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.[6][7]
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.[8] In October 2018, Tingo International announced that it had shut down its two handset manufacturing plants in Nigeria and relocated manufacture to China.[9]
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.[10] In early 2020, the company unveiled Reno Omokri as its brand ambassador.[11] 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.[12][13]
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.[14] Around this time, English barrister Chris Cleverly was appointed president of Tingo International Holdings and Tingo Inc, and later granted about 11.5 million shares.[15]
In September 2021, MELD announced a three-way partnership with Tingo International Holdings and Ubuntu Tribe – an ethical firm which tokenises natural resources.[16]
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.[17] By this stage, neither Goodluck Jonathan nor Reno Omokri, former spokesperson for Goodluck Jonathan, remained on Tingo's board.[17]
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.[18][19]
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.[4] Subsequently, on February 27, 2023, MICT changed its name to Tingo Group, Inc.[20][21][22]
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".[22] The company denied the Hindenburg report claims[23] and appointed lawyers White & Case to review the report's claims.[24] 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".[25] Hindenburg described Tingo's claims as "brazen and obvious fabrications".[26] On 18 September 2023, Tingo Group appointed Dozy Mmobuosi and Kenneth Denos interim as Co-CEOs.[27]
