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To the Board of Directors, Executives and Auditors of Tingo Group Inc.:
It has been over two months since we released our report entitled “Tingo Group: Fake Farmers, Phones,
and Financials – The Nigerian Empire That Isn’t”, presenting evidence questioning the legitimacy of Tingo
Group Inc.’s business operations, which we believe to be an obvious scam with fabricated financials.
In those two months, the company, its executives, and its auditors have failed to address key questions
raised by the report and by articles published by various news outlets. We believe Tingo’s Board of
Directors, Auditors, NASDAQ and investors deserve clear and concise answers to the following questions:
1. Tingo’s claimed cash balance of $780 million (at end of Q1 2023) is reportedly held in a Nigerian
bank. What bank holds Tingo’s cash? Why did Tingo refuse to answer the Financial Times’
question regarding the name of the bank? Why should it ever take over 2 months to simply
confirm a cash balance disclosed in SEC filings?
2. Why did Tingo only collect 12% of the interest one would expect from its cash balance given
current market interest rates?
3. Tingo Group Holdings CEO and Tingo Mobile founder Dozy Mmobuosi claims to have a PhD from
UPM Malaysia. We contacted the school and they had no record of his degree. Has Dozy provided
proof of his credentials and has the Board of Directors performed any checks to verify these?
4. In April 2023, Tingo Inc.’s Co-Chairman Christopher Charlier wrote a public letter to Dozy, filed
with the Securities and Exchange Commission, saying he could not approve the company’s annual
report and felt it “necessary to recuse [himself] by resigning” due to “many critical questions,
comments and recommendations” that went “unanswered and unheeded”. What were those
critical questions that led to Charlier’s resignation? Which of those critical questions and
recommendations have been addressed and how?
5. Tingo Foods currently has no food processing facility of its own and claims its revenue and
profitability are derived from acting as a middleman between Nigerian farmers and unnamed
third-party food processors. Who is currently acting as Tingo Foods’ food processors? What are
their names and at what locations is the food being processed?
6. Tingo Group bought Tingo Foods from Dozy in February 2023 for $204 million, a price
“approximately equal to the cost value of the inventory held by Tingo Foods”. [Pg. F-95] The
inventory, which was reported in year-end financials, completely vanished from Tingo’s Q1 2023
accounts without explanation. What happened to this inventory? If it was processed into finished
goods, when was this done and by whom?
7. On May 15th
, Tingo issued a press release claiming it had made significant progress on the
construction of its food processing facility, including “the installation of infrastructure, drainage,
water supply and the foundations of its numerous buildings”. Our site visit weeks later showed
none of those claims were true. Tingo later held an event where a contractor admitted that work
Hindenburg Research | New York, NY | www.hindenburgresearch.com |info@hindenburgresearch.com
had kicked off after the claims made in the press release. Did Tingo brazenly lie about progress on
its food processing facility in SEC filings?
8. Tingo claimed in its reverse merger press release that members of 2 unnamed farming
cooperatives supplied the majority of its claimed 9.3 million person customer base, consisting of
local Nigerian farmers. These farmers supposedly formed the core of the company’s phone
customers and provided the agricultural products used in Tingo’s food processing and trading
businesses. A local media outlet identified and contacted the cooperatives. Both said they had
never heard of Tingo and had fewer than 100 farmers. How does Tingo explain this? Has the board
determined whether Tingo Group genuinely has customers affiliated with any of those farming
cooperatives?
9. Tingo claims its mobile handset leasing, call and data services are provided through an agreement
with Airtel in Nigeria. The type of MNVO license Tingo claimed to have for years did not exist until
June 2023. Can management provide the actual signed contract with Airtel?
10. We contacted Airtel Africa. Its head of investor relations responded that “Airtel Nigeria does not
have any MVNO arrangement with any company called Tingo Mobile.” How do you explain this?
11. Tingo claims it has two “sole suppliers of mobile phones”. One told us that they had not delivered
any phones (as of May 2023). The other denied the existence of the claimed contract altogether,
stating, “We do not provide a single unit to them”. How do you explain this?
