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Breaking News: Tingo Group Announces Completion Of Investigation Into Allegations Made Against the Company
Published
2 years agoon
By
Editor
By Michael Effiong
Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech, agri-fintech and food company has announced to the international financial market that it has completed the investigation of the allegations made by short seller Hindenburg Research (“Hindenburg”), that relate directly to the Company and its businesses.
At the direction of the Company’s independent directors, independent counsel investigated certain of the Hindenburg allegations and provided the independent directors with an interim report summarizing evidence it had reviewed, along with items requiring further investigation. The Company’s outside counsel then conducted its own investigation into the allegations, which included following up on the items identified by independent counsel. Based on the Company’s outside counsel’s investigation and further investigative work of its own, the Company has concluded it can now provide the following response to the allegations in the Hindenburg report:
- Agri-Fintech Holdings, Inc. Resignation of Director: Christophe Charlier was a co-Chairman of OTC-listed company, Agri-Fintech Holdings, Inc., which sold Tingo Mobile Limited to the Company on November 30, 2022. Mr. Charlier has never been a member of the Company’s Board of Directors, nor has he been involved in the management of the Company. In his resignation letter, which was filed with the SEC, Mr. Charlier complained only of a lack of communication and teamwork at Agri-Fintech Holdings.
- Tingo Foods Revenue and Operating Margin: The revenue reported by Tingo Foods in Q1 2023 and its operating margin of 24.8 % has been confirmed.
- Tingo Foods Business Relationships: During the period from September 2022 to March 31, 2023, Tingo Foods purchased its raw crops from two organizations in Nigeria, including the All Farmers Association of Nigeria (“AFAN”), which delivered the crops to third-party food processors. Tingo Foods then sold the processed food to several large wholesalers in Nigeria.
- Food Processing Facility: The construction of the Tingo Foods processing facility in Nigeria is well underway, with food and beverage processing operations expected to commence in Q2 2024. The images and renderings used for the Foods Processing Facility’s groundbreaking ceremony in February 2023 and in early presentational materials were stock images provided by an external marketing company, whereas specific renderings of the actual facility are currently being utilized. The Company has contracts in place with the construction company for the project and with Evtec Energy Plc and TAE Power Solutions Limited for the construction of a solar power plant to power the processing facility. Evtec Energy Plc is a special purpose vehicle for the project, whereas TAE Power Solutions Limited is a part of a multinational group that has been trading for more than 25 years.
- Tingo Foods Sale of Inventory: The inventory held by Tingo Foods at the time it was purchased by the Company in February 2023 was sold to a customer on March 20, 2023, the proceeds for which were received on June 29, 2023.
- Tingo Mobile Business Relationships with Farming Organizations: Tingo Mobile leases mobile phones to four co-operatives and farming organizations: the Kebbi (Dala) Multi-Purpose Cooperative Society (“Kebbi”), the Ailoje Royal Farms Multi-Purpose Cooperative (“Ailoje”), the All Farmers Association of Nigeria (“AFAN”), and the Ashanti Investment Trust (“Ashanti”). The two farming cooperatives referenced in the Hindenburg report were Kebbi and Ailoje, to which Tingo Mobile has leased 4.5 million and 4.844 million phones respectively. The relationships with all the co-operatives and farming organizations have been confirmed.
- Mobile License: Tingo Mobile does not directly provide airtime and data services on the phones it leases to customers, or through its Nwassa platform. Such services are currently provided by a third-party vendor. Tingo Mobile therefore does not require a Mobile License from the Nigerian Communications Commission. This arrangement allows Tingo Mobile’s customers to choose the best network provider for their location from Airtel, MTN, 9 Mobile and Globacom. Tingo Mobile earns a commission on the airtime and data services purchased by its customers, which it receives from its vendor, and which were previously received from Airtel.
- Tingo Mobile’s Phone Suppliers: Since 2020, Tingo Mobile has purchased mobile phones from two suppliers: UGC Technologies Limited, with which it has had a contractual relationship since December 2020, and Bullitt Mobile, with which it has had a distribution agreement since February 2022.
Hindenburg contacted a company called UGC Mobile Technologies in the U.S., not Tingo Mobile’s supplier, UGC Technologies Limited, which has offices in Africa and China. Tingo Mobile has purchased almost all its mobile phones from UGC Technologies Limited to date, with only a small purchase of 1,000 units of Caterpillar branded phones from Bullitt Mobile in 2022.
