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Breaking News: Tingo Group Announces Completion Of Investigation Into Allegations Made Against the Company

Published

3 years ago

August 30, 2023

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

Related Topics:Hinderberg NASDAQ Tingo Group

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Why Tinubu Was Absent at Commissioning of Sanwo-Olu’s Projects in Lagos – Presidency

Published

2 days ago

April 9, 2026

Eric

The Presidency has come up with reasons behind President Bola Tinubu’s absent at the commissioning of Governor Babajide Sanwo-Olu’s projects in Lagos, on Wednesday.

Tinubu was noticeably absent at the scheduled project commissioning in Lagos, sparking public curiosity.

However, Sunday Dare, his Special Adviser on Public Communications and Orientation, has clarified the reason behind the last-minute development.

Speaking during an interview on Channels Television, Dare revealed that the President had to prioritise urgent national security matters over the event.
According to him, although Tinubu is currently in Lagos, he has been deeply engaged in high-level State duties, particularly ongoing security briefings tied to recent developments across the country.

“The president has been busy taking constant briefs and has to prioritise when it comes to state matters, especially security,” Dare stated.

He referenced rising security concerns, including recent unrest linked to incidents in Jos, noting that the President has been closely monitoring the situation and working directly with intelligence agencies.

Dare emphasised that Tinubu remains fully engaged behind the scenes, actively coordinating with security operatives and receiving continuous updates to address emerging threats.

The absence, he stressed, should not be seen as neglect of official duties but rather a reflection of the President’s focus on safeguarding national stability at a critical time.

Tinubu skipped the Lagos commissioning not out of disregard, but to handle pressing security issues demanding immediate presidential attention.

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Benin Republic 2026: Romuald Wadagni, The President in Waiting

Published

2 days ago

April 9, 2026

Eric

By Eric Elezuo

As the presidential election draws very close, one man stands taller than most of the candidates that would be on the ballot paper, or may have been on the ballot paper as far as the presidential election in Benin Republic is concerned. He is the hard working and most Indefatigable achiever, Monsieur Romuald Wadagni.

He us young, able and full of experience, having practiced positive and sincere politics for a very long in his young existence.

Wadagni comes across as the typical chip off the old block, when it comes to genuine leadership qualities and agenda. He has been tested, trusted and ready to take up the mantle of leadership towards providing genuineness and purposeful living condition for the people of Benin Republic.

In 10 consecutive years, since he was 39, Wadagni, has supervised the Finance and Economy ministry without blemish, and has received accolades from far and wide.

It is therefore not a fluke as the 49 years old, Romuald Wadagni was nominated as the ruling majority’s candidate for the upcoming presidential election in Benin.

Consequently, listed below are three things to know about him: 1:he has been the Minister of Finance for nearly 10 years. Romuald Wadagni was appointed Minister of Economy and Finance in April 2016. He was reappointed to the position in 2021 with the rank of Minister of State. He is considered one of the main architects of Benin’s economic recovery.

At the end of January 2025, he welcomed “average growth of more than 6.5% in recent years.” In 2018, Financial Afrik magazine ranked him among the 100 African personalities transforming the continent. In December 2024, the same media outlet named him “Best Finance Minister in Africa,” praising Benin’s macroeconomic stability in the face of international crises. 2: He is an expert in finance and accounting. Romuald Wadagni is a chartered accountant. After studying finance, private equity, and venture capital, he began his professional career in 1998 at Deloitte, one of the largest audit and consulting firms in the world.

At Deloitte, Romuald Wadagni rose through the ranks and successively held several positions of responsibility in France, the United States, and then in Francophone Africa. In 2012, at the age of 36, he became a partner at Deloitte. He later led the firm’s expansion across the African continent. After 17 years, he left the firm in April 2016 when he was appointed Minister of Economy and Finance of Benin.

He is the heir apparent of Patrice Talon. After two consecutive terms, President Patrice Talon, who can no longer run again, had promised to play an active role in choosing his successor. On August 31, 2025, he officially endorsed his Minister of Finance, Romuald Wadagni, as the candidate of the presidential majority.
This designation was confirmed in a joint statement by the Union Progressiste le Renouveau (UPR) and the Bloc Républicain (BR), the two main parties of the majority. On October 4, 2025, in Parakou, Romuald Wadagni and Mariam Chabi Talata, the current Vice President, were officially nominated during a major rally of the presidential majority. In his speech, the candidate minister promised to “consolidate the achievements” of his predecessor.

Prior to entering politics, Wadagni worked for the consulting firm Deloitte for 17 years. He was first appointed the minister of economy and finance on 7 April 2016, in the first Talon government, and subsequently reappointed in 2021 with the rank of senior minister.

Wadagni was born in Benin in 1976 in Lokossa, the eldest of five children. His father, Nestor Wadagni, a statistician and economist with a degree from ENSAE, had a career in the Beninese civil service before writing a thesis in fundamental mathematics after his retirement.From an early age, he took an interest in manual work and trained himself in bricklaying and mechanics.