12. Our checks with the Nigerian Communications Commission showed it has no record of Tingo being
a mobile licensee at all, despite company claims of having 12 million mobile customers. How do
you explain this? What are the licenses used by Tingo?
13. Given that Airtel and the mobile handset hardware providers denied ever selling any phones to
Tingo, where did the claimed phones come from?
14. What proof does Tingo have that AFAN has millions of active farmers in its network that currently
use Tingo phones?
15. What is the exact address of Tingo’s claimed factory in Nigeria that it previously claimed produced
hardware for Tingo phones?
16. When we visited Tingo Mobile’s office in Nigeria there was a sign posted on its door by federal
tax authorities stating that the company is delinquent on its tax obligations. Is Tingo still
delinquent on its tax obligations?
17. Tingo claimed a Ghana expansion effort would enroll 2-4 million members by February 2023. This
would represent ~9%-18% market share in the country, within months of launch. We found zero
records pertaining to Tingo Mobile through Ghana’s communications regulator. Is Tingo currently
licensed in Ghana? Can the company provide copies of its Ghanaian mobile licenses?
18. We tried to contact Tingo’s Ghana support in late May, months after the company issued a press
release on the Ghana expansion, to buy a phone. The email bounced back and no one picked up
the phone despite numerous attempts. When we visited Tingo’s Ghana office location in late May
Hindenburg Research | New York, NY | www.hindenburgresearch.com |info@hindenburgresearch.com
2023 and tried to enroll in a plan and buy a phone, we were told the location wasn’t operational
yet. How do you explain this?
19. TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a major local
bank (“Stanbic”) but the bank put out a statement calling Tingo’s claim false and that it had “NOT
concluded any agreement with Tingo International in respect of any payment system
whatsoever”. What happened here?
20. Tingo now claims its payment group has a point of sale (PoS) system and other merchant products.
We found that pictures of Tingo’s PoS system seemed to simply be those of another provider
photoshopped with Tingo logos. What, if any, are Tingo Pay’s banking relationship or bank
processing partners? Can you provide contact information to the counterparties that can confirm
this?
21. What merchants are using TingoPay PoS systems and what is the total current monthly processing
volume?
22. In a May 2023 press release, Tingo claimed its brand-new agricultural export business, Tingo
DMCC, was on track to deliver over U.S. $1.34 billion in exports by Q3. We found no import/export
records for Tingo through searches of Nigerian customs and trading databases. How do you
explain this?
23. Can Tingo provide export records showing specific agricultural exports including buyers, shipping
records and “bill of lading” details?
24. The Financial Times reported that it had visited Tingo’s Dubai office around May and found “the
office was empty”. How do you explain this?
25. In the May 2023 press release, Tingo also stated that: “Recently Signed Partnership with PCX and
AFAN Already Delivering Multi-Billion Dollars Per Annum of Agricultural Produce”. “PCX” here
refers to Prime Commodity Exchange in Nigeria, which was just formed in 2021, and whose
website is no longer functioning. How exactly does a new company with a non-functioning
website facilitate billions of dollars of exchange through Tingo’s entity based out of an empty
office in Dubai?
26. The NWASSA website still says “under maintenance”, as it has for months. How does Tingo expect
investors to believe hundreds of millions of dollars in transactions are happening through an
entity whose website doesn’t exist?
27. In response to questions over the non-functioning NWASSA website, Tingo said the platform uses
USSD codes, a system of text messaging orders. Local reporting by Weetracker showed that when
it tried the claimed Tingo USSD codes, they didn’t work. How does the company explain this?
28. Rather than respond to any aspect of our research, Tingo instead seems to have hired an army of
stock promoters. One promoter accidentally posted screenshots from a group chat titled
“Promoters | Tingo” showing he was being fed non-public pictures and talking points from “CC”,
presumably Tingo President Chris Cleverly. Did Tingo or Cleverly engage in and/or direct stock
promoters to pump Tingo’s stock following the Hindenburg report?
