Tingo Group
Former Nigerian agri-fintech conglomerate associated with mobile services, digital marketplaces, payments, food processing, and commodities trading.
Last updated October 14, 2026
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Overview
Tingo Group was a Nigerian-founded agri-fintech conglomerate that presented itself as a provider of mobile communications, agricultural-marketplace, payments, food-processing, and commodities-trading services. Its origins were traced to Fair Deal Concepts Limited, established by Dozy Mmobuosi in 2001 and later known as Tingo Mobile. The company said that its mobile and financial products were designed to help farmers and other agricultural-sector participants obtain phones, manage payments, sell production, and reach domestic and international buyers. Tingo’s early history included a claimed SMS-banking service introduced in Nigeria in 2002 and two handset-assembly facilities established in 2013 at Lakowe and Lugbe. Tingo Mobile later said that the facilities had produced and distributed more than 20 million mobile devices, although the company’s public claims about its operations and customer base subsequently became the subject of substantial criticism. In 2018, Tingo International said that the Nigerian plants had been closed and that manufacturing had been moved to China. The group pursued a series of corporate transactions to obtain access to US capital markets. In 2020, Tingo International Holdings was created in Delaware as a US holding company for Tingo Mobile. In 2021, Tingo Mobile became public through an all-stock transaction with iWeb Inc., creating Tingo Inc. and appointing Mmobuosi as chief executive. In December 2022, Tingo Mobile was sold by Agri-Fintech Holdings to Nasdaq-listed MICT through another all-stock merger. MICT changed its name to Tingo Group in February 2023. The company described its main digital platform, Nwassa, as an agricultural marketplace that connected farmers with buyers, services, resources, and financial tools. It also promoted TingoPay, a payment and e-wallet service developed in partnership with Visa; Tingo DMCC, a commodities-trading and export operation; and Tingo Foods, a Lagos-based food-processing business. The group’s business narrative emphasized financial inclusion, market access, agricultural productivity, and the use of mobile technology in emerging markets. Tingo also pursued publicity and sponsorship initiatives. In 2020, it unveiled Reno Omokri as a brand ambassador. In 2022, it was announced as the official sponsor of the Nigeria Professional Football League and sponsored the Nigeria Federation Cup, including a reported cash prize of 100 million Nigerian naira for the winner. The company also announced partnerships involving MELD and Ubuntu Tribe and promoted relationships with prominent Nigerian public figures, although some individuals later left its board. From 2023 onward, Tingo’s public position deteriorated sharply. Short seller Hindenburg Research published a report alleging that the company was an exceptionally obvious fraud and challenged its reported operations, customer numbers, cash balances, and business relationships. Tingo denied the allegations and commissioned an external legal review, but the dispute was followed by a collapse in the company’s share price, regulatory action, and a suspension of trading. In November 2023, the US Securities and Exchange Commission suspended dealings in Tingo securities after identifying inaccuracies in disclosures. In December, the SEC filed civil fraud charges against Mmobuosi and three related US entities, alleging fabricated financial statements, misleading filings, and diversion of investor funds. Mmobuosi was charged in January 2024 with securities fraud, false SEC filings, and conspiracy. In September 2024, a federal district court in New York entered a default judgment ordering Mmobuosi and the three entities to pay $250 million. The SEC later brought enforcement action against Nigerian auditor Olayinka Temitope Oyebola and his firm, alleging that they had assisted in concealing fabricated audit reports; the 2025 settlement included injunctions, a six-year suspension from practicing before the SEC, and $200,000 in civil penalties. The group’s operating condition also weakened. Tingo Mobile reportedly furloughed most full-time employees in March 2024, while contractors were reportedly laid off and some unpaid. Tingo-branded soft drinks were launched in Lagos in April 2024 through a related food venture, but reporting indicated that Tingo Group had ceased activities by December 2024. In 2025, Mmobuosi announced separate Tingo-branded artificial-intelligence ventures, including an agricultural AI platform and Tingo AI Radio, but these initiatives were subsequent ventures rather than evidence that the former public company had resumed normal operations.