- Tingo Mobile’s Taxes: On April 7, 2023, Tingo Mobile paid in full to the Nigeria Federal Inland Revenue Service (“FIRS”) its corporate income tax (“CIT”) and Tertiary Education Tax (“EDT”) for the fiscal year 2022.
- Tingo Mobile Ghana: The Company’s recently established operations in Ghana are currently conducted exclusively through its trade agreement with the Ashanti Investment Trust. The Company leases mobile telephones to individuals introduced through the Ashanti Investment Trust and such customers also have access to Nwassa. The sim cards, airtime and data are sold to customers through a third-party vendor, as a result of which Tingo Mobile is not required to have a license with the National Communications Authority in Ghana. Tingo Mobile does not currently deal with or accept any new customers other than through its relationship with the Ashanti Investment Trust, it is however preparing to further expand the company’s business in Ghana and is currently recruiting a workforce and building a website to assist in facilitating this.
- TingoPay: Tingo Mobile entered into a partnership with Visa on September 27, 2021, subsequent to which it has hosted several joint events with Visa, and it also launched a beta version of TingoPay with Visa on February 14, 2023. Prior to contracting with Visa, Tingo Mobile entered into a strategic partnership agreement with Stanbic Bank, dated November 17, 2020, and work was undertaken by the parties to develop an integrated e-wallet solution. After a disagreement over the Tingo Mobile press release in April 2021, the partnership with Stanbic Bank ceased and Tingo Mobile instead entered into the partnership and e-wallet integration with Visa.
- Tingo Mobile’s NWASSA Platform: The Nwassa USSD platform is pre-loaded on the Tingo Mobile phones that are leased to the cooperatives and their farmers. Other individuals that have their own mobile phone can also register on the Nwassa USSD platform and conduct transactions on the platform. The Nwassa platform can be used by farmers to purchase items such as farming inputs, insurance, micro-loans, or additional airtime. The transactions made through Nwassa are processed by a third-party payment processing company owned by an American multi-national fintech company, which collects a commission payment on behalf of Tingo Mobile on each transaction and remits the commissions to its bank account. Tingo Mobile has confirmed its Q1 2023 reported revenue from the NWASSA platform.
- Tingo DMCC: Tingo DMCC is the Company’s new agricultural export business. As of June 30, 2023, Tingo DMCC had conducted three export sales transactions totaling $348 million with customers located in neighboring countries within Africa. Tingo DMCC currently conducts its business through its direct contacts and sales leads. It is, however, in the process of developing a separate website for use in the future.
- Financial Statement Errors: The “errors” identified by Hindenburg in Tingo Group’s financial statements and MD&A in its year-end 2022 Form 10-K and Q1 2023 Form 10-Q were typographical errors that were obvious to the reader from the remainder of the numbers and other information.
All the information required to be disclosed relating to Certain Relationships and Related Transactions (including the acquisition of Tingo Mobile on November 30, 2022), and Director Independence, was included in the Form 10-K.While the Company’s cash-flow statement inadvertently labeled an increase in trade receivables as a decrease, the numbers themselves were correct. The discrepancies Hindenburg identified between the change in receivables reported on the balance sheet and change in receivables reported in the cash flow statement reflect Hindenburg’s misunderstanding of the numbers and the relevant U.S. GAAP accounting standards, including in relation to how the business combinations that closed during the relevant accounting periods impacted the numbers. In both cases, the “difference” resulted from non-cash adjustments related mainly to the Company’s acquisition of Tingo Mobile in Q4 2022 and its acquisition of Tingo Foods in Q1 2023, all of which were correct.
- Independent Auditors: The engagement with Brightman Almagor Zohar & Co., a firm in the Deloitte Global Network, was after consideration of the relevant factors regarding the location of auditors. Such factors included that the Company does not have any operations in the U.S., and the consolidation process and preparation for the group’s financial statement and SEC filings is performed by the Company’s finance function in Israel.
- Bank Balances: Bank statements were obtained directly from the banks used by Tingo Mobile and Tingo Foods, and interviews with the banks were conducted over video conference calls. The bank balances of each company were confirmed at several dates, including at the Quarter End dates of March 31, 2023, June 30, 2023, and as late as August 3, 2023, which reconciled and agreed to each company’s accounting records and financial statements.
Tingo Mobile earns interest only on funds held in a fixed deposit account. Due to its cash needs from time to time, Tingo Mobile is unable to encumber a large portion of its funds in a fixed-deposit account that would earn interest.
