Dozy Mmobuosi, the visionary founder of Tingo Group, a rapidly expanding conglomerate encompassing various industries such as technology, agriculture, e-commerce, and aviation, finds himself mired in controversy following a recent news report. Accused of orchestrating an exceptionally apparent scam, with allegations of completely fabricated financials, Mmobuosi’s once-celebrated entrepreneurial journey now faces intense scrutiny and uncertainty.
As the accusations reverberate throughout the business world, questions arise about the true nature of Tingo Group’s success and the extent of Mmobuosi’s involvement in deceptive practices.
Who is Dozy Mmobuosi?
According to reports, Dozy Mmobuosi was born in Lagos, Nigeria. Not much is known about his childhood but he reportedly received a Bachelor of Science degree in political science from Ambrose Alli University in Ekpoma, Edo State. He also received his Master of Science degree in economics from the same university.
He claimed to have completed his doctorate in rural advancement from Universiti Putra Malaysia in 2007, however recent reports have not been able to verify this claim. In March 2022, Mmobuosi completed the Advanced Management and Leadership Programme at Saïd Business School, University of Oxford.
Read also: Tingo stocks race to junk after alleged fraud by CEO
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Dozy Mmobuosi, the renowned entrepreneur, established Tingo Mobile in 2001, with a mission to bring mobile technology and Fintech solutions to underserved rural communities in Nigeria.
This marked the beginning of his journey towards revolutionising the access and utilisation of technology in the country’s remote areas. Mmobuosi’s visionary drive continued to unfold as he founded Tingo Inc. in 2015, successfully taking the company public on the OTC Markets Group, signaling its growth and potential in the business landscape.
Adding yet another feather to his cap, Mmobuosi introduced Nwassa in January 2019, Africa’s pioneering agricultural technology and digital platform, revolutionising the continent’s agri-marketplace with its innovative approach. In February 2023, it was reported that Mmobuosi was close to completing a £90 million takeover of the newly promoted English football club Sheffield United.
Fraudulent allegations
Mmobuosi now finds himself entangled in a web of deceit as a recent news report exposes a series of alleged fraudulent activities. The investigation reveals that Mmobuosi made false claims, including the development of Nigeria’s first mobile payment app, which have now been debunked.
Moreover, his assertion of obtaining a PhD from Universiti Putra Malaysia in rural advancement has been refuted by the university’s verification system, failing to find his name. The report also uncovers instances where Mmobuosi posted images of airplanes belonging to other airlines, masquerading as his own fleet for the purported launch of “Tingo Airlines” in 2019. It has since been revealed that he never owned any actual aircraft.
Additionally, Mmobuosi’s audacious scheme involved an attempted acquisition of Sheffield United, a Premier League soccer team, alongside ambitious plans to raise $500 million and list Tingo Group on the NYSE, garnering international media attention.
As a result of the exposé, Block & Leviton, a prominent law firm known for suing Elon Musk, has initiated an investigation into potential violations of securities law. The revelations have cast a shadow on Mmobuosi’s previously celebrated image as a trailblazing African tech entrepreneur, attracting cover features in Forbes Africa and GQ South Africa.
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