The Tingo Group Scam

Case Code: BECG188
Case Length: 17 Pages
Period: 2019-2024
Pub Date: 2024
Teaching Note: Available

Price: Rs.400
Organization: Tingo Group
Industry: Financial Services
Countries: Nigeria
Themes: Business Ethics, Entrepreneurship

Abstract Case Intro 1 Case Intro 2 Excerpts

Introduction

On January 02, 2024, the New York Field office of the Federal Bureau of Investigation (FBI) unsealed an indictment charging Odogwu Banue Mmobuosi (Mmobuosi), founder and Co-CEO of Nigeria-based Tingo Group (Tingo) with securities fraud. The FBI charged Mmobuosi with conspiracy and for false filings with the Securities and Exchange Commission (SEC) . Tingo, an agri-fintech company, was listed on NASDAQ in 2022. Mmobuosi had allegedly inflated the valuation and customer data of Tingo and listed it on NASDAQ through several reverse mergers. With access to funds from the US, Mmobuosi was alleged to have diverted millions of dollars into his accounts. After a report by short-seller Hindenburg Research, in June 2023, the SEC started investigating the Tingo Group. In November 2023, trading on Tingo’s shares was stopped..

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