Having concluded the investigation into the allegations made by Hindenburg against the Company and its businesses, which was deemed to be the highest priority, the Company and its outside counsel will now proceed to investigate Hindenburg’s allegations against the founder of Tingo Mobile and Tingo Foods, Dozy Mmobuosi.
About Tingo Group
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 a leading Agri-Fintech company operating in Africa, with a comprehensive portfolio of innovative products, including a ‘device as a service’ smartphone and a value-added service platform. 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 is currently in beta version, offering 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, groundnut oil, nut products, wheat, millet and maize; 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; and Magpie Securities, a regulated finance services Fintech business operating out of Hong Kong and Singapore. For more information visit tingogroup.com
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Memoir: My Incredible 10 Years Sojourn at Ovation by Eric Elezuo
Published
5 hours agoon
February 1, 2026By
Eric
By Eric Elezuo
It seems like yesterday, but like a joke well cracked, a whole 10 years have come and gone since I ventured into the new lease of life called Ovation Media Group. The experience has been a pot pourri of incredibilty, sensation, hits, near hits and a mixed fortune of the good, bad and ugly. Of course, what does one expect?
The Ovation brand has been not only big, but larger than life. To us out there savoring their sensational releases in terms of publications, it was much more than a media organisation, but something in the neighborhood of myth tingled with legendary. In my little circle, people talked about Ovation Magazine as a garden of Eden that can only be imagined with utmost reverence, but can never be reached or accessed.

Sometimes, you hear people talk about an event, and the next thing you hear is ‘even Ovation covered it’. That alone is a proof that there was nothing ordinary about the occasion. It was only meant for ‘gods’ in human form; the be all and end alls of world politics, entertainment and enterprise. Ovation was just big, so big among Africans that describing it will completely leave gaping and lost for words.

If the brand was this huge, you can imagine what the mention of the brain behind it, Dele Momodu, conjure to the mind, of both the speaker and the listener. He was the big masquerade that can only be felt, heard and never seen except for the members of the inner caucus. At a stage, I vowed to be a member of this inner caucus. I didn’t know how it would happen, but I decided something; that when I would get married, Ovation would be there to cover it, the cost notwithstanding. I knew I would’ve been rich enough to afford their services, and so come face to face with the big masquerade, Dele Momodu himself. Well, I’m still not ‘rich enough’, but I have not only come face to face with the big masquerade, but has risen to become the Editor of the most sought-after celebrity journal in Africa, and all its appendages or titles including The Boss Newspaper and Ovation Television.
The day was Wednesday, January 20, 2016, when I first sat face to face with Chief Momodu, who over the years has steadily and graciously transformed into Aare, Dr among many impressive titles, in the company’s new office at Opebi, Ikeja. It was my interview to be absorbed as a Correspondent into the organisation. The opportunity dropped on my lap, made possible by my good friend and ex-classmate at the University of Lagos, Mr. Mike Effiong, who was the substantive and hardworking editor then.

My desire to work with Ovation transformed into hunger when I discovered that Mike, as I use to call him at UNILAG, or Editor, as I called when with I joined the organisation, was the second-in-command. I told myself, and to wife that if only I could reach out to Mike, it would be easy to know availability in the organisation. We were very at close though he was already very career minded then, supping and dining with those that matter in the industry at that level. The last I saw him before his Ovation rise was when he was at Encomium Magazine. We lost contact afterwards. It was the days of no GSM. They were moving with pagers. I had no such privilege. I can’t remember exactly how his number dropped on my lap one day many years after. I called and got to him. We reconnected, and reminisced. I was a school teacher then. I seized the opportunity to explain that I still wished to practice journalism. We have had the discussion earlier shortly after graduation. He invited me to his office – then at Excellence Hotel, Ogba. We met in the ‘luxurious’ lobby of the hotel the day I came. There was no place for me then as he told me. Though I was disappointed, I doubted if I was ready for the kind of job description I noticed that day. Mike seasoned my coming by patronizing my book. Yes, I was marketing my first book then, ‘The Dedication Tragedy’, and was fresh from Master’s degree class after getting my Masters in International Law and Diplomacy (MILD) from the University of Lagos.

We lost contact again. It was not until 2015 he returned my call, after several, and talked about a certain ‘The Boss’, which is the newest brainchild of the organisation. I was ready to move to anything, that can help me offset my highly accumulating bills. I was working with National Mirror, where I was owed months of salary. The funniest part was that I moved from Newswatch, where I was owed years of salary to National Mirror. Incidentally, both organizations were owned by one person. That’s a story for another day.

