According to HRM, the conferment of the title, which bestows the favours of the elder brother status on the businessman, is a response to all the developments Mmobuosi has brought to the community, and continues to bring.
“We acknowledge all the impacts you have made in our community, and community to make, and we are very proud. This title of Okpala is a confirmation of your elder brother status to this community.
“It shall be well with you in the morning; it shall be well with you in the afternoon; it shall be well with you in the evening. Whatever you lay your hands on with continue to prosper for the good of this community, and mankind in general in general,” the paramount ruler pronounced.
It will be recalled that Mmobuosi has gone to the community on a Special Media Tour to Tingo Foods and Processing Facility located in Onicha-Ugbo, Delta State.
Dr. Dozy Mmobuosi was accompanied on the trip by the Deputy Governor of Edo State, Hon. Philip Shaibu, National President, All Farmers Association of Nigeria (AFAN), Dr. Farouk Rabi’u Mudi; CEO, Tingo Media, Mr. Ebuwa Martins Agbonwaneten, and Actor and Comedian, AY, among others.
Dozy Mmobuosi was born on the April 7, 1979, in Lagos. He had his higher education at Ambrose Alli University in Ekpoma, Edo State, after a meritorious primary and secondary education, earning a Bachelor of Science degree in Political Science.
The billionaire businessman, concerned with capturing the golden fleece through education, stretched his academic journey, obtaining a Master of Science degree in Economics, also from the Ambrose Alli University.
In 2007, he was reputed to have obtained a doctorate in Rural Advancement from the Universiti Putra Malaysia.
In March 2022, Mmobuosi successfully completed the Advanced Management and Leadership Programme at Saïd Business School, University of Oxford, demonstrating his commitment to further enhancing his skills and knowledge in the field.
Concerned with welfare oriented ventures, Mmobuosi, in 2001, founded Tingo Mobile to provide mobile technology and Fintech solutions to rural communities in Nigeria. In 2015, Mmobuosi founded Tingo Inc., a publicly traded company on the OTC Markets Group.
Again, in January 2019, he launched Nwassa, a digital Agri-Marketplace that is Africa’s first agricultural technology and digital platform. Mmobuosi’s investment in rural development has continued to attract accolades, making a force to reckon with in Nigeria’s tech Innovation.
Not done with affecting the lives of people, he, in December 2022, unveiled the Dozy Mmobuosi Leadership Centre (DMLC), housed in Oxford, United Kingdom, with the aim of developing African leaders skills to help them transform their private and public sector services. In February 2023, it was reported that Mmobuosi was close to completing a £90 million takeover of English football club Sheffield United, but Mmobuosi later discontinued his bid and was planning to set up a new football club in Lagos called Club 1472. Amid his attempted Sheffield United takeover, it was reported that Mmobuosi had been sued in the US and UK over unpaid debts; in a $300,000 Connecticut lawsuit, Mmobuosi was sued by a Tingo Mobile executives for failing to pay wages for at least half a year’s work; in February 2022, a UK court ordered Tingo International Holdings Inc. to pay a UK property firm £87,000 ($105,000) in unpaid rent for a home he used as his private residence in Radlett near London.
In June 2023, NASDAQ-listed shares in Tingo Group plunged in value after a report from short seller Hindenburg Research said the company 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 lawyers White & Case to review the report’s claims.
In November 2023, dealing in Tingo and Agri-Fintech Holdings shares was suspended by the SEC over concerns about the accuracy of information about the companies. Almost three months later, Tingo Group declared itself innocent of Hindenburg’s allegations based on an investigation by its own outside counsel “and further investigative work of its own”.
On 18 September 2023, Tingo Group appointed Mmobuosi and Kenneth Denos interim Co-CEOs.
On 13 November 2023, the US Securities and Exchange Commission halted trading in Tingo Group shares and those of related entity Agri-Fintech Securities after finding inaccuracies in their disclosures. The SEC asserted there were “questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace … since at least May 10, 2022, about the financial statements and business operations of Tingo Group and its wholly-owned subsidiaries, including Tingo Mobile Ltd,” and “since at least February 9, 2023, about the financial statements and business operations of its wholly-owned subsidiary, Tingo Foods PLC.”
While the SEC suspension of shares expired in late November, Nasdaq chose to keep trading of Tingo securities halted pending a review of provided information. Tingo shares traded as high as $5.45 in May, before the Hindenburg report, then slumped to $0.69 prior to suspension. Notwithstanding, the strength of entrepreneurship, and experience in the field has sustained the 45 year old entrepreneur as he continues to dig into the intricate factors that make life livable for the average Nigerian.
Tingo, in the short response to the SEC said:
“Mr. Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he will contest them with unwavering resolve. As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.
“It is Mr. Mmobuosi’s intention to address and resolve these allegations within the appropriate legal framework. He is committed to cooperating with the legal process to ensure a thorough and fair examination of the facts, which he believes will ultimately lead to his exoneration.
“We appreciate the understanding of the media and the public during this time and request respect for the legal process and the principles of justice.”
Mmobuosi has remained a member of the crop of young Nigerians making a difference in the new dispensation. His intention to buy English Premier League side, Sheffield United, has lent credence to his ever increasing profile.
He is married to his beautiful wife, Oluwatosin, and they are blessed with three adorable children.