History
Tingo Group’s origins were associated with Fair Deal Concepts Limited, established in Nigeria by Dozy Mmobuosi in 2001 and later developed into Tingo Mobile. The business initially focused on mobile communications and financial services for agricultural-sector users. In 2002, it claimed to have introduced an SMS-banking solution in Nigeria. The company later expanded into handset production, establishing assembly facilities at Lakowe and Lugbe in 2013. Tingo Mobile said that these plants had produced and distributed more than 20 million devices, although later reporting and regulatory allegations placed the accuracy of several company claims under scrutiny. In October 2018, Tingo International announced that both Nigerian plants had closed and that manufacturing had moved to China. In January 2020, Mmobuosi established Tingo International Holdings in Delaware as a US holding company for Tingo Mobile. A share exchange completed in February 2020 made the US entity Tingo Mobile’s sole shareholder. During this period, the company promoted its consumer and agricultural technology proposition and appointed Reno Omokri as a brand ambassador. Goodluck Jonathan, a former Nigerian president, and Olusegun Olutoyin Aganga, a former minister for Trade, Industry and Investment, were listed as board members in 2020, although neither remained on the board by 2022. Tingo Mobile entered public markets in August 2021 through an all-stock acquisition by iWeb Inc. The combined company was renamed Tingo Inc., and Mmobuosi became chief executive. Chris Cleverly was appointed president of Tingo International Holdings and Tingo Inc. and later received a substantial share allocation. In September 2021, MELD announced a three-way partnership involving Tingo International Holdings and Ubuntu Tribe, an ethical natural-resources business. The company’s operating narrative centered on using mobile connectivity and financial technology to support farmers. Tingo Mobile promoted a platform through which subscribers could manage agricultural production, sell goods, access services, and receive payments. Its Nwassa platform, which began operations in April 2021, was described as a digital agricultural marketplace connecting farmers with buyers and other market participants. Tingo also promoted TingoPay, a payment and e-wallet super-app developed with Visa, and Tingo DMCC, a commodity-trading and export operation. Tingo Foods was presented as a food-processing and production subsidiary in Lagos. By March 2022, questions had emerged about Tingo’s claim to have enrolled more than 12 million Nigerian farmers. Experts and farmer organizations reportedly expressed doubt about the scale of adoption and some organizations denied knowledge of the claimed relationships. These concerns preceded a major corporate transaction. In December 2022, Tingo Mobile was sold by Agri-Fintech Holdings to Nasdaq-listed MICT through an all-stock merger that valued Tingo at more than $1 billion according to company-related announcements. On February 27, 2023, MICT changed its name to Tingo Group, Inc. Tingo pursued high-visibility commercial and promotional activities during its public-company period. In November 2022, it was announced as official sponsor of the Nigeria Professional Football League and sponsored the Nigeria Federation Cup, with a reported 100 million-naira prize for the winner. It also sought to expand into agricultural commodities, food processing, payments, and consumer products. In April 2024, Tingo-branded soft drinks were launched in Lagos through Tingo BV PLC, a related spin-off described as originating from Ojaja Pan Africa Limited. The group’s public-market story unraveled in 2023. In June, Hindenburg Research published a highly critical report describing Tingo as an obvious scam and challenging its reported financial position, customer numbers, business operations, and partnerships. Tingo denied the allegations and said that White & Case had reviewed them. In September, the company declared itself exonerated by its outside counsel’s investigation and additional internal work, while Hindenburg rejected that response as fabricated. On September 18, Mmobuosi and Kenneth Denos became interim co-chief executives. On November 13, 2023, the SEC suspended trading in Tingo Group and related Agri-Fintech securities, citing inaccuracies in disclosures. Nasdaq kept trading halted after the SEC suspension ended. In December, the SEC filed a civil complaint against Mmobuosi, Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings. The complaint alleged that fraudulent financial claims had been made over a period beginning at least in 2019, including fabricated financial statements and the diversion of investor money. It also described allegedly misleading transactions involving Tingo Mobile and Tingo Foods. Several directors and senior figures departed around this period, including John J. Brown, Jamie Khurshid, C. Derek Campbell, and Chris Cleverly; Christophe Charlier had resigned earlier after refusing to approve Tingo financial reports. Mmobuosi temporarily stepped down as interim co-CEO in December 2023. On January 2, 2024, he was criminally charged with securities fraud, false SEC filings, and conspiracy. He denied the accusations. In September 2024, the US District Court for the Southern District of New York entered a $250 million default judgment against Mmobuosi and the three corporate defendants after the defense failed to provide a substantive response or documents in the civil case. The broader regulatory fallout continued in 2025, when the SEC settled an enforcement action against Nigerian auditor Olayinka Temitope Oyebola and his accounting firm. The SEC alleged that the auditor had encountered fabricated reports bearing his signature and had helped conceal the issue from a successor auditor. Operationally, Tingo Mobile reportedly laid off contractors in February 2024 and furloughed nearly all full-time employees in March. By December 2024, Tingo Group was reported to have ceased activities, with its website reportedly offered for sale. In February 2025, Mmobuosi announced new Tingo-branded AI initiatives, including an agricultural platform and Tingo AI Radio 102.5 FM in Lagos; TingoGPT was publicly launched in Los Angeles in April 2025. These later announcements represented a continuation of the Tingo name in new ventures rather than a confirmed revival of the former listed group.
