Knowledge (XXG)

Tingo Group

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In December 2023, the SEC announced charges against Mmobuosi and three US-based entities: Tingo Group Inc, Agri-Fintech Holdings Inc and Tingo International Holdings Inc, alleging fraudulent financial claims to defraud investors. SEC alleged that fraud's roots "date back years", beginning in at least
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2019 with Mmobuosi creating fake financial statements and Mmobuosi siphoned hundreds of millions of investors' money for his personal benefit. The SEC's 72-page complaint also outlines allegedly fraudulent transactions involving Tingo Mobile in December 2022 and Tingo Foods in February 2023. Auditor
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On 20 December 2023, Tingo Group said Mmobuosi was temporarily stepping down as interim co-CEO. Following the SEC charges, on 21 December 2023, director John J Brown resigned from Tingo's board; the following day, Jamie Khurshid and C. Derek Campbell, also resigned from board. Christophe Charlier
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to review the report's claims. In September, Tingo Group declared itself innocent of Hindenburg's allegations based on an investigation by its own outside counsel "and further investigative work of its own". Hindenburg described Tingo's claims as "brazen and obvious fabrications". On 18 September
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In March 2022, doubts were raised about Tingo Mobile claims to have signed up over 12 million Nigerian farmer customers. Experts expressed surprise at Tingo claims of widespread mobile platform adoption; farmer co-operative organisations also denied any knowledge of Tingo. By this stage, neither
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halted trading in Tingo Group shares and that of related entity Agri-Fintech Securities after finding inaccuracies in their disclosures. While the SEC suspension of shares expired in late November, Nasdaq chose to keep trading of Tingo securities halted pending a review of provided information.
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company that provides a platform service through the use of smartphones to empower a marketplace to allow subscribers/farmers within and outside of the agricultural sector to manage their commercial activities of growing and selling their production to market participants both domestically and
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and three US-based entities: Tingo Group Inc, Agri-Fintech Holdings Inc and Tingo International Holdings Inc, alleging fraudulent financial claims to defraud investors. On 2 January 2024, Mmobuosi was charged with securities fraud, making false filings with the SEC, and conspiracy charges.
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In January 2020, Mmobuosi created Delaware-based Tingo International Holdings (TIH) as Tingo Mobile's U.S. holding company, and undertook a share exchange, effective February 2020, through which TIH became Tingo Mobile’s sole shareholder. In early 2020, the company unveiled
180:). Tingo Mobile claimed these facilities had produced and distributed over 20 million mobile devices. In October 2018, Tingo International announced that it had shut down its two handset manufacturing plants in Nigeria and relocated manufacture to China. 1302: 228:-listed MICT, a global fintech and agri-fintech group, again through an all-stock merger, which valued Tingo at more than $ 1bn and gave it access to US capital markets. Subsequently, on February 27, 2023, MICT changed its name to Tingo Group, Inc. 1484: 1280: 792: 1400: 380: 1006: 203:
In August 2021, Tingo Mobile Plc became a public company when acquired by iWeb Inc in an all-stock deal worth $ 3.7 Billion. The merged company was renamed Tingo Inc and Mmobuosi was appointed CEO.
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In 2002, Mmobuosi launched Nigeria's first SMS banking solution (sill used by a large bank today). In 2013, two mobile phone assembly facilities were set up in Nigeria (Lakowe and
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internationally. Tingo connects farmers to markets, services, and resources via Nwassa, its digital AgriTech marketplace platform, which commenced its operations in April 2021.
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Tingo DMCC operates a commodities trading platform and commodity export business, connecting farmers and buyers around the world to facilitate fair trade and market access.
1546: 325:, TingoPay Super-App provides payment services, e-wallet, and a range of services to its customers, as well as merchant services to businesses across various sectors. 169:
launched Fair Deal Concepts Limited, now Tingo Mobile Plc (Nigeria), an agri-fintech company which provided mobile telephones and financial solutions for users in the
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In September 2021, MELD announced a three-way partnership with Tingo International Holdings and Ubuntu Tribe – an ethical firm which tokenises natural resources.
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had given Tingo Group a clean, unqualified audit for its 2022 accounts, leading Hindenburg to question if Deloitte had "missed or rushed through procedures".
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On 2 January 2024, Mmobuosi was charged with securities fraud, making false filings with the Securities and Exchange Commission, and conspiracy charges.