So on that fateful January 20th of 2016 after several failed appointments owing to Chief Momodu being out of the country, we finally met. The interview was sharp but detailed. It was beyond paper qualifications. It was a case of wits, reposition of knowledge and ability to navigate through the world of news gathering and dissemination, and not forgetting ability to withstand and travel at short notice. I did not only nod in the affirmative to all, but proved my hunger in words and action to take up the challenge. I was found worthy, and asked to assume duties. I requested for the rest of the month to sort myself out. There was nothing to sort out. I just needed time to calm my head, nd douse the euphoria so as not to make a mistake on the first day.
So on Monday, February 1, 2016, I appeared completely suited with tie to begin a new trend in professionalism. The suit was just appropriate for a worker, who has not been paid for ages, if you get what I mean. I was slammed with the title of Correspondent, but given a job description that equalled editor, reporter and supervisor combined. I wrote, edited, proofread, set page, go on field assignment, publish and share. It was a handful, but I was happy to have a job, and the job I wanted. So I adapted with equanimity. In fact, my publisher was a no-nonsence person. Mistakes were not permitted. Missing deadlines were taboos. Tough as it was, it toughened me. Today, I’ve graduated from being a better journalist to whatever you can think of.

Shortly after assuming office, I got the privilege to interview and engage staff, mostly interns to work directly under me. My first staff was Temitope Ogunleye, a young corper from Kogi State University. She is still with me today, having grown in leaps and bounds. Others followed including Morakinyo Ajibade from Nigerian Institute of Journalism, David Adeyemi, Isaac and Annabelle from Babcock University. Ajibade is also still with me today. His level of growth is tremendous. There were many others, and they are all helpful to my career success. There was also Joguomi, Victoria, Christiana and many others. I did my best to support their mentoring, and they are performing brilliantly in their various worlds.
This is not forgetting the men with the camera I met on ground and those that joined afterwards; Koya, Ken, Iroko, Funmi, Solomon, Abraham, Femi, Ben, Tunde, Dala Taiwo and a host of others. We did many things together including our botched Christmas party. That happens to be the biggest blow any staff has suffered. Today, it’s worth looking back at, and laughing loudly at.

It has not all been rosy though; twice I have been sacked for operational deficiency (not incompetence), and twice I have been restored for obvious reasons. And today, God is still helping us.
In 2020, I was upgraded to the post of Assistant Editor of The Boss Newspaper, and in late 2021, I was elevated to the position of Editor, The Boss Newspaper.
In November 2023, precisely on the sixth, I was privileged to be considered and appointed as the Editor of the Ovation brands or Ovation Media Group. The editor of Ovation is a title for the General Administrative and Editorial Head of the Group, answerable to only the Publisher and Board of Directors.
My appointment was sequel to the elevation in politics of my immediate boss, Mike Effiong, who was appointed as Senior Special Adviser to the Governor of Akwa Ibom State.
It’s not yet uhuru though. I’m still learning and taking instructions from superiors in the industry and elsewhere. I must add that humility and acceptance of everyone I’ve met in the line of duty, has helped in no small measure to fasttrack my growth. Yes, I can beat my chest and say that I have delivered, and still delivering.
Yes again, I’ve not been able to traverse the globe as regards traveling or amass wealth, but my experience can dictate for any world leader. It is worth noting that waking up to work for Ovation every day (morning, afternoon, evening, night and midnight including wee hours), and this is not an exaggeration, but bare facts, has taught me life, in both the hard and acceptable ways.
To my boss of inestimable value, Chief Dele Momodu, my appreciation is limitless; my friend of many years, Mike Effiong and past and present staff of the brand, thank you for the opportunity. I don’t know where the next 10 years will meet us, but I know for sure it would be in a good place, and much bigger than we are today.
Cheers to February One!
Eric Elezuo is the editor, Ovation Media Group, and writes from Lagos
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CAN Tackles Shariah Council Over Call to Remove INEC Chair Amupitan
Published
3 days agoon
January 30, 2026By
Eric
The Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT) has rejected the call by the Supreme Council for Shari’ah in Nigeria (SCSN) seeking the removal of the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan.
The Shari’ah Council, earlier this week, demanded the immediate removal and prosecution of Amupitan, as members of the Council questioned his integrity over a legal brief in which he reportedly acknowledged claims of persecution constituting genocide of Christians in Nigeria.