Hindenburg Research | New York, NY | www.hindenburgresearch.com |info@hindenburgresearch.com
29. Tingo’s rating from local rating agency DataPro was suspended following its refusal to provide the
rating agency with additional information. What information did DataPro request that Tingo failed
to provide, and why?
30. Tingo’s reported financial are riddled with obvious math errors like reporting of the incorrect gross
margins, incorrect costs and balance sheet and cash flow statements that do not reconcile. Has
Tingo been in communication with Deloitte Israel on the glaring errors in the financial statements
detailed in the Hindenburg report? What is the status of those discussions, if any?
31. Why did Tingo choose to hire Deloitte Israel when there is a Deloitte Nigeria branch just miles
away from Tingo’s main office in the country?
32. Following the Hindenburg report, a series of antisemitic and inflammatory op-eds appeared in
Nigerian newspapers calling Hindenburg a criminal organization headed by a “Jewish Wall Street
insider” who is “blinded by racism” and who “assumed, naturally, that New York would never side
with a black person against him”. When Hindenburg identified that photos associated with one
such article had come from Tingo, the articles were deleted. Did Tingo write, sponsor, and/or
promote these articles?
33. Forbes recently published an article showing how twice-convicted and exiled securities fraudster
Leslie Greyling has been a promoter of Tingo. The article detailed how Greyling-associated shell
entities were granted 100 million Tingo shares. Why was Tingo working with a convicted stock
criminal to promote itself?
34. In the article, Tingo CEO Darren Mercer admitted he was aware of Greyling’s involvement, and
chose to get involved with Tingo anyway. What is the full extent of Darren Mercer’s relationship
with Leslie Greyling?
35. Tingo’s earlier financials claim that it made a lump sale of 3.1 million phones to a company called
Hakki. We wrote to the CEO of Hakki and asked about the deal. He wrote back saying it never
happened and “sounds like (a) scam”. How do you explain this?
36. It has been over 2 months since Tingo announced it hired White & Case to do an independent
investigation into the evidence we presented. Will Tingo commit to releasing information on the
scope of the investigation and the full findings of the investigation?
37. Will all Tingo executives and board members commit to not trading Tingo stock unless and until
the full White & Case report is released to the public? If not, wouldn’t the board and executives
be violating insider trading restrictions?
38. Tingo strikes us as one of the most obvious and brazen scams we have ever seen in our careers of
exposing fraud. Which board members and executives intend to claim ignorance of the situation
given the thorough, impossible-to-ignore public reporting on the issue? Does the board and
executive team expect anyone will believe you have somehow been able to ignore all of this?
Sincerely,
Nathan Anderson

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Questions For Tingo

  • 1. To the Board of Directors, Executives and Auditors of Tingo Group Inc.: It has been over two months since we released our report entitled “Tingo Group: Fake Farmers, Phones, and Financials – The Nigerian Empire That Isn’t”, presenting evidence questioning the legitimacy of Tingo Group Inc.’s business operations, which we believe to be an obvious scam with fabricated financials. In those two months, the company, its executives, and its auditors have failed to address key questions raised by the report and by articles published by various news outlets. We believe Tingo’s Board of Directors, Auditors, NASDAQ and investors deserve clear and concise answers to the following questions: 1. Tingo’s claimed cash balance of $780 million (at end of Q1 2023) is reportedly held in a Nigerian bank. What bank holds Tingo’s cash? Why did Tingo refuse to answer the Financial Times’ question regarding the name of the bank? Why should it ever take over 2 months to simply confirm a cash balance disclosed in SEC filings? 2. Why did Tingo only collect 12% of the interest one would expect from its cash balance given current market interest rates? 3. Tingo Group Holdings CEO and Tingo Mobile founder Dozy Mmobuosi claims to have a PhD from UPM Malaysia. We contacted the school and they had no record of his degree. Has Dozy provided proof of his credentials and has the Board of Directors performed any checks to verify these? 