By Emmanuel Nduka
The Nigeria Police Force has exonerated Tingo Foods and Tingo Mobile Plc along with its founder, Dozy Mmobuosi of fraud allegations.
Established over two decades ago, Heritage Times HT reports that Tingo Inc. had long been recognized as key players in Nigeria’s agricultural technology sector, offering a range of services from mobile technology and loans to farmers, to the provision of fertilizers and other agro-allied materials.
However, this reputation faced a serious challenge when allegations surfaced in late 2023.
Olayide Ayoola, Acting Managing Director of Tingo, filed a complaint accusing Mmobuosi and his companies of engaging in fraudulent diversion of funds and falsifying financial reports. The allegations suggested that forged documents were used to misrepresent the financial status of Tingo Foods and Tingo Mobile, stirring significant concern among investors and stakeholders.
The case quickly gained traction, attracting the attention of international bodies, including the US Securities and Exchange Commission (SEC). The SEC’s scrutiny intensified the situation, with allegations emerging that Mmobuosi had misrepresented his financial status. This added a layer of complexity and international focus to the controversy.
Amidst these accusations, the Nigeria Police Force launched a thorough investigation. Their findings, detailed in a report addressed to the Inspector General of Police (IGP) Kayode Egbetokun, revealed a nuanced picture. While there was evidence of fraudulent activities, these were primarily linked to staff members rather than Mmobuosi or the core management of his companies.
The police report identified that the principal suspects—Stephanie Okafor, Timitope Ekondayo, and Mavis Osakwe—had engaged in fraudulent activities, including diverting funds through third-party accounts. However, these individuals had disappeared, complicating the investigation further. Crucially, no evidence directly tied Mmobuosi or his companies to these illicit actions.
Ohiozoba Ehiede, the Commissioner of Police (legal), in his letter to the IGP, said his office “is of the considered opinion to advise that efforts be intensified to apprehend the fleeing principal suspects: Timitope Ekondayo and Mavis Osakwe, conduct forensic audit of the company’s account to ascertain the exact amount of funds diverted
“Dozy Mmobuosi, Tingo Foods Plc and Tingo Mobile Plc (should) be exonerated as no evidence so far in the file to support the case against them. It is trite that is better that 10 guilty persons go free than one innocent suffer, it is about the balance between protecting the innocent and punishing the guilty.”
Relief for Tingo, AFAN Solidarity
The exoneration came as a significant relief to Tingo Foods and Tingo Mobile, with the All Farmers Association of Nigeria (AFAN) publicly reaffirming their support for the Tingo Group, highlighting the essential role these companies play in supporting Nigeria’s agricultural sector.
In a press statement, the AFAN said it “stands unwavering in its support for Tingo recognising the critical role its ecosystem of products and services play in the daily lives of millions of Nigerian farmers. Tingo’s contributions are instrumental in empowering millions and any disruption could have far reaching consequences.”
Meanwhile, Mmobuosi and his legal team continued to contest the US SEC allegations, arguing that these charges were part of a short-seller’s scheme to damage their Nasdaq-listed shares. Detailed investigations by Nigerian authorities and independent US legal experts ultimately cleared Mmobuosi and his companies of wrongdoing.
The resolution of the case allowed Tingo Foods and Tingo Mobile to refocus on their mission of advancing agricultural technology and supporting farmers. Mmobuosi, in particular, was relieved to see the truth prevail, emphasizing the importance of due process and the protection of the innocent.
The saga underscored the complexities of modern financial disputes and reinforced the principle that it is better for ten guilty individuals to go free than for one innocent person to suffer unjustly.
About the Founder
Dozy Mmobuosi is a Nigerian entrepreneur with a background in law and business. He has been instrumental in developing Tingo Inc. and its associated divisions, focusing on leveraging technology to address critical issues in agriculture and telecommunications.
His vision includes using innovation to drive economic growth and enhance access to essential services in emerging markets.
Under his leadership, Tingo Inc. which he established in 2001, has developed technology solutions aimed at enhancing productivity in agriculture. This includes providing farmers with access to modern tools, inputs, and market opportunities.
