Hindenburg Research, a company specializing in forensic financial research, has raised red flags about the Tingo Group, its CEO Dozy Mmobuosi, and its operations in Nigeria and Ghana.
Driving The News
The research company posted a lengthy article about improprieties when it comes to the Tingo Group.
Amongst its list of grievances include:
- The background and track record of the company’s CEO Dozy” Mmobuosi, including the alleged falsing of information about receiving a degree from a University in Malaysia
- The company’s generation of $577.2 million in revenue from its food division even though its food division is 7 months old.
- The revenue generation of $128 million through a leasing agreement with Airtel in Nigeria (Airtel states they have no partnership with the company)
- An expansion of its mobile service in Ghana but currently no records of the company’s existence according to the National Communications Authority.
Diving Deeper
The company officially launched in Ghana last year November with the appearance of Tingo president Chris Cleverly and Director of partnership and Membership at the Chamber of Agribusiness Ghana, Christian Mensah Sewordor.
The company made an announcement last year that it had partnered with the Ashanti Kingdom Investment Trust to launch its operations. The trust is run by “His Royal Highness” Oheneba Yaw Otchere. Checks by Hindenburg revealed that Oheneba Yaw Otchere had previously advised and partnered on a failed crypto project called Kamari / Kampay together with Tingo President Chris Cleverly.
The speculation is that the agreement was a “ruse”.
Companies who engage in financial transactions normally have to engage the regulator (Bank of Ghana) for a license or partnership with a local financial company. According to our checks on the official website of the Bank of Ghana to find the company listed as part of approved institutions, the company isn’t officially listed.
Either Tingo is engaging in financial transactions without a license or special permit in Ghana or it has engaged with a local company.
The Bigger Picture
The revelation by the report calls into question the projects and partnerships embarked on by the Tingo group including its partnership with Visa earlier this year.
Multiple organisations including Airtel and Stanbic Ghana Nigeria have put out statements that they are not affiliated with Tingo Group despite the company claiming so in past announcements.
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