After obtaining a scientific baccalaureate in Benin, he continued his studies in France. From 1995 to 1999, he studied at the École supérieure des affaires de Grenoble (ESA) where he obtained a master’s degree in finance, graduating top of his class. During his studies in Grenoble, he met a partner from Deloitte who identified his potential and recruited him into the consulting firm in 1998.Among honours attached to his ebullient services and achievements, are as follows:

In 2021, the financial newspaper Financial Afrik named Romuald Wadagni “Best African Minister of Economy and Finance”.

In 2024, the financial newspaper Financial Afrik named him “Finance Minister of the Year” for the 4th time in its ranking of “The 100 who are transforming Africa”.

ROMUALD WADAGNI AT A GLANCE

Romuald Wadagni is Senior Minister in charge of Economy and Finance of Benin. He was appointed on April 7, 2016, in the first government of President Patrice Talon and reappointed to this position in May 2021.

Romuald Wadagni is a public accountant certified in France and the USA. He also holds a master’s degree in finance and has completed specialized training in private equity and venture capital.

Before being appointed Minister of Economy and Finance in 2016, Romuald Wadagni had a leading international experience within Deloitte. In France from 1998, then in the United States from 2003, he developed cutting-edge expertise in several fields, serving customers in various sectors of activity (Mining, TMT, Financial Sector, Public Sector, Retail) and various governments and donors.

Wadagni is a handful in service delivery, transformation and economic re-engineering. He is the best suited for the presidency of Benin Republic as election holds on Sunday, April 12, 2026

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ADC Raises Alarm over INEC’s Plot to Prevent Party from Fielding Candidates

Published

5 days ago

April 6, 2026

Eric

The African Democratic Congress (ADC) has revealed the deliberate administrative landmines being deployed by the Independent National Electoral Commission (INEC) to prevent the Party from fielding candidates in the upcoming elections.

In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party stated that at the heart of this emerging crisis is INEC’s stated position that it will no longer receive any correspondence from the ADC pending the determination of a matter before the Federal High Court. On its face, this may appear procedural. In reality, it creates a direct and dangerous conflict with the clear timelines imposed by the Electoral Act (2026), which provides defined windows, including the mandatory 21-day notice period and subsequent submission requirements, within which political parties must complete critical electoral processes.

The full statement reads:

We are compelled to raise serious concerns about a developing situation that appears designed to prevent the African Democratic Congress (ADC) from fielding candidates in the upcoming elections. It is based on documentary evidence which we are now placing before the Nigerian public, including certified INEC records, attendance logs, monitoring reports, and excerpts from the Commission’s own sworn affidavit. Taken together, these documents establish a clear and consistent record of events.

INEC received formal notice of the July 29, 2025 National Executive Committee (NEC) meeting of the ADC. It deployed officials to monitor that meeting. It documented the proceedings and received formal reports from its field officers. Following this, INEC updated its internal records and uploaded the names of the new leadership, including Senator David Mark as National Chairman and Ogbeni Rauf Aregbesola as National Secretary.
These are not claims. They are facts contained in INEC’s own records.

In addition, the Commission’s sworn affidavit before the Federal High Court, in its response to Nafiu Bala Gombe on 12 September 2025, particularly in Clauses 14 to 19, affirms key legal principles: that the leadership transition had already been completed and recognized, that such internal party matters fall outside the scope of judicial interference, that completed acts cannot be reversed by injunction, and also recognizes the David Mark-led NWC.

Yet, despite this clear documentary trail, INEC has now taken the position that it will no longer receive any correspondence from the ADC pending the determination of a matter before the Federal High Court. This is where the contradiction becomes dangerous.

The Electoral Act imposes strict timelines on political parties, including the 21-day notice requirement and submission deadlines. INEC itself has fixed May 10 as the deadline for the submission of relevant documents. However, by refusing to receive communication from the ADC within this same period, the Commission is effectively preventing the Party from complying with the law.

In simple terms, INEC is effectively threatening that unless the courts deliver judgment on the ADC leadership issue by May 10, it will prevent the ADC from producing candidates.

This places the ADC in an impossible position and creates a clear pathway to artificial non-compliance, which can then be used to justify excluding the Party from fielding candidates. That is the landmine.

INEC has claimed that its April 1 decision was taken to avoid rendering the proceedings before the Federal High Court nugatory. The reality is the opposite. By intervening in a matter already before the court and issuing a pronouncement with clear legal and operational consequences, the Commission has itself undermined the very process it claims to protect.

What is even more concerning is that this position contradicts INEC’s own prior conduct and legal stance. The same Commission that monitored, documented, recognized, and swore to an affidavit confirming the ADC leadership is now acting in a way that contradicts its earlier position.
We therefore call on the Commission to immediately reverse this position, resume the acceptance of all lawful correspondence from the ADC, and uphold its constitutional responsibility to ensure a level playing field for all political parties.

We also call on Nigerians to be wary and remain vigilant about these dangerous machinations to subvert Nigeria’s democracy and impose a civilian dictatorship on the country.