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Exposing Dozie Mmobuosi’s House of Fraud, A Multimillion Business Empire That Never Existed

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Tingo Group is a holding company that claims to operate primarily in Nigeria in multiple business segments, including (i) food processing and sales (ii) mobile handset sales & leasing and (iii) an online food marketplace called “Nwassa”. The company has a fully diluted market capitalization of ~$1.5 billion as of this writing, with a recent peak market value of $3 billion as of May 22nd, 2023.

The company first went public in August 2021 on the OTC market through a reverse merger with a Thai company that originally intended to acquire a third-tier crypto exchange.

In December 2022, the company entered the Nasdaq by closing another reverse merger with a listed Chinese fintech company. The company was renamed Tingo Group Inc and the ticker changed from MICT to TIO on February 27, 2023.

Tingo was founded in 2001 in Nigeria by “Dozy” Mmobuosi, who currently serves as the CEO of Tingo Group Holdings, the group’s key holding company entity. He has gained international attention, gracing the cover of GQ Africa in December 2022.
Regularly described by media as a billionaire, Dozy made further waves in February 2023 when he attempted to buy Sheffield United, an English football team recently promoted to the Premier league. The deal stalled over questions about whether Dozy’s financial resources were genuine.

Part I: Red Flags In Dozy’s Background

Tingo Group Holdings CEO “Dozy” Mmobuosi Appears To Have Fabricated His Biographical Claim To Have Developed The First Mobile Payment App In Nigeria
We Contacted The Actual Creator Of The App Who Called Dozy’s Claim “A Pure Lie”
Despite his claims to be a successful billionaire entrepreneur, we found numerous red flags related to Dozy.

In a May 2020 interview, Dozy told a detailed origin story of what would later serve as a key biographical claim; how, in 2002, he developed the first mobile payment platform in Nigeria. Per the story, he partnered with a bank on the venture after he couldn’t find an easy way to send money to his brother.

At the end of the interview, Dozy claimed he could not mention the product or the bank due to confidentiality reasons:

“Understandably, I can’t mention the product or the bank in question for the sake of confidentiality.”

The lack of disclosure of the mere name of a company built and sold over 15 years ago runs contrary to the norm for essentially every other successful startup founder’s story.

Regardless, his reticence to disclose the name of the app seems to have gone away. The Tingo website now claims Dozy helped launch Nigeria’s first SMS banking solution called “Flashmecash”. Per the website:

“In 2002 he (Dozy) led the design and launch of Nigeria’s first SMS Banking Solution (Flashmecash), later sold to FMCB who still use it today.”

We reached out to Flashmecash’s actual creator, Deji Oguntonade, whom we verified as the inventor via check of Flashmecash’s patent, along with web searches. He informed us that Dozy’s claims were “totally false” and shared a WhatsApp post he wrote to Nigeria’s top fintechs and regulators making clear that Dozy’s claims were a “pure lie”.

The post provided a detailed background on the app, which Oguntonade reiterated had no connection to Dozy.

Dozy Claimed To Have Received a PhD In Rural Advancement From Malaysian University UPM In 2007
We Contacted UPM To Verify The Degree. They Wrote Back Saying No One By His Name Was Found In Their Verification System
In his Tingo biography, Dozy claimed to have received a PhD in Rural Advancement from Malaysian university UPM in 2007. We contacted the school to confirm this credential. An administrator in the graduate studies department confirmed that the database has records from 2007 and earlier, but that Dozy’s name, including several variations we tried were “not found for verification”.

In 2017, Dozy Was Arrested And Faced An 8-Count Indictment Over Issuance Of Bad Checks, According To The Nigerian Economic And Financial Crimes Commission
In 2017, Dozy was arrested in Nigeria and faced 8 charges including conspiracy, obtaining by false pretense and issuance of approximately U.S. $70,000 in bad checks, according to the Nigerian Economic and Financial Crimes Commission. The case was later settled in arbitration, according to local media and company filings.

