Tingo Group has been in the news lately over hoax claims of stream of bogus investment as exposed by Hidenburg.
The news coming out now is that the founder Dozy Mmobuosi has escaped to south America country to evade arrest and prosecution. A source said the choice of his destination is to avoid a possible extradition.
While no one can concretely defend Tingo with verifiable data of his thousands farmers and mobile telephone subscribers, the LAGOS office in Marina has been shut and staff asked to stay away.
Tingo’s voyage into the Nigerian entertainment business last year was said to be an eye opener as to the capabilities and dubious nature of the acclaimed multi-billion empire. The company was said to be major sponsor of WONDERLAND in Lagos while its payment platform claimed to be the best was no where to be found to execute the project. It was a smokescreen for many that Tingo after all may be another Ponzi laundering scheme.
Hindenburg alleged on its website: it came to the knowledge that Mmobuosi, the founder, falsely professed to hold a PhD in rural advancement from a Malaysian University in 2007 after the school said no such name features in its record.
The 43-year-old is the chief executive at Tingo International Holdings, the parent company of Tingo.
The investment research house stated that Mr Mmobuosi claimed to have created Nigeria’s first mobile payment app. In contrast, the actual developer of the app has described the assertion as “a pure lie.”
Source: News of the People