Reacting to the development in a statement on Thursday, the Chairman of Northern CAN, Reverend Joseph John Hayab, and the Secretary General of Northern CAN, Bishop Mohammed Naga, questioned the motive behind the demand, asking who was sponsoring the call and why such interests are hiding behind the platform of a religious body.
Describing the call as a dangerous attempt to politicise religion and undermine a critical national institution, Hayab stressed that Professor Amupitan has a constitutional right to freedom of religion, adding that expressing concern over challenges faced by his religion does not amount to bias or disqualification from public service.
He also pointed out that many Muslims who had served in key government positions in the past had troubling religious antecedents, yet were not subjected to similar scrutiny, urging national actors to prioritise competence and national interest over sectarian sentiment.
Hayab, who warned that the controversy further reinforces concerns about persistent religious discrimination against Christians in Nigeria, particularly in appointments to sensitive national offices, recalled that the two immediate past INEC chairmen were Muslims from Northern Nigeria, and warned against narratives suggesting that only adherents of a particular religion are qualified to lead the electoral body.
“Anyone hiding under the guise of the Shari’ah Council to demand the removal of the INEC chairman over political or sectarian interests should come out boldly. Otherwise, the ploy has died naturally, he said.
“”Are they saying that no other religion should serve as INEC chairman except Muslims? The most important question Nigerians should ask is whether Professor Amupitan is competent or not.
That should be the focus, not his faith,” the statement added.
The association commended President Bola Ahmed Tinubu for what it described as a deliberate effort to promote national unity by appointing a Christian as INEC Chairman, despite being a Muslim.
It noted that the decision reflected statesmanship and inclusivity, similar to precedents set under the previous administration of President Goodluck Jonathan, who kept a northern Muslim as INEC Chairman against all odds.
The Christian leaders advise the Shari’ah Council to publicly identify any individual or group behind the campaign against the INEC chairman, insisting that religious platforms must not be used as “cheap cover” to pursue political interests or intimidate public officials.They, however, called on the INEC chairman not to be distracted by the controversy, urging him to remain focused on his constitutional responsibility of conducting free, fair and credible elections.
“He should concentrate on doing the right thing for Nigerians and not behave like others who openly manipulated elections in the past and now seek to remain relevant through religious blackmail,” the statement said.
Northern CAN also raised concerns about what it described as emerging signals of a coordinated political agenda ahead of the 2027 general election, citing recent comments by the Minister of Culture, Tourism and Creative Economy, Hannatu Musawa, who warned that the All Progressives Congress (APC) risks electoral defeat if it drops a Northern Muslim-Muslim ticket from President Bola Tinubu’s re-election ticket.
According to the association, such statements, when viewed alongside the sustained attacks on a Christian INEC chairman, raise legitimate questions about whether there is a deliberate effort to undermine Christian participation and confidence in the country’s political process.
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Sit-at-Home: Soludo Threatens Anambra Traders with Forfeiture of Shops
Published
4 days agoon
January 29, 2026By
Eric
Anambra State governor, Prof. Chukwuma Soludo, has escalated the enforcement of his earlier directive to traders at Onitsha Main Market, warning that shops of defiant traders will be forcibly closed if they continue ignoring government orders to open for business on Mondays.
The development follows Soludo’s initial announcement on Monday, when he ordered a one-week closure of the market over traders’ persistent defiance of the state’s anti-Monday sit-at-home directive.
Addressing the situation during an on-the-spot inspection of the market this afternoon, the governor said past efforts to persuade traders had failed, and the government is now moving to a more assertive approach.
“If you deny 20% of workdays in a year, you are undermining our prosperity, job creation, and the economy. In 2022 and 2023, we fought it. In 2024 and 2025, we pleaded. But in 2026, we are shifting to gear 4, no backing down. Anyone who closes their shop, we will help them close it for one week. From next week, if they refuse to open by Monday, I will shut down the market and take over some of them,” Soludo declared.
He described traders’ repeated Monday closures as deliberate economic sabotage, stressing that the closure ordered on Monday was a protective measure for law-abiding citizens.
Security personnel, including the police, army, and other agencies, have been deployed to enforce the closure and maintain order. Soludo warned that non-compliant traders after the one-week shutdown risk a longer closure of up to one month.
The measure is part of the state government’s ongoing effort to end Monday sit-at-home practices, which have continuously disrupted economic activities across the South-East.
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