Following a recent news report, 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 embroiled in controversy. Mmobuosi’s once-celebrated entrepreneurial journey is now under intense scrutiny and uncertainty after he was accused of orchestrating an extremely obvious scam, with allegations of completely fabricated financials.
As the allegations reverberate throughout the business world, questions about the true nature of Tingo Group’s success and Mmobuosi’s involvement in deceptive practises arise.
Who is Dozy Mmobuosi?
Dozy Mmobuosi was born in Lagos, Nigeria, according to reports. His childhood is unknown, but he reportedly earned a Bachelor of Science in political science from Ambrose Alli University in Ekpoma, Edo State. The same university also awarded him a Master of Science in economics.
He claimed to have received his doctorate in rural development from Universiti Putra Malaysia in 2007, but recent reports have been unable to verify this claim. Mmobuosi graduated from the Advanced Management and Leadership Programme at Sad Business School, University of Oxford, in March 2022.
Business Ventures
Dozy Mmobuosi, a well-known entrepreneur, founded Tingo Mobile in 2001 with the goal of bringing mobile technology and Fintech solutions to Nigeria’s underserved rural communities.
Read Also Tingo stocks collapse after alleged fraud by founder
This was the start of his journey to revolutionise technology access and utilisation in the country’s remote areas. Mmobuosi’s visionary drive continued to unfold in 2015, when he founded Tingo Inc. and successfully took the company public on the OTC Markets Group, signalling its growth and potential in the business landscape.
Mmobuosi added another feather to his cap when he introduced Nwassa, Africa’s pioneering agricultural technology and digital platform, in January 2019, revolutionising the continent’s agri-marketplace with its innovative approach. Mmobuosi was reported to be close to completing a £90 million takeover of newly promoted English football club Sheffield United in February 2023.
Fraudulent allegations
Mmobuosi is now entangled in a web of deception after a recent news report uncovered a series of alleged fraudulent activities. Mmobuosi made false claims, including the development of Nigeria’s first mobile payment app, which have now been debunked, according to the investigation.
Furthermore, his claim to have received a PhD in rural development from Universiti Putra Malaysia has been refuted by the university’s verification system, which was unable to locate his name. The report also reveals instances where Mmobuosi posted images of other airlines’ planes masquerading as his own fleet for the alleged launch of “Tingo Airlines” in 2019. It has since been revealed that he never actually owned any aircraft.
Mmobuosi’s audacious scheme also included an attempt to acquire Sheffield United, a Premier League football team, as well as ambitious plans to raise $500 million and list Tingo Group on the NYSE, attracting international media attention.
As a result of the revelation, Block & Leviton, a prominent law firm known for suing Elon Musk, has launched an investigation into potential securities law violations. The revelations have tarnished Mmobuosi’s previously lauded image as a trailblazing African tech entrepreneur, which landed him cover stories in Forbes Africa and GQ South Africa.
