Tingo Group, a Nigerian Agri-Fintech, has seen its share price plummet by -55% on NASDAQ after Hinderberg Research announced that it had taken a short position on the company for being an “exceptionally obvious scam”.
Hindenburg Research, a U.S.-based investment research firm focusing on short-selling, has accused Tingo Group, a Nigerian company, of being an “exceptionally obvious scam with completely fabricated financials”. In a statement on Tuesday, Hindenburg said that Tingo inflated its financials, lied about its $1.6 billion food processing plant, its expansion drive to Ghana and that it photoshopped its logo on another POS operator’s device.
The research group also accused Tingo’s founder and CEO, Dozy Mmuobuosi, of fabricating parts of his personal and professional history. Mmuobuosi had previously been in the news for trying to buy a newly promoted Premier League team, Sheffield United, and for sponsoring the Nigerian football league’s pre-season…
