₦airaland Forum

We are short Tingo Group Inc (NASDAQ:TIO) because we believe the company is an exceptionally obvious scam with completely fabricated financials.
Tingo, headquartered in New Jersey, claims to have several business segments focused on providing mobile phones, food processing and an online food marketplace for farmers primarily located in Nigeria.
Tingo was founded and is spearheaded by “Dozy” Mmobuosi, CEO of the key holding company entity. Dozy is regularly described by the media as a billionaire and made waves earlier this year when he attempted to acquire the now-Premier League soccer team Sheffield United.
We’ve 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”.
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 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 April 2023, Tingo’s Co-Chairman wrote a public letter to Dozy, filed with the SEC, saying he could not approve the company’s annual report and felt it “necessary to recuse myself by resigning” due to “many critical questions, comments and recommendations” that went “unanswered and unheeded”.

Tingo’s food division is 7 months old, yet claimed to generate $577.2 million in revenue last quarter alone, representing 68% of total reported revenue. If accurate, its claimed 24.8% operating margins would exceed those of every major comparable food company.
Yet, Tingo has no food processing facility of its own. Rather, it claims its explosive revenue and profitability is derived from acting as a middleman between Nigerian farmers and an unnamed third-party food processor.
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.
Subsequent to the “groundbreaking”, Tingo announced a $150 million agreement with a UK entity called Evtec Energy to build solar panels for its non-existent food processing facility. Funding for the deal is slated to be provided through Evtec, but UK filings show that Evtec was “Dormant” as of its most recent annual report and held zero cash in the bank.
Tingo Group bought Tingo Foods from Dozy in February 2023 for $204 million, a price “approximately equal to the cost value of the inventory held by Tingo Foods”.

https://hindenburgresearch.com/tingo/

Court Slams Peter Obi For Presenting Illegal Documents in His Petition Against Tinubu’s Victory

https://twitter.com/abdullahayofel/status/1666109248852336640

Ihateheadslamer:
Is FCT not the capital of federal republic of Nigeria

They've got the right to claim first class citizens of federal republic of Nigeria

What should Calabar, Lokoja and Lagos the former Capitals claim?

I don't know when FCT residents become first class citizens.
While residents of other states where the president did not have 25% become 3rd class citizens

Amosun visits President Bola Ahmed Tinubu at the Presidential Villa, Abuja

DrBasit:
The Constitution stipulates 25% from two-thirds of the 36 States and the FCT.
It simply means a winner must have 25% in 24States of the federation. It could be 25% in 23 States plus 25% in FCT or 25% in any 24 states without 25% in FCT. Either way, it is still correct. Why then the fuss about the legitimacy of Tinubu as the rightful winner of the 2023 Presidential election. 🤷‍♂️🤷‍♂️

FCT and not the FCT

I don't know when FCT residents become first class citizens.
While residents of other states where the president did not have 25% become 3rd class citizens

helinues:


Pikin wey talk say him mama no go rest should also forget about sleeping

I don't know when FCT residents become first class citizens.
While residents of other states where the president did not have 25% become 3rd class citizens

Nigerian Equities rallied to a 5.2% gain on Tuesday as investors reacted positively to the inauguration speech of President Bola Ahmed Tinubu.

In what Nairametrics analysts termed a “TinuBULL”, stocks rallied from the opening sessions, posting one of the best one day returns ever.

All the indices posted positive gains with NGX30, NGX Banking, and NGX Industrial all posting 5.58%, 8.2% and 6%, respectively.

That total number of deals recorded was 9,916,up 56.38%, suggesting that investors were in a bullish mode. Total volumes traded was also up 133.5%, even as market turnover rose up 10%.

The market capitalization of the All Share Index also crossed the N30 trillion mark to N30.35 trillion.

https://nairametrics.com/2023/05/30/tinubull-as-nigerian-stocks-post-5-2-gain-after-inauguration-speech/

The Movement for the Actualization of the Sovereign State of Biafra has pleaded with the President, Bola Tinubu, to release the detained leader of the Indigenous People of Biafra, Nnamdi Kanu, who has been locked up by the Department of State Services.

Uchenna Madu, leader of MASSOB made the plea Tuesday, May 30, 2023, in a statement while celebrating the 56th anniversary of Biafra.


https://punchng.com/biafra-day-release-nnamdi-kanu-massob-begs-tinubu/

President Bola Ahmed Tinubu first day in Office.

President Tinubu appoints Nosa Asemota as his personal photographer

https://twitter.com/kc_journalist/status/1663545488908627971

President of South Africa, Cyril Ramaphosa arrives Nigeria for Tinubu's inauguration

Dialpad:
A bunch of Obi guys are currently on Twitter space crying,lamenting, wailing over the result of the election.

I hope these people wake up to reality and understand that power has indeed changed hands.

God bless Nigeria

President of Ghana

Delegation from United States of America Arrives with Presidential Fleet

Delegation from France and Japan

Delegation from Qatar Arrives Nigeria

President of Chad Arrives in Abuja

Nandoife:
Welcome to Nigeria

President of Gambia Arrives in Abuja

Arrival of President of Sierra-Leone

President of Burundi Arrives in Abuja also

President of Senegal Arrived in Abuja for the Inauguration

President of Ghana, Nana Akufo Addo has just arrived Abuja for Inauguration

France and Japan Delegation Arrive Nigeria for Inauguration

New President Official Guard of Honour Vehicle on Standby at Eagle Square

BREAKING: UK Prime Minister Rishi Sunak Announces UK's Delegation To Attend Asiwaju Bola Tinubu's Inauguration. The Delegation Will Be Lead By Rt Hon Andrew Mitchell MP, The Prime Minister’s Special Envoy For The Inauguration.

Walai:
As a core ex-Buharist In 2015, I called Jonathan supporters wailers.
Today my state (Benue) had the worst of Buhari while people I called wailers are better off.
Becareful, before you call people wailers

So you are blaming Buhari instead of the worst Governor in Nigeria?