Tingo Group, a Nigerian fintech company, has recently come under scrutiny for alleged fraudulent activities, according to a statement released by U.S.-based investment research and risk assessment firm Hindenburg Research.
Hindenburg Research accused Tingo of deceptive practices, including fabricating information about a purported $1.6 billion food processing plant and falsely claiming to expand its operations into Ghana. Additionally, Hindenburg alleged that Tingo dishonestly placed its brand on another Point of Sale (PoS) operator’s device.
The report also targeted Tingo’s founder and CEO, Dozy Mmuobuosi, accusing him of inventing details about his personal and professional background. Mmuobuosi had previously gained attention for his failed attempts to acquire Sheffield United, a Premier League team, and for sponsoring the preseason cup for the Nigerian Football League.
Furthermore, the claim made by Tingo regarding establishing Nigeria’s first mobile payment app was discredited by Deji Oguntonade, the creator.
Hindenburg’s investigation revealed that Mmuobuosi’s assertion of obtaining a Ph.D. from a Malaysian university was false. The firm independently contacted the university, which confirmed that no individual by his name was found in their verification system.
Hindenburg also questioned Tingo’s registration in the Nigerian customs database, contradicting the company’s previous assertions that its agricultural export business, Tingo DMCC, was on track to achieve over $1.34 billion in exports by the third quarter of 2023.
In the wake of Hindenburg’s report, Tingo Group experienced a sharp decline of 55% in its share price on NASDAQ.