Tingo Group of companies, a leading fintech and agri-fintech company, has strongly refuted claims by Hindenburg Research in their recent report.
According to the company, Hindenburg Research’s allegations are baseless and intended to harm the reputation of Tingo and its founder and CEO, Dozy Mmobuosi.
Hindenburg Research had accused the Tingo Group of being an exceptionally obvious scam with completely fabricated financials.
“The research said it identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims ‘a pure lie’ “.
The Research also says” Dozy claimed to have received a PhD in rural advancement from a Malaysian university in 2007. We contacted the school to verify the degree. They wrote back saying no one by his name was found in their verification system”.
In a counter, Tingo Group said it stands by its commitment to transparency, ethical practices, and the pursuit of excellence in all aspects of its business as the company’s growth and achievements are a testament to its dedicated team and visionary leadership.
Tingo Group also stated categorically that Hindenburg Research’s claims regarding Dozy Mmobuosi’s background are without merit and the Research institution’s allegations regarding Tingo’s food division and its revenue are equally misleading and inaccurate.
Tingo Group has established a robust network of partnerships with Nigerian farmers and third-party food processors, enabling it to operate as an intermediary in the food supply chain.
The company said its revenue generated by the food division is a result of the collaborations with other partners, and Tingo Group was fully committed to ensuring the highest standards of transparency and accuracy in its financial reporting.
Hindenburg’s Research had also claimed that the groundbreaking ceremony for Tingo’s planned food processing facility was from a stock photo website, which Tingo company said is an accurate represention of its vision for the facility.
Tingo Group therefore expressed disappointment in Hindenburg Research’s attempt to cast doubt on the company’s agreements and partnerships, stating that the claims made regarding Tingo’s collaboration with Evtec Energy are incorrect.
It further clarifies that the funding agreement with Evtec was in progress, and any information regarding the company’s financial status should be sought from official sources.
“The allegations surrounding the acquisition of Tingo Foods and the disappearance of inventory are entirely misleading,” the company stated.
It explained that the inventory transition was a result of operational adjustments and was properly accounted for in Tingo’s financial statements and any insinuation of impropriety in the matter is without merit.
Also, Hindenburg Research’s attempts to undermine Tingo Group’s reputation by questioning the existence of farming cooperatives and the company’s mobile services agreement with Airtel which it said are unfounded. Tingo said it has established fruitful relationships with farming cooperatives, and the mobile services agreement with Airtel has been duly established and adheres to all regulatory requirements.
The allegations of Tingo’s Ghana expansion and the functionality of Tingo Mobile’s office are also aimed at misleading the public.
Tingo Group said it was committed to expanding its operations in Ghana and ensuring excellent customer service and any claims suggesting otherwise are unsubstantiated and lack credibility.
Tingo Group also denies the allegations surrounding its payment systems, NWASSA platform, and Tingo DMCC’s export business. The company said it operates with integrity and adheres to all regulatory requirements in its business operations.
Hindenburg Research’s claims regarding financial statements are also explicitly untrue as Tingo’s Group’s financials are prepared following industry standards and audited by reputable firms.
It further clarified that any minor errors are rectified and do not impact the accuracy and reliability of the financial reports.
Tingo Group therefore expresses confidence in the accuracy and integrity of its financial statements and says it will continue to work diligently to maintain the trust of its shareholders and stakeholders.
The company said it was open to engaging with regulatory authorities and other relevant parties to address any concerns and provide clarity on its operations and financials.
Tingo Group says it remains focused on its mission to revolutionize the fintech and agri-fintech sectors, and would not be deterred by any of the allegations.
It Expresses commitment to upholding the highest standards of corporate governance, transparency, and ethical practices.
Tingo Group equally expresses confidence in its business model, talented team, and the positive impact it is making in the fintech and agri-fintech industries.
Insight Into Tingo Group
Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product.
As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up.
Tingo Group’s other business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center.
In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore.”
Confidence Okwuchi
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