London, 5th June 2023 – In an exclusive investigation conducted by Hindenburg Research, a stunning revelation has come to light regarding Dozy Mmobuosi, the CEO of Tingo Group, who has been implicated in an intricate scam involving fabricated financials. Of even greater concern is Mmobuosi’s association with Peter Obi, the Labour Party Presidential Candidate in the 2023 Election. Despite Mmobuosi’s portrayal as a billionaire with international recognition, his background is riddled with alarming red flags and false claims.
The investigation by Hindenburg Research has unearthed significant evidence of Mmobuosi’s deception. One of his fabricated accomplishments includes falsely claiming to have developed Nigeria’s first mobile payment app. Deji Oguntonade, the app’s actual creator, vehemently refuted Mmobuosi’s assertions, denouncing them as “totally false” and a “pure lie.” Moreover, Mmobuosi’s purported PhD in rural advancement from a Malaysian university was debunked when the university confirmed that no record of his name existed in their verification system.
Delving further into Mmobuosi’s past, the investigation uncovered his involvement in legal troubles stemming from the issuance of bad checks, which led to an eight-count indictment in 2017. However, Mmobuosi managed to settle the case through arbitration. In another instance, he falsely announced the launch of “Tingo Airlines” and even went so far as to use doctored images of airplanes with Tingo’s logo. Mmobuosi later confessed that he never owned any aircraft, blaming the Covid-19 pandemic for the project’s failure.
Tingo Group’s dubious activities extend to its food division, which shockingly reported astronomical revenue and profitability despite being a mere seven months old. The company claims to act as an intermediary between Nigerian farmers and an undisclosed third-party food processor, despite lacking its own food processing facility. Adding to the list of concerns, Tingo’s highly publicized groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility turned out to feature a stock photo of an oil refinery in its promotional materials.
When Hindenburg Research visited the site following the groundbreaking event, no progress had been made apart from a commemorative plaque and billboard amidst overgrown weeds. Additionally, Tingo Group announced a $150 million agreement with the dormant UK entity, Evtec Energy, to construct solar panels for their non-existent facility. The financial filings of Evtec revealed zero cash holdings, casting doubt on the legitimacy of the agreement.
In February 2023, Tingo Group acquired Tingo Foods from Mmobuosi for an astounding $204 million, a figure purportedly equivalent to the cost value of the inventory held by Tingo Foods. Strangely, this inventory vanished from Tingo’s financial accounts in the first quarter of 2023 without any explanation.
These startling findings now cast a shadow of doubt over the credibility of Peter Obi, particularly his associations with individuals of dubious character like Dozy Mmobuosi. This begs the question: why does Obi repeatedly find himself linked to questionable figures, raising concerns about his judgment and integrity?
NEW FROM US:
Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn’thttps://t.co/V9ug1dli3w
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— Hindenburg Research (@HindenburgRes) June 6, 2023
