong and Singapore.
Testimonies of Positive Impact
Despite the controversial Hindenburg Research report, numerous testimonials showcase the positive impact of the Tingo Group’s solutions in various sectors. Notably, the All Farmers Association of Nigeria (AFAN) recently expressed satisfaction with its partnership with Tingo Mobile.
In a letter dated June 7, 2023, AFAN announced that approximately 11 million of its members had adopted Tingo Mobile’s smartphone and fintech applications, including the Nwassa platform. This adoption signifies a significant milestone