Crime
Nigerian businessman Mmobuosi accused of ‘lying about credentials, running fraudulent company’
Hindenburg Research, a U.S. investment research firm focused on activist short-selling, has accused Tingo Group, a fintech company, of being an “exceptionally obvious scam with completely fabricated financials”.
Tingo Group claims to have diversified business interests in mobile phones, food processing, and online food marketplace for farmers primarily located in Nigeria.
In a report released on Tuesday, the firm alleged that Tingo Group lied about its $1.6 billion food processing plant, as well as some of its partnerships and products.
Hindenburg Research said its checks with the Nigerian Communications Commission (NCC) revealed that it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.
The research firm claimed that Tingo Mobile’s company presentation and its website used stock photos of farmers using mobile phones.
Hindenburg Research said it visited Tingo Mobile’s office in Nigeria and found only a handful of employees and a sign posted on its door by federal tax authorities stating that the company is delinquent on its tax obligation.
The firm also accused Dozy Mmobuosi, Tingo’s founder and chief executive officer, of fabricating parts of his personal and professional history.
Earlier this year, Mmuobuosi had been in the news for trying to buy Sheffield United, a newly promoted Premier League team.
“We’ve identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims “a pure lie”, the report reads in part.
“Dozy claimed to have received a PhD in rural advancement from a Malaysian university in 2007. We contacted the school to verify the degree. They wrote back saying no one by his name was found in their verification system.
“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. He later settled the case in arbitration.
“In 2019, Dozy claimed to have launched “Tingo Airlines” and posted social media messages encouraging customers to “fly with Tingo Airlines today”.
“Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.”
“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”.
The research firm also said it observed several errors and typos in Tingo’s financial statements.
“We strongly suspect Tingo’s cash balance, which it conveniently claims is held in Nigeria, is fake. The company collected only ~12% of the interest income one would expect from its claimed cash balances,” the report reads.
“Overall, we think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved. We do not expect the company will be long for this world.”
Crime
Thieves cart away cows meant for church harvest celebration
Suspected thieves have carted away two cows from the premises of the Celestial Church of Christ (CCC) Testimony Parish in the Egbeda area of Oyo state.
In a post published on its Facebook page, the church said the stolen cows, bought at N1.9 million, were meant for its annual adult harvest thanksgiving celebration.
The incident happened on November 11 as the church prepared for the celebration slated for November 17.
After days of searching for the missing cows, the church solicited for financial contributions to buy new cows for the harvest celebration.
“Dear Celestians and The General public, This 2 Huge Cows was stolen where it was Tied in The Church Premises at CCC Testimony parish Elerumoke Area, Egbeda, Iyana Ajia and its meant for slaughter for the 9th adult harvest thanksgiving of the church coming up this Sunday 17th November 2024,” the church wrote on Facebook.
“We hereby solicit for your prayer for quick recovery of this harvest thanksgiving sacrificial materials.
“Anybody with useful information on how to recover these cows or any means of assistance to make the harvest thanksgiving a beautiful one should contact the parish shepherd.”
Crime
NDLEA arrests businessman for smuggling cocaine through ingestion
The National Drug Law Enforcement Agency has announced the arrest of a businessman caught with a large quantity of cocaine.
Femi Babafemi, the Director of Media and Advocacy, revealed the arrest on Sunday via his X account, accompanied by a video displaying the seized contraband.
The businessman, whose identity has not been disclosed, reportedly ingested a substantial quantity of cocaine in an attempt to avoid detection.
Babafemi wrote, “Detty December: Before you swallow those drugs, please remember that the new @ndlea_nigeria has the capacity and capability to catch you.
“The businessman who excreted this amount of cocaine will not only spend Christmas behind bars but also risks a life sentence at the end of his trial. Beware!”
Crime
UK teenager risks 20 years in Dubai prison for sex with 17-year-old girl
An 18-year-old British boy has been arrested for allegedly having sex with a 17-year-old girl in Dubai.
Detained in Dubai, a group of UAE legal experts, said the teenager was on holiday with his parents when he met the girl — who is now 18 — at the same hotel.
The teenagers who are both from London were said to have made plans to continue their romance when they returned to the UK.
The group, which campaigns to help people it says have suffered injustice in the UAE, said the young man was charged because the girl’s mother found their chats and pictures back in the UK.
It was gathered that the woman subsequently contacted police in Dubai and he was arrested.
The boy however claimed he was unaware that the girl was younger than him when they met. The teenager also disclosed that he was in police custody for three days and was unable to contact his parents.
“We had a wonderful time together. We really liked each other but she was secretive with her family because they were strict,” he told Detained in Dubai.
“My parents knew about our relationship but she couldn’t tell hers. She had to meet me without telling them it was to see a boy.
“When she left, I couldn’t wait to see her again when I got home. Then suddenly, police knocked on our hotel door. They said they were taking me in for questioning but wouldn’t tell me why. I was frightened and my parents were terrified.”
The teenager, it is understood, could face up to two decades in prison owing to Dubai’s strict laws regarding sex outside marriage.
Radha Stirling, chief executive of the campaign group, said Dubai recently legalised out-of-wedlock sex for tourists but “still hosts a strict Islamic legal system”.
“Sex outside marriage is legal for tourists but only if both parties are over 18. The girl was just a few months younger than Marcus and he didn’t know that at the time,” Stirling said.
“Since his arrest, she has turned 18. This is not something Dubai should be prosecuting.
“Parents will be scared to take their older teenagers on vacation with them where they could end up losing their lives over behaviour that’s completely legal in their own countries.”
The teenager and his family have called on foreign secretary David Lammy, their local MP, to intervene in the case.
The teenager is no longer being held in a police cell but is unable to leave the country, with his family facing bills of £2,000 for Airbnb accommodation until his case is resolved.
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