4. In April 2023, Tingo Inc.’s Co-Chairman Christopher Charlier wrote a public letter to Dozy, filed with the Securities and Exchange Commission, saying he could not approve the company’s annual report and felt it “necessary to recuse [himself] by resigning” due to “many critical questions, comments and recommendations” that went “unanswered and unheeded”. What were those critical questions that led to Charlier’s resignation? Which of those critical questions and recommendations have been addressed and how? 5. Tingo Foods currently has no food processing facility of its own and claims its revenue and profitability are derived from acting as a middleman between Nigerian farmers and unnamed third-party food processors. Who is currently acting as Tingo Foods’ food processors? What are their names and at what locations is the food being processed? 6. Tingo Group bought Tingo Foods from Dozy in February 2023 for $204 million, a price “approximately equal to the cost value of the inventory held by Tingo Foods”. [Pg. F-95] The inventory, which was reported in year-end financials, completely vanished from Tingo’s Q1 2023 accounts without explanation. What happened to this inventory? If it was processed into finished goods, when was this done and by whom? 7. On May 15th , Tingo issued a press release claiming it had made significant progress on the construction of its food processing facility, including “the installation of infrastructure, drainage, water supply and the foundations of its numerous buildings”. Our site visit weeks later showed none of those claims were true. Tingo later held an event where a contractor admitted that work
  • 2. Hindenburg Research | New York, NY | www.hindenburgresearch.com |info@hindenburgresearch.com had kicked off after the claims made in the press release. Did Tingo brazenly lie about progress on its food processing facility in SEC filings? 8. Tingo claimed in its reverse merger press release that members of 2 unnamed farming cooperatives supplied the majority of its claimed 9.3 million person customer base, consisting of local Nigerian farmers. These farmers supposedly formed the core of the company’s phone customers and provided the agricultural products used in Tingo’s food processing and trading businesses. A local media outlet identified and contacted the cooperatives. Both said they had never heard of Tingo and had fewer than 100 farmers. How does Tingo explain this? Has the board determined whether Tingo Group genuinely has customers affiliated with any of those farming cooperatives? 9. Tingo claims its mobile handset leasing, call and data services are provided through an agreement with Airtel in Nigeria. The type of MNVO license Tingo claimed to have for years did not exist until June 2023. Can management provide the actual signed contract with Airtel? 10. We contacted Airtel Africa. Its head of investor relations responded that “Airtel Nigeria does not have any MVNO arrangement with any company called Tingo Mobile.” How do you explain this? 11. Tingo claims it has two “sole suppliers of mobile phones”. One told us that they had not delivered any phones (as of May 2023). The other denied the existence of the claimed contract altogether, stating, “We do not provide a single unit to them”. How do you explain this? 12. Our checks with the Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers. How do you explain this? What are the licenses used by Tingo? 13. Given that Airtel and the mobile handset hardware providers denied ever selling any phones to Tingo, where did the claimed phones come from? 14. What proof does Tingo have that AFAN has millions of active farmers in its network that currently use Tingo phones? 15. What is the exact address of Tingo’s claimed factory in Nigeria that it previously claimed produced hardware for Tingo phones? 16. When we visited Tingo Mobile’s office in Nigeria there was a sign posted on its door by federal tax authorities stating that the company is delinquent on its tax obligations. Is Tingo still delinquent on its tax obligations? 17. Tingo claimed a Ghana expansion effort would enroll 2-4 million members by February 2023. This would represent ~9%-18% market share in the country, within months of launch. We found zero records pertaining to Tingo Mobile through Ghana’s communications regulator. Is Tingo currently licensed in Ghana? Can the company provide copies of its Ghanaian mobile licenses? 18. We tried to contact Tingo’s Ghana support in late May, months after the company issued a press release on the Ghana expansion, to buy a phone. The email bounced back and no one picked up the phone despite numerous attempts. When we visited Tingo’s Ghana office location in late May
