Amid his prolonged battle to clear his name from persistent attacks aimed at damaging his business interests and making him unbankable worldwide, Dozy Mmobuosi, the founder of Tingo Group with at least 28 subsidiaries across Africa, Asia, and the Middle East, has explained that a recently released report by the Nigeria Police Force has exonerated him. The report clears him of any financial infractions and involvement in alleged fraudulent diversion and misrepresentation of financial reports using forged documents.
Mmobuosi, who established what is now known as Tingo Group 23 years ago, has been a prominent figure in the business world. Before founding Tingo Group, Mmobuosi made his mark in the telecom and music industries. He gained recognition for pioneering the use of popular tracks as ringback tunes, a feature offered by mobile service providers that allows callers to hear a selected song while waiting for the recipient to answer. This innovation not only made him a key player in the music industry but also set the stage for his diverse business ventures.
The police report, dated July 30, 2024, and addressed to the Inspector General of Police by the Commissioner of Police, Legal/Prosecution at the Force Criminal Investigation Department (FCID), found no evidence to support claims of fraudulent diversion and misrepresentation of financial reports against Mmobuosi or his companies, Tingo Foods and Tingo Mobile Plc.
These allegations, originally filed by Olayide Ayoola, the acting managing director of Tingo, accused the company’s leadership of forging financial documents and misreporting assets worth hundreds of millions of dollars. The police, however, have determined that these claims are baseless, providing a much-needed reprieve for Mmobuosi, whose businesses have been under intense scrutiny.
Speaking at a press conference on Saturday, August 24, Mmobuosi expressed relief at the outcome of the police investigation. “I am happy that the police reports have exonerated me. I have never stolen from the company; instead, the company owes me. As a founder, you continue to invest and bail out the business until it is stable. I have been doing just that and will continue to do so if necessary,” he stated.
Mmobuosi went on to clarify that accusations of improper financial transfers were rooted in misunderstanding. He noted that payments made to his personal accounts were repayments for funds he had previously injected into the company. “These are monies being paid back to me,” he explained, adding that he had also covered legal fees in USD for Tingo when the company could not afford them.
“When we sold one of our subsidiaries, Tingo Foods, I did not impose the company sale. However, the company agreed to pay my value of $204,000,000. While some believed he received a $204 million lump sum, the reality was different.
“People thought I was paid that amount upfront, but in truth, I was paid in loan notes due in 2025. Who would accept that if I didn’t believe in the company?” he questioned, underscoring his commitment to Tingo’s long-term success.
“As it stands, I’m already trying to use my goodwill to get those who will buy it back and take us private. While we take our businesses out of America. I am interested in protecting the interests of our shareholders, who believed in our story and bought our shares,” Mmobuosi remarked.
The financial turbulence surrounding Tingo has had significant repercussions, including the company’s recent delisting from the Nasdaq Stock Exchange (NSE). The delisting followed the filing of charges against Mmobuosi and his company, casting a shadow over Tingo’s financial stability and raising concerns among shareholders. Despite these challenges, Mmobuosi remains optimistic about the future of his company, indicating plans to take Tingo private and protect shareholder interests.
Seunmanuel Faleye is a brand and communications strategist. He is a covert writer and an overt creative head. He publishes Apple’s Bite International Magazine.