Dozy Mmoubuosi Steps down from being CEO following orders from Tingo Group

Amidst recent controversies and financial discrepancies, the unfolding saga surrounding Tingo Mobile has taken a new turn. Dozy Mmobuosi, the CEO under scrutiny for alleged misrepresentation of the company's financial status, has now been requested by the Tingo group to step down from his roles as interim Chief Executive Officer and board member. 

This decision follows an order sought by the SEC (Securities and Exchange Commission) aiming to prevent him from serving as an officer or director of the public company for now. Furthermore, Mmobuosi will remain in this suspended position until he is exonerated of the allegations leveled against him.

According to the statement issued by Tingo Group Inc., following an extensive investigation conducted between June 2023 and August 30, 2023, into the allegations brought forth by Hindenburg Research, the company is poised to vehemently defend itself concerning the SEC complaint. 

The Company and its Board of Directors are in turn committed to undertaking further investigation and responding to the complaint, supported by leading legal counsel, while at the same time making every effort to protect the business and shareholder value and continuing to execute the Company’s growth plans.

The Agri-tech company has revealed that it will continue operations, serving the farming cooperatives, their farmer members, and the company’s other customers, many of whom are heavily reliant on Tingo and its services in support of their daily activities.

Mr. Ken Denos, the company's other interim co-CEO, will step in as the interim group CEO until any updates are provided. Moreover, the leadership within each subsidiary of the company will maintain their current positions, with the primary goal of ensuring business stability and uninterrupted operations while awaiting the resolution of this issue.

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