In 2019, Dozy Claimed To Launch “Tingo Airlines” And Posted Social Media Messages Encouraging Customers To “Fly With Tingo Airlines Today”
Media Outlets Uncovered That Tingo Had Photoshopped Its Logo On Pictures Of Airplanes. Dozy Later Admitted To Never Owning Any Actual Aircraft
In August 2019, Dozy launched Tingo Airlines, which declared share capital of £1 billion, according to UK company records.

Per reporting by The Athletic, November 2020 Facebook messages urged customers to “fly with Tingo Airlines today”.

The company also had an Instagram page where it posted photoshopped pictures of planes with a Tingo logo on them. The page was removed after observers noticed that the planes had too many windows and were missing a door, owing to a poor photoshop job.

In 2019, Dozy Claimed To Launch “Tingo Airlines” And Posted Social Media Messages Encouraging Customers To “Fly With Tingo Airlines Today”
Media Outlets Uncovered That Tingo Had Photoshopped Its Logo On Pictures Of Airplanes. Dozy Later Admitted To Never Owning Any Actual Aircraft
In August 2019, Dozy launched Tingo Airlines, which declared share capital of £1 billion, according to UK company records.

Per reporting by The Athletic, November 2020 Facebook messages urged customers to “fly with Tingo Airlines today”.

The company also had an Instagram page where it posted photoshopped pictures of planes with a Tingo logo on them. The page was removed after observers noticed that the planes had too many windows and were missing a door, owing to a poor photoshop job.
In April 2023, Tingo’s Co-Chairman Wrote A Public Letter To Dozy, Filed With The SEC, Saying He Could Not Approve The Company’s Annual Report And Felt It “Necessary To Recuse Myself By Resigning” Due To “Many Critical Questions, Comments And Recommendations” That Went “Unanswered And Unheeded”
In September 2021, Christophe Charlier was named co-Chairman of Tingo Inc., tweeting at the time that he was “excited” to work toward “transforming rural farming communities.”

However, less than 2 years later, in April 2023, Charlier resigned suddenly, stating in a letter addressed to Dozy and filed with the SEC:

“I have made numerous efforts to implement best corporate governance practices…Despite my efforts…many critical questions, comments and recommendations which I have sent to management and the Board have once again remained unanswered and unheeded. As a result, I will not be in a position to approve the 10K for 2022 prepared by management and feel it necessary to recuse myself by resigning from the Board”

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Ex-Gov Akala’s ADC Commits Suicide In Ogbomoso

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Deputy Commissioner of Police, DCP Gbolahan Oyedemi, reportedly hung himself in his apartment in Ogbomoso, Oyo State.

The deceased senior police officer, who was said to have gone home for the Easter celebration, was alone located at his Petros Academy Street, Federal Low-cost area residence.

Late Oyedemi who was in his 50s was Aide de Camp to late Governor Adebayo Alao-Akala during his eleven-month tenure as governor (January to December 2006

When ogbomosoinsightonline.com arrived at the residence at Petros Academy Street, Federal Low Cost area the police had cordoned off the area but sympathizers were seen in groups discussing the matter in a hushed tone.

“Sometimes he came home with police security l saw him recently driving personally into his beautiful mansion,” a neighbour said.

National Insight reported a police source hinted about a quick investigation into what could lead to the tragic end of a gallant Deputy Police Commissioner.

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‘I want people to settle our fight, but…’ K1’s Lead Drummer,Ayanlowo Gives Condition For Reconciliation

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-Ayotunde Ayanda

 

K1’s lead talking drummer, Ayankunle Ayanlowo has listed the condition for him to reconcile with his boss, Wasiu Ayinde, the Mayegun of Yorubaland.

 

At his home in Felele, Ibadan in a private chat, the drummer in his request stated ‘I want them to settle our fight. I want them to call us together, he(Wasiu) should be God-fearing and state his part, while I should also be present to speak my mind. The elders should step in but God knows, I will never go back to him’.

 

When asked why he vowed never to go back, Ayanlowo replied, ‘he is vindictive, he never forgives and I’ve placed everything in the hands of God. I can never go back to the band”.

