Tingo Group

Tingo Group, Inc. (formerly Tingo Inc.) is a publicly traded fintech and agri-fintech conglomerate initially established in Nigeria and now with operations across Africa, Southeast Asia, and the Middle East.

In November 2023, the US Securities and Exchange Commission (SEC) suspended dealings in Tingo shares, and, in December 2023, filed charges against founder Dozy 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. On 2 January 2024, Mmobuosi was charged with securities fraud, making false filings with the SEC, and conspiracy charges.

History
In 2001, Dozy Mmobuosi 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 agricultural sector.

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 Lugbe). 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.

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 Reno Omokri as its brand ambassador. Goodluck Jonathan, former president of Nigeria, and Olusegun Olutoyin Aganga, former Nigerian minister for Trade, Industry and Investment were on the board of Tingo as of June 2020.

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.

In September 2021, MELD announced a three-way partnership with Tingo International Holdings and Ubuntu Tribe – an ethical firm which tokenises natural resources.

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 Goodluck Jonathan nor Reno Omokri, former spokesperson for Goodluck Jonathan, remained on Tingo's board.

In November 2022, the company was announced as the official sponsor of the Nigeria Professional Football League where it sponsored the Nigeria Federation Cup with a cash prize of N100million for the winner.

In December 2022, Tingo Mobile was sold by Agri-Fintech to Nasdaq-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.

Fraud allegations
In June 2023, Nasdaq-listed shares in Tingo Group plunged in value after a report from short seller Hindenburg Research said the company was an "exceptionally obvious scam". The company denied the Hindenburg report claims and appointed lawyers White & Case 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 2023, Tingo Group appointed Dozy Mmobuosi and Kenneth Denos interim as Co-CEOs.

On 13 November 2023, the US Securities and Exchange Commission 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.

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 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 Deloitte had given Tingo Group a clean, unqualified audit for its 2022 accounts, leading Hindenburg to question if Deloitte had "missed or rushed through procedures".

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 had refused to sign off Tingo financial reports and resigned in April 2023.

On 2 January 2024, Mmobuosi was charged with securities fraud, making false filings with the Securities and Exchange Commission, and conspiracy charges.

Tingo Mobile
Tingo Mobile is an Agri-Fintech 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 internationally. Tingo connects farmers to markets, services, and resources via Nwassa, its digital AgriTech marketplace platform, which commenced its operations in April 2021.

Tingo Foods
Tingo Food is a wholly owned subsidiary of Tingo Group. It offers food processing and production services operating in Lagos, Nigeria and was founded by Dozy Mmobuosi and with Neha Mehta as the CEO.

Tingo DMCC
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.

TingoPay Super-App
In partnership with Visa, 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.