1185: 937: 1163: 852: 549: 1447: 1421: 1556: 1541: 343: 525: 1130: 1094: 665: 592: 1561: 1477:"Micronet Enertec Technologies Inc.: MICT Announces Rebranding and Name Change to Tingo Group, Inc - Form 8-K - MoneyController (ID 1169933)" 1246: 1224: 915: 645: 443: 762: 695: 214: 1506: 617: 1362: 373:"US-Based Company, Tingo Group Debunks Investigation Report On 'Billionaire' Founder, Dozy Mmobuosi's Alleged Fraud | Sahara Reporters" 252: 149: 1036: 874: 409: 646:
TINGO INTERNATIONAL HOLDINGS, INC. Audited Report and Financial Statement For the period January 10th, 2020 to June 30th, 2020
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said the company was an "exceptionally obvious scam". The company denied the Hindenburg report claims and appointed lawyers
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Tingo Food is a wholly owned subsidiary of Tingo Group. It offers food processing and production services operating in
814: 97: 1029:"9/5/2023 Update: Further Response To Tingo's Absurd Claims And Obfuscation From The Company's September 1st Release" 496: 466: 197: 107: 1155: 844: 218: 200:, former Nigerian minister for Trade, Industry and Investment were on the board of Tingo as of June 2020. 210:
Goodluck Jonathan nor Reno Omokri, former spokesperson for Goodluck Jonathan, remained on Tingo's board.
1059: 1119: 1083: 968:"Tingo Group Engages Independent Counsel to Conduct Review of Assertions Made in Short-Seller Report" 581: 240: 1216: 907: 435: 754: 999:"Tingo Group waves aside Hindenburg allegations as it announces ~$ 1 billion in H12023 revenue" 152:(SEC) suspended dealings in Tingo shares, and, in December 2023, filed charges against founder 189: 133:
and agri-fintech conglomerate initially established in Nigeria and now with operations across
1028: 726: 666:"Tingo Appoints Former Nigerian President, Dr Goodluck Jonathan as Advisory Board's Chair" 652: 344:"Tingo and EVTEC Energy sign partnership agreement that will create more than 12,000 jobs" 237: 244: 236:
In June 2023, Nasdaq-listed shares in Tingo Group plunged in value after a report from
138: 93: 36: 1217:"SEC charges fintech Tingo chief with 'massive' fraud after Hindenburg short position" 401: 1535: 302: 166: 153: 103: 78: 44: 1448:"NIGERIA: Evtec to install a 110 MWp solar power plant for Tingo Foods in the Delta" 550:"FOREX: Tingo International Shuts Nigerian Plants Relocates to China - THISDAYLIVE" 1186:"Turbulence Continues: Nasdaq Keeps Tingo Group Further Suspended Amid New Query" 938:"Nasdaq-listed Tingo denies 'scam' claims from short-seller Hindenburg Research" 248:
2023, Tingo Group appointed Dozy Mmobuosi and Kenneth Denos interim as Co-CEOs.
185: 142: 1393:"Tingo Mobile signs trade agreement with All Farmers Association of Nigeria" 1156:"SEC suspends trading of Tingo shares due to "lack of accurate" information" 322: 268:
had refused to sign off Tingo financial reports and resigned in April 2023.
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In November 2022, the company was announced as the official sponsor of the
1120:"SECURITIES EXCHANGE ACT OF 1934 Release No. 34-98921 / November 13, 2023" 1084:"SECURITIES EXCHANGE ACT OF 1934 Release No. 34-98920 / November 13, 2023" 1363:"Founder And Former CEO Of Tingo Companies Charged With Securities Fraud" 785:"Tingo Dangles Goodies for Fans at NPFL-Dozy Mmobuosi Foundation Tourney" 261: 285: 193: 130: 755:"Fuzzy Details Mar Tingo's Obscure Billion-Dollar Business In Nigeria" 497:"Visa, Tingo Mobile team up to boost digital payment access in Africa" 402:"U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25913" 908:"Shares in fintech Tingo slump after Hindenburg takes short position" 727:"Exclusive: MELD to launch gold-backed stablecoin on Cardano network" 225: 134: 618:"Tingo Mobile Unveils Reno Omokri as Brand Ambassador - THISDAYLIVE" 436:"'A fiction': the fall of a fintech star accused of 'massive fraud'" 1060:"Tingo Group Announces Change in Leadership and Board Appointments" 875:"Tingo Mobile launches trade deal for major cocoa farmers in Ghana" 298: 177: 582:"SEC complaint Case 1:23-cv-10928 Document 1 Filed 12/18/23" 434:
Adeoye, Aanu; Quinio, Adila; Aliaj, Ortenca (24 December 2023).
1422:"How Tingo Is Using Agri-Fintech To Change Farming in Africa" 1247:"Tingo Group CEO temporarily steps down after US SEC charges" 224:
In December 2022, Tingo Mobile was sold by Agri-Fintech to
1333:"Exhibit 17 - Resignation letter of Christope F Charlier" 696:"iWeb Inc. completed the acquisition of Tingo Mobile Plc" 526:"iWeb Inc. completed the acquisition of Tingo Mobile Plc" 906:
Kerr, Simeon; Quinio, Akila; Adeoye, Aanu (2023-06-06).
