Nigerian businessman Dozy Mmpbuosi, founder of American-based Tingo Group Inc, which is listed on NASDAQ as TIO, is a scammer. This was revealed by Hindenburg Research, an American forensic finance firm, which shorted the Tingo Group Inc's shares after an extensive investigation which included visits to the company's offices and facilities in Nigeria. Read their report here.

Key Revelations:

In 2017, Dozy was arrested and faced an 8-count indictment over issuance of bad checks, according to the Nigerian Economic and Financial Crimes Commission. He later settled the case in arbitration.

In 2019, Dozy claimed to have launched “Tingo Airlines” and posted social media messages encouraging customers to “fly with Tingo Airlines today”. Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.

In February 2023, the company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility of its own, attended by the country’s agriculture minister and other political luminaries.

We found that the rendering of the planned facility, featured in Tingo’s investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website.

Following its groundbreaking, Tingo reported in a May 2023 SEC filing that it made “significant progress” on the facility, including laying “the foundations of its numerous buildings”.

We visited the site a week later and found zero signs of progress; it was empty except for the plaque and billboard commemorating the groundbreaking ceremony, surrounded by weeds.

Tingo claimed that members of 2 unnamed farming cooperatives supply the majority of its then 9.3 million userbase, consisting of local Nigerian farmers. These farmers supposedly form the core of the company’s phone customers and provide the agricultural products used in Tingo’s food processing and trading businesses.

A local media outlet identified and contacted the cooperatives. Both said they had never heard of Tingo and had fewer than 100 farmers in each cooperative.

We were able to make contact with one of the cooperatives. Its owner reiterated having no relationship with Tingo and flat out told us “they are scammers”.

Tingo claimed its mobile handset leasing, call and data segments Tingo Mobile generated $128 million in revenue last quarter (~15% of total), claiming these services are provided through an agreement with Airtel (which Airtel has denied) in Nigeria. The type of license they claim did not exist until June, 2023.
Our checks with the Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.

TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a Stanbic IBTC Bank
Two days after Tingo’s blockbuster announcement, Stanbic IBTC Bank put out a statement calling Tingo’s claim false and that it had “NOT concluded any agreement with Tingo International in respect of any payment system whatsoever”.

In a May 2023 press release, Tingo claimed its brand-new agricultural export business, Tingo DMCC, was on track to deliver over U.S. $1.34 billion in exports by Q3.
Tingo’s sales projections for that business are higher than the entire nation of Nigeria’s annual 2022 agricultural exports, which totaled about U.S. $1.15 billion, per government data.
Despite Tingo’s bold claims, we found no import/export records from Tingo at all through searches of Nigerian customs and trading databases.

I honestly don't understand how people can do business fraudulently. How they don't just panick when they don't have anything worthy of a business? They just continue collecting money and living large. I know my own conscience would not let me be.

I knew this man will definitely be a fraud the moment he was bragging about buying Sheffield United. Imagine a man without a traceable source of income talking about spending millions of dollars to buy a premier league club.

Ok

Damnnn niggar
Isoright

Wahala...

The real definition of building castles in the air...

Choiii

wetin be Tingo before? lol

j

His head alone will tell you that, he is a fraudster

Why I don’t do business with people who have round or flat head.

And when they are same time short, just run away!

We go kúkú Learn sense one day!

Inspire to perspire. So many of those we look up to as billionaires are basically scammers who game banks.the banks then write off the loans.

na WA oo

HacheNoire:
His head alone will tell you that, he is a fraudster

Why I don’t do business with people who have round or flat head.

And when they are same time short, just run away!

Except your fellow eggheads

How about the sponsorship of our FA cup competition in alliance with NFL?

Keep up with your investigation...I know you've been on this nigga's aass for months now,you'll get paid.Make your life better and stop all this checks

Wahala! Wahala!! Wahala!!!

Thanks for sharing

I wonder who keep buying shares of these firms without making proper research...

On the flip side, the article mentioned that the research firm already shorted the stock. This might just be a fossil attempt to create fud, so people could panic sell, thereby giving them crazy returns ...but what do I know?

HacheNoire:
His head alone will tell you that, he is a fraudster

Why I don’t business with people who have round or flat head.

And when they are same time short, just run away!

lol

Criminal

I laugh at people trying to criticize others for sharp practices. Take it or leave it, fraud is now a norm in Nigeria, even our president has a record of fraud and drugs to he Curriculum. Just like the old pigin saying “ na who dey catch be thief”. As bad as it is, it’s the truth and we must accept it.

I thought he was based in uk

This one coming from Seun is not a joking matter at all.

ok

PHZADDY1:
Keep up with your investigation...I know you've been on this nigga's aass for months now,you'll get paid.Make your life better and stop all this checks

Mr Tingo, is that you? 🤔

Isn't this the individual who asserts that he is on the verge of finalizing the purchase of Sheffield United?