Hindenburg vs Tingo Group: In its report on Adani Group, Hindenburg Research has accused Nigeria’s Tingo Group of financial irregularities and making false claims.
Hindenburg Research, which made several major allegations in its report on Adani Group, has accused Nigeria’s Tingo Group of financial irregularities and making false claims. After this report, the shares of New Jersey-Tingo Group saw a decline of more than 50 percent. Hindenburg has accused the company of a big scam. Tingo Group is engaged in businesses such as mobile phones, food processing and online food marketplaces in Nigeria. The company operates in Africa, South East Asia and the Middle East. US based short seller Hindenburg made serious allegations against the company and its founder Dozy Mmobuosi.
False claim of making mobile payment app
Mmobuosi is known as a billionaire and hit the headlines earlier this year when he attempted to buy Premier League soccer team Sheffield United. Hindenburg claimed that Mmobuosi’s claim of making Nigeria’s first mobile payment app was fabricated. Hindenburg said in its report that we contacted the actual creator of the app, who called the claims false.
False claim about Airtel
According to the report, the company claimed that its mobile handset leasing, call and data business generated revenue of $128 million last year. Said that these services are provided through an agreement with Airtel in Nigeria. Hindenburg said Airtel Africa responded following reports that Airtel Nigeria had no relationship with Tingo Mobile. While the company said in the filing that Tingo’s mobile business is run through an agreement with Airtel.
Hindenburg said that the license type he claimed did not exist until June 2023. Earlier, Hindenburg had published reports regarding Adani Group and Jack Dorsey’s Block Inc.