- 2025
SEC action against auditor settled
[1]The SEC announced sanctions against a Nigerian auditor and accounting firm connected to the Tingo case.
- 2024
Mmobuosi criminally charged
[1]He was charged with securities fraud, false filings, and conspiracy.
- 2024
Default judgment orders $250 million payment
[1]A New York federal court entered judgment against Mmobuosi and three related entities.
- 2024
Tingo-branded soft drinks launched
[1]A related venture introduced Tingo-branded soft drinks in Lagos.
- 2024
Activities reportedly cease
[1]The former group was reported to have ceased activities by December.
- 2023
MICT renamed Tingo Group
[1]MICT changed its corporate name to Tingo Group, Inc. on February 27.
- 2023
SEC suspends trading
[1]The SEC halted dealings in Tingo securities amid concerns about disclosure accuracy.
- 2022
Tingo Mobile sold to MICT
[1]An all-stock merger gave the business access to US capital markets.
- 2021
Tingo Mobile becomes public through iWeb transaction
[1]An all-stock acquisition by iWeb created Tingo Inc. and made Mmobuosi chief executive.
- 2021
Nwassa marketplace begins operations
[1]Tingo described Nwassa as a digital marketplace for farmers and agricultural buyers.
Products and positioning
Technology-led financial and market-access infrastructure for farmers, agricultural businesses, and consumers in emerging markets.
Mobile and agri-fintech services · 2001
Tingo Mobile
Tingo Mobile was the group’s original operating business. It presented mobile phones, telecommunications access, and financial services as tools for farmers and other agricultural-sector users. The company’s proposition combined connectivity with the ability to manage commercial activity, reach buyers, and access payments and related services. Tingo Mobile also claimed to have operated handset assembly facilities in Nigeria before shifting manufacturing to China.
Digital agricultural marketplace · 2021
Nwassa
Nwassa was Tingo Mobile’s digital agri-technology marketplace. The platform was described as connecting farmers with domestic and international buyers, agricultural services, resources, and market participants. Tingo positioned it as a way for subscribers to manage production and sales through a mobile ecosystem rather than relying solely on conventional intermediaries.
Payments and e-wallet
TingoPay Super-App
TingoPay was promoted as a payment, e-wallet, and merchant-services product developed in partnership with Visa. The service was intended to support consumer payments and business transactions within Tingo’s wider agricultural and mobile ecosystem. Public material described it as part of the group’s effort to combine financial inclusion with marketplace access.
Commodities trading
Tingo DMCC
Tingo DMCC was described as a commodities-trading platform and export business. Its stated role was to connect agricultural producers and buyers across markets and facilitate commodity sales and international trade. It formed part of the group’s vertically integrated narrative, linking digital farmer services with physical agricultural commerce.
Food processing · 2023
Tingo Foods
Tingo Foods was presented as a Lagos-based food-processing and production subsidiary founded by Dozy Mmobuosi, with Neha Mehta identified as its chief executive. The business was intended to extend Tingo’s activities beyond digital services into processing agricultural output and developing consumer food products.
Beverages · 2024
Tingo-branded soft drinks
A range of soft drinks carrying the Tingo name was launched at a Lagos event in April 2024. The products were associated with Tingo BV PLC, described as a spin-off from Ojaja Pan Africa Limited, and were promoted for distribution through Ojaja Malls.
Controversies
2025
Enforcement action against external auditor
The SEC settled an action against Nigerian auditor Olayinka Temitope Oyebola and his firm concerning alleged concealment of fabricated audit reports connected to Tingo filings. The sanctions included permanent injunctions, a six-year SEC practice suspension, and $200,000 in penalties.
