NAIRAMETRICS
Amid allegations of ‘massive fraud’ by the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice, a Nigerian businessman and Tingo founder, Dozy Mmobuosi, is confident that he has done no wrong.
Mmubuosi in this exclusive interview with Nairametrics delves into his role in the company’s operations even as he insists he will legally prove himself not guilty of the allegations of fabricating figures among others.
From a pending merger of his company with MICT, Inc. to his attempt to buy one of England’s top football clubs, Sheffield FC, Mmobuosi shared insights on developments around his business ventures leading to his current ordeal with the SEC and DOJ in the U.S. Excerpts:
Nairametrics: Given the recent SEC allegations against you and Tingo-affiliated companies, as well as the charges brought by the DOJ, how do you plan to move forward?
Dozy Mmobuosi: It is my opinion that there is no perfect company/organization/entrepreneur out there in the world. I began my journey as an entrepreneur 23 years ago.
I attempted to list our holding company in 2020, we experienced all sorts of blockades, and then I got introduced to Darren Mercer who was the CEO of MICT, Inc.
I believe we shared the same vision- showcasing Africa and all disenfranchised people (Africa and Asia).
We were to merge Africa and China, thus showcasing the best of both continents in terms of companies that believed in using local tech to uplift lives.
We began the process of merging both companies, and that meant assembling the best professionals from all over the world. The merger was phased into 3, as I speak to you today that merger hasn’t been completed.
I feel disappointed in the process thus far, all these allegations to my knowledge are designed to stop us from executing our strategy of food security and empowering naturally disenfranchised smallholder farmers.
To be clear, I have not run the day-to-day operations of Tingo for 6 years now, I only help provide product support/create products, which I feel is where my strengths lie.
As an entrepreneur, I will prove my innocence via legal channels, and I encourage all farmer cooperatives that I supported via Tingo to speak out.
I will remain an entrepreneur breaking ground in the sectors I play in (healthcare, mining, energy, real estate, and sports).
The world has gone crazy, bad news sells and our so-called experts whom people rely upon for information have become so lazy.
I invite Nairametrics into our world, go and see what we have created. We have board members and former colleagues who are lazy and can’t stand the heat they feel joining the rest of the lazy world to accept that I have done something wrong or misled the public…take your time to analyze what we have built.
I will thrive as an entrepreneur anywhere. And I promise those I have served(farmers) that I will not disappoint them.
Nairametrics: The U.S. SEC in its charges alleges a multi-year scheme to inflate financial metrics. Can you provide your perspective on the nature of these allegations and explain any discrepancies in the financial statements?
Dozy Mmobuosi: They claim we had just $50 at a time, how have we sustained staff and projects? I will stand by what I have said before.
I will cooperate with investigators, and we shall get to the root of this. We always knew that we needed to improve our internal controls and governance. And had started working on all of that since the merger started.
Just to be very clear again, this merger is still not complete. And I hope this isn’t a conspiracy to take the business away from us or to stop the merger.
I want to point out that those who heard Darren Mercer talk about the Tingo story bought into it and those who heard me speak passionately must have also loved the story.
I have never gone on any road show to raise capital anywhere as people claim in false statements. I challenge anyone anywhere in the world who says that I Dozy Mmobuosi raised money for Tingo, let that person speak publicly with proof.
I will address all allegations through the legal system across various jurisdictions.
Nairametrics: Do you see your recent moves to buy Sheffield United as contributing to this continuing legal ordeal?
Dozy Mmobuosi: I hate to regret any move I make. I have more experience, that’s what I can say. When I did the bid for Sheffield United, all I had in mind was connecting a city as disenfranchised as Sheffield, and a company as disenfranchised as Tingo. I insisted on a confidentiality agreement to be signed, it was signed, but someone leaked my involvement.
I deposited almost 9 million GBP including helping the club pay its tax bills and wages, then the club qualified for the premier league.
This story has not been told anywhere because it’s not a sexy story. A black man rescued the club. There are a few fans who know the true story.
I respect the current owners of the club and will continue to dialogue with them on pending issues. It is fine to disagree.