748: 746: 467:"Tingo Group reveals impressive 2022 financial results" 1507:"Visa and Tingo Debut Super App for Africa's Farmers" 1367:
U.S. Attorney's Office, Southern District of New York
845:"MICT will now trade as Tingo Group | Seeking Alpha" 84: 74: 54: 42: 32: 24: 1273:"Tingo Group, Inc. Announces Changes to its Board" 815:"₦100m Prize Money for NPFL Pre-season Tournament" 221:with a cash prize of N100million for the winner. 1303:"Tingo Group, Inc. Announces Board Resignations" 1215:Adeoye, Aanu; Quinio, Akila (18 December 2023). 901: 899: 576: 574: 1552:Publicly traded companies of the United States 429: 427: 8: 19: 18: 1547:Financial technology companies of Nigeria 997:Augustine, Abraham (1 September 2023). 334: 1136:from the original on 14 November 2023 446:from the original on 29 December 2023 412:from the original on 30 December 2023 7: 495:Writer, Verdict Staff (2023-02-15). 215:Nigeria Professional Football League 1446:Takouleu, Jean Marie (2023-02-28). 1373:from the original on 2 January 2024 1343:from the original on 2 January 2024 1313:from the original on 2 January 2024 1283:from the original on 2 January 2024 1227:from the original on 1 January 2024 1196:from the original on 2 January 2024 1166:from the original on 1 January 2024 1100:from the original on 1 January 2024 1039:from the original on 1 January 2024 1009:from the original on 1 January 2024 765:from the original on 1 January 2024 706:from the original on 1 January 2024 676:from the original on 1 January 2024 598:from the original on 2 January 2024 1337:Securities and Exchange Commission 1127:Securities and Exchange Commission 1091:Securities and Exchange Commission 936:Whitehouse, David (12 June 2023). 725:Russell-Jones, Lily (2021-09-30). 589:Securities and Exchange Commission 253:Securities and Exchange Commission 150:Securities and Exchange Commission 14: 978:from the original on 24 July 2023 948:from the original on 17 June 2023 501:Electronic Payments International 408:. U.S. SECURITIES AND EXCHANGE. 305:and with Neha Mehta as the CEO. 1517:from the original on 2023-12-30 1487:from the original on 2023-05-07 1458:from the original on 2023-05-07 1403:from the original on 2023-05-09 1058:Mendonça, Elaine (2023-09-18). 918:from the original on 2023-09-21 885:from the original on 2023-05-12 855:from the original on 2023-05-07 825:from the original on 2023-12-25 795:from the original on 2023-12-25 753:Nzekwe, Henry (16 March 2022). 628:from the original on 2023-08-18 560:from the original on 2023-08-18 507:from the original on 2023-05-31 477:from the original on 2023-09-29 383:from the original on 2023-06-09 354:from the original on 2023-05-07 1557:Companies listed on the Nasdaq 1542:Financial technology companies 843:Mamtora, Manshi (2023-02-24). 1: 1562:Companies established in 2001 873:Staff Reporter (2022-11-11). 465:Parkin, Darren (2023-04-06). 342:Parkin, Darren (2023-02-27). 251:On 13 November 2023, the US 813:Areo, Samuel (2022-11-24). 1578: 655:. Accessed 2 January 2023. 1481:www.moneycontroller.co.uk 188:as its brand ambassador. 148:In November 2023, the US 198:Olusegun Olutoyin Aganga 217:where it sponsored the 129:) is a publicly traded 219:Nigeria Federation Cup 192:, former president of 113:Kenneth Denos (co-CEO) 1505:PYMNTS (2023-02-14). 879:Farmers Review Africa 1426:www.forbesafrica.com 1192:. 30 November 2023. 1162:. 14 November 2023. 672:. 19 February 2020. 321:In partnership with 16:Agri-fintech company 1033:Hindenburg Research 789:www.thisdaylive.com 622:www.thisdaylive.com 554:www.thisdaylive.com 377:saharareporters.com 301:and was founded by 284:Tingo Mobile is an 241:Hindenburg Research 171:agricultural sector 21: 1397:www.freshplaza.com 1253:. 20 December 2023 702:. 19 August 2021. 651:2024-01-01 at the 530:www.prnewswire.com 317:TingoPay Super-App 232:Fraud allegations 190:Goodluck Jonathan 123:Tingo Group, Inc. 120: 119: 20:Tingo Group, Inc. 1569: 1526: 1525: 1523: 1522: 1502: 1496: 1495: 1493: 1492: 1473: 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Index

Public
Traded as
Dozy Mmobuosi
Chris Cleverly
president
Dozy Mmobuosi
CEO
fintech
Africa
Southeast Asia
Middle East
Securities and Exchange Commission
Dozy Mmobuosi
Dozy Mmobuosi
agricultural sector
Lugbe
Reno Omokri
Goodluck Jonathan
Nigeria
Olusegun Olutoyin Aganga
Nigeria Professional Football League
Nigeria Federation Cup
Nasdaq
short seller
Hindenburg Research
White & Case
Securities and Exchange Commission
Deloitte
Agri-Fintech
Lagos, Nigeria

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