Tingo Group has reacted to the malicious and misleading report published by Hindenburg Research.
The Company in a statement on Wednesday, June 7th, 2023, disclosed that the report published by Hindenburg Research was a deliberate attempt to damage the Organisation’s reputation for unlawfully issuing a false, misinformed and distorted information.
The Company, however fumed that the report by Hindenburg Research contains errors of fact with misleading and libellous content.
The Group lamented that the report was a deliberate attempt to undermine the positive work it is undertaking across various worldwide markets.
The Company stated that the report represents Hindenburg Research’s own opinion, and that it is designed to benefit a short position taken by Hindenburg and their associates from which they stand to realize sizeable gains.
The Group regretted that no attempt was made by Hindenberg Research to verify the allegations or make genuine inquiries concerning the information provided before it was released.
The Group assures that it remains in compliance with the laws of the territories in which it operates and maintains the highest standards of corporate governance.
The Company reiterated that its accounting records are accurate and correct and that its financial results are accurately reported within its financial statements and its SEC filings.
The Company said the investor community has demonstrated its faith in Tingo Group on the basis of detailed analyses and reports prepared by leading professional advisors, financial experts and credit rating agencies.
Finally, the Group said it will respond in detail to the allegations made by Hindenburg Research in due course.
For those who don’t know, Tingo Group, Inc. (NASDAQ: TIO) is a global Fintech and Agri-Fintech group of companies with operations in Africa, Southeast Asia and the Middle East.
Tingo Group’s wholly owned subsidiary, Tingo Mobile, is the leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and pre-loaded platform product.
As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing them with access to services including, among others, the Nwassa ‘seed-to-sale’ marketplace platform, insurance, micro-finance, and mobile phone and data top-up.
Tingo Group’s other Tingo business verticals include: TingoPay, a SuperApp in partnership with Visa that offers a wide range of B2C and B2B services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food processing business that processes raw foods into finished products such as rice, pasta and noodles; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center.
In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, with 130+ offices located in China’s cities and major towns; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore.
Dozy Mmobuosi is the visionary Founder and CEO of Tingo Group, he has built an extraordinary business conglomerate that generates substantial revenue.
Every entrepreneur aspires to establish a thriving and lucrative business, but this journey is fraught with challenges. It begins with the spark of an idea, fueled by passion and the availability of capital. Some entrepreneurs, like Dozy Mmobuosi, embark on this path with limited resources, relying solely on their vision and determination.
Under his astute leadership, Tingo Group oversees a range of successful subsidiaries, including Tingo Mobile, Tingo Foods, and Nwassa. Moreover, he is currently engaged in the pursuit of acquiring Sheffield United Football Club in England.
Similar to many entrepreneurs, Dozy has encountered setbacks and failures along his entrepreneurial journey. However, these adversities have served as catalysts, igniting his drive to work harder and persevere in the pursuit of success.
During the early stages, Dozy faced daunting circumstances that tempted him to abandon his endeavors. He invested capital without immediately reaping tangible returns. Nevertheless, he made a resolute decision to persist until he achieved profitability.
According to Dozy, relinquishing one’s aspirations is never an option for a determined business owner. When confronted with obstacles, it is crucial to seek solutions and explore alternative paths to overcome challenges. He firmly believes that if he had succumbed to
adversity, he would not have attained the remarkable success he enjoys today.
“Dozy advises aspiring entrepreneurs to acquire comprehensive knowledge about their chosen industry before embarking on any business operations. By immersing oneself in relevant literature and seeking guidance from seasoned professionals, one can avoid costly rookie mistakes,” cautions Mason.
Armed with a distinguished Advanced Management and Leadership Programme from Said Business School, University of Oxford, and a Master’s degree in Economics from Ambrose Alli University Ekpoma, Edo, Dozy leveraged his expertise gained from his previous role as a financial analyst. Drawing upon his profound knowledge and exceptional marketing prowess, he successfully established multiple enterprises that have achieved unparalleled triumph.
Embarking on the journey of nurturing and managing a single business until it flourishes is undeniably arduous. However, undertaking the uphill task of launching and running four multimillion-dollar enterprises exemplifies the remarkable feat that Dozy Mmobuosi has accomplished with unwavering determination and exceptional skill.
See the video below showing the launch of Tingo Mobile in Ghana
See also the testimony of Emeka Imo, a farmer who used Tingo Pay for his business…
