November 19, (THEWILL) – A few days after Tingo Group, Inc. decided to make The All Farmers Association of Nigeria (AFAN), the umbrella body of the 56 recognised commodities and agricultural associations in Nigeria, with branches in all 36 states of Nigeria, its trade partner and formally adopt Tingo Mobile’s Nwassa as its exclusive marketplace platform for its members, the company got hit with a regulatory action.
The United States’ Securities and Exchange Commission has temporarily suspended it from trading, effective immediately and in effect until at least November 28, citing misgivings about the financial statements and other information disclosed by the company.
The Commission temporarily suspended trading in the securities of Tingo Group, Inc. because of questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace concerning Tingo Group, including press statements, periodic filings with the Securities and Exchange Commission and other publicly disseminated statements, since at least May 10, 2022, about the financial statements and business operations of its then merger acquisition target and current wholly-owned subsidiary, Tingo Mobile Ltd.
Following the suspension, the regulator cautioned broker-dealers, shareholders, and prospective purchasers, to carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Tingo Group, an agri-fintech, food processing and commodity trading company, is owned by Nigerian born Mmobuosi Odogwu Banye, more popularly known as Dozy Mmuobosi. The 43-year-old was at the centre of a Hindenburg Research which alluded that his company, the Tingo Group, was an exceptionally obvious scam.
The company denied the Hindenburg report claims, which it said contained errors of fact and misleading and libellous content and appointed legal counsels to review the report’s claims. Only recently did Muobosi introduce a new football club in Lagos called Club 1472, after his attempt to purchase Sheffield United for £115 million collapsed. The new club is expected to compete with teams like Sporting Lagos and Inter Lagos. Club 1472 has registered with the Nigeria National League, which is the second tier of the Nigeria Premier Football League.