  • 3. Hindenburg Research | New York, NY | www.hindenburgresearch.com |info@hindenburgresearch.com 2023 and tried to enroll in a plan and buy a phone, we were told the location wasn’t operational yet. How do you explain this? 19. TingoPay (part of Tingo Mobile) claimed in 2021 to have launched a partnership with a major local bank (“Stanbic”) but the bank put out a statement calling Tingo’s claim false and that it had “NOT concluded any agreement with Tingo International in respect of any payment system whatsoever”. What happened here? 20. Tingo now claims its payment group has a point of sale (PoS) system and other merchant products. We found that pictures of Tingo’s PoS system seemed to simply be those of another provider photoshopped with Tingo logos. What, if any, are Tingo Pay’s banking relationship or bank processing partners? Can you provide contact information to the counterparties that can confirm this? 21. What merchants are using TingoPay PoS systems and what is the total current monthly processing volume? 22. In a May 2023 press release, Tingo claimed its brand-new agricultural export business, Tingo DMCC, was on track to deliver over U.S. $1.34 billion in exports by Q3. We found no import/export records for Tingo through searches of Nigerian customs and trading databases. How do you explain this? 23. Can Tingo provide export records showing specific agricultural exports including buyers, shipping records and “bill of lading” details? 24. The Financial Times reported that it had visited Tingo’s Dubai office around May and found “the office was empty”. How do you explain this? 25. In the May 2023 press release, Tingo also stated that: “Recently Signed Partnership with PCX and AFAN Already Delivering Multi-Billion Dollars Per Annum of Agricultural Produce”. “PCX” here refers to Prime Commodity Exchange in Nigeria, which was just formed in 2021, and whose website is no longer functioning. How exactly does a new company with a non-functioning website facilitate billions of dollars of exchange through Tingo’s entity based out of an empty office in Dubai? 26. The NWASSA website still says “under maintenance”, as it has for months. How does Tingo expect investors to believe hundreds of millions of dollars in transactions are happening through an entity whose website doesn’t exist? 27. In response to questions over the non-functioning NWASSA website, Tingo said the platform uses USSD codes, a system of text messaging orders. Local reporting by Weetracker showed that when it tried the claimed Tingo USSD codes, they didn’t work. How does the company explain this? 28. Rather than respond to any aspect of our research, Tingo instead seems to have hired an army of stock promoters. One promoter accidentally posted screenshots from a group chat titled “Promoters | Tingo” showing he was being fed non-public pictures and talking points from “CC”, presumably Tingo President Chris Cleverly. Did Tingo or Cleverly engage in and/or direct stock promoters to pump Tingo’s stock following the Hindenburg report?
  • 4. Hindenburg Research | New York, NY | www.hindenburgresearch.com |info@hindenburgresearch.com 29. Tingo’s rating from local rating agency DataPro was suspended following its refusal to provide the rating agency with additional information. What information did DataPro request that Tingo failed to provide, and why? 30. Tingo’s reported financial are riddled with obvious math errors like reporting of the incorrect gross margins, incorrect costs and balance sheet and cash flow statements that do not reconcile. Has Tingo been in communication with Deloitte Israel on the glaring errors in the financial statements detailed in the Hindenburg report? What is the status of those discussions, if any? 31. Why did Tingo choose to hire Deloitte Israel when there is a Deloitte Nigeria branch just miles away from Tingo’s main office in the country? 32. Following the Hindenburg report, a series of antisemitic and inflammatory op-eds appeared in Nigerian newspapers calling Hindenburg a criminal organization headed by a “Jewish Wall Street insider” who is “blinded by racism” and who “assumed, naturally, that New York would never side with a black person against him”. When Hindenburg identified that photos associated with one such article had come from Tingo, the articles were deleted. Did Tingo write, sponsor, and/or promote these articles? 33. Forbes recently published an article showing how twice-convicted and exiled securities fraudster Leslie Greyling has been a promoter of Tingo. The article detailed how Greyling-associated shell entities were granted 100 million Tingo shares. Why was Tingo working with a convicted stock criminal to promote itself? 34. In the article, Tingo CEO Darren Mercer admitted he was aware of Greyling’s involvement, and chose to get involved