2024
Criminal charges against Dozy Mmobuosi
Mmobuosi was charged with securities fraud, false SEC filings, and conspiracy. He denied the allegations.
2024
Civil default judgment
A New York federal court ordered Mmobuosi and three entities to pay $250 million after entering a final judgment by default in the SEC’s civil case.
2023
Hindenburg Research fraud allegations
Hindenburg Research alleged that Tingo was fraudulent and challenged the credibility of its reported customers, operations, financial position, and partnerships. Tingo denied the claims and said that an outside-counsel review supported its position.
2023
SEC trading suspension and civil fraud complaint
The SEC suspended trading in Tingo securities and later charged Mmobuosi and three related entities with alleged fraudulent financial claims, false disclosures, and investor deception.
Marketing campaigns
- 2022Nigeria Professional Football League sponsorship
Nigeria
Tingo was announced as official sponsor of the Nigeria Professional Football League and sponsored the Nigeria Federation Cup.
Outcome. The sponsorship was associated with a reported 100 million-naira prize for the cup winner; its later continuation is unknown.
- 2020Reno Omokri brand ambassadorship
Nigeria
Tingo unveiled Reno Omokri as a brand ambassador while promoting its Nigerian mobile and financial-services proposition.
Outcome. Omokri was no longer on the board by 2022; the duration of the ambassador relationship is unclear.
Brand decisions
2024
Launch of Tingo-branded soft drinksProduct launchBackground
The group and related ventures sought to extend the Tingo name into consumer products.
Action taken
Tingo-branded soft drinks were introduced in Lagos through Tingo BV PLC.
Aftermath
The longer-term commercial status of the beverage line is unknown.
2023
Response to Hindenburg allegationsStrategyBackground
Hindenburg Research published allegations questioning Tingo’s business and financial disclosures.
Action taken
Tingo denied the report and appointed White & Case to review its claims, later asserting that it had been cleared.
Aftermath
Hindenburg rejected Tingo’s response, while the company subsequently faced SEC action and a trading suspension.
2023
Interim co-CEO appointmentsOtherBackground
The company was under pressure following the short-seller report and continuing scrutiny of its disclosures.
Action taken
Dozy Mmobuosi and Kenneth Denos were appointed interim co-chief executives in September.
Aftermath
Mmobuosi temporarily stepped down from the interim co-CEO role in December, following the SEC’s civil charges.
2022
Sale of Tingo Mobile to MICTM&ABackground
Tingo Mobile was transferred through another public-company combination.
Action taken
Agri-Fintech Holdings sold Tingo Mobile to Nasdaq-listed MICT in an all-stock merger.
Aftermath
The transaction was described as giving Tingo access to US capital markets, and MICT later adopted the Tingo Group name.
Reported transaction valuation. More than $1 billion (December 2022)
2021
Combination with iWebM&ABackground
Tingo Mobile sought public-market access through a corporate transaction.
Action taken
An all-stock acquisition by iWeb created Tingo Inc.
Aftermath
Dozy Mmobuosi became chief executive of the combined company.
2018
Relocation of handset manufacturingStrategyBackground
Tingo International reported that its two Nigerian handset plants had been closed.
Action taken
Manufacturing was reportedly relocated to China.
Aftermath
The company’s mobile proposition continued, but the Nigerian assembly facilities were no longer operating.
Recent events
Tingo appoints two co-chairs[2]
Reported:
Tingo announced the appointment of John J. Brown and Christophe Francois Charlier as co-chairs of its board of directors.
iWeb files to change its name to Tingo[3]
Reported:
iWeb announced that it had filed to change its name to Tingo Inc. and applied to FINRA to process the name change and allocate a new trading symbol; the source describes a filing and application, not a completed rename.
Tingo appoints new CEO, CFO and president[3]
Reported:
iWeb announced appointments of Dozy Mmoubosi as CEO, Dakshesh Patel as CFO and Chris Cleverly as president, effective immediately; the announcement also said Anthony Moore stepped down as CEO and would remain chairman.
iWeb completes acquisition of Tingo Mobile[3]
Reported:
iWeb announced that it completed the acquisition of 100% of Tingo Mobile in an all-stock transaction valued at $3.7 billion.
Sources3 sources
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