 

The lead drummer while confirming that some cleric leaders and traditional rulers have waded into the matter also said ‘part of my condition is that at any location they pick for the peace-meeting, if anything happens to me, I would hold the people that call for the meeting responsible and they’ve assured me nothing of sort would happen”.

 

He hinged his fears on the attack at his Felele, Ibadan home where his windows was shattered by people he believed to be loyalists of his boss.

 

‘I’ve worked with him for 32 years and now I want to be on my own, I’ve tried! They should just leave me in peace’, he begged.

 

Ayankunle had accused Wasiu  of providing a poor welfare package for his band members, which KWAM 1 has since denied and this has generated a lot of issues that called for the intervention of top monarch, the Aseyin of Iseyin, Oba Sefiu Adeyeri who claimed to have instructed Ayankunle to stop posting videos or granting interviews.

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The Story Of Ibadan High Chiefs Who Died Two Months, Two Weeks Before They Could Become King

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-Tunde Ayanda

 

With the passage of the Olubadan of Ibadanland, Oba Lekan Balogun some days ago, the ‘irukere’, (the horsetail, symbol of authority of Yoruba Obas) has pointed to where it’s going.

 

Without any consultation or appointment, the whole of Ibadanland understand it’s now the turn of High Chief Owolabi Olakulehin.

 

Such is the uniqueness of the Obaship tradition of Ibadan. It is the only kingdom in the world where every true son of Ibadan is a potential king. You don’t have to be a prince, all you need is a selection from your family house as a Mogaji (representative).

 

While the Obaship system and ascension to the coveted throne of Olubadan is unique and predictable, getting to the top of the ladder means a gift of long life for the highest ranking chiefs of the ancient Yorùbá capital city of Oyo State.

Becoming Olubadan is on rotational basis between the two lines of ascension to the throne headed by Ọtun Olubadan (Civil line) and Balogun (Military line). But in recent years, over a decade, there have been two high chiefs and of course, next-in-lines to the throne who never get to the top.

 

 

High Chief S.A. Omiyale (Balogun of Ibadan)

High Chief Sulaimon Adegboyega Omiyale was the Balogun of Ibadan land and next-in-line to Oba Samuel Odulana Odugade 1, the 40th Olubadan who reigned from 11th of August, 2007 to 19th of January, 2016 and died at the age of 101 years.

With Oba Odulana, who succeeded Oba Yinusa Ogundipe Arapasowu 1, as next-in-line from the Civil line, it was supposed to be the turn of High Chief Omiyale, had it been he lived to succeed the aged monarch.

But the Balogun of Ibadan land died on Saturday, 7th November, 2015 at the University College Hospital, UCH, Ibadan, at the age of 91.

Two months after his death, the reigning Olubadan, Oba Odulana died on 19th January, 2016.

High Chief Omowale Kuye (Ọtun Olubadan)

High Chief Omowale Kuye was the Ọtun Olubadan, traditional head of the Civil line. With Omiyale’s death, Kuye was a step closer to becoming Olubadan, but he also didn’t live to succeed the monarch.

Kuye, who was a former Director General, Special Duties and later Budget in the Office of the President of Nigeria — under both Alhaji Shehu Shagari and General Olusegun Obasanjo — died on 20th November, 2015; barely two weeks after the demise of Balogun of Ibadan land.

Because of the earlier death of Balogun Omiyale whose line was supposed to produce the next monarch after the reigning Olubadan, High Chief Kuye would’ve become the next Olubadan being the highest ranking of the Olubadan-in-Council, but he also passed on before Oba Odulana.

Additionally, the demise of both Balogun Omiyale and Ọtun Olubadan Kuye, paved the way for the then Otun Balogun, Saliu Akanmu Adetunji, who eventually succeeded Oba Odulana as the 41st Olubadan in 2016. He was also succeeded in 2022 by the recently deceased 42nd Olubadan, Oba Lekan Balogun, Alli Okunmade II.

 

Additional report from Tribuneonline

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