Nigerian billionaire behind Tingo Mobile refutes research claims of engaging in fraud

Tingo Group Inc, the owners of Tingo Mobile, a tech and agriculture company linked to a Nigerian man, who is described by the media as a ‘billionaire,’ and has established its footprints in Ghana, has reacted to an investigative report published by GhanaWeb.

On Wednesday, June 7, 2023, GhanaWeb produced a report with the title, “This company is Ghana’s next big multi-billion scam linked to ‘fake’ Nigerian billionaire – Report,” culled from an extensive investigative report by Hindenburg Research, a U.S. investment research firm with a focus on activist short-selling.

In the report, red flags were raised about the blueprints of the Tingo Group, with a number of examples stated to reflect what the researchers concluded was “a brazen fraud that should serve as a humiliating embarrassment for all involved.”

You can read that full story here .

But in a response via email, Tingo Group’s Investor Relations Contact said that the story is malicious and misleading.

In response, the Group said that it “has categorically refuted all the allegations and misinformation outlined in a report published by Hindenburg Research.”

The statement said that, “The report, which contains numerous errors of fact, together with misleading and libellous content, appears to be a deliberate attempt to undermine the positive work that Tingo Group is undertaking across various worldwide markets.

“As disclosed by Hindenburg Research, the report represents their own opinion, and is designed to benefit a short position taken by them and their associates from which they stand to realize sizeable gains. The Company can confirm that no attempt was made by Hindenberg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report prior to its release.”

The group also added that it continues to operate in compliance with laws pertaining to the countries they operate in.

It added that it sees the research report as deliberately intended to malign it.

“The Company also confirms 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 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.

“Tingo Group will respond in detail to the allegations made by Hindenburg Research in due course, but for the avoidance of doubt, the Company believes the report published today is a deliberate attempt to damage its reputation maliciously and unlawfully through the issuance of false, misinformed and distorted information for Hindenburg Research’s own financial gain and at the expense of the Company’s shareholders,” it added.

Read the full statement available to GhanaWeb below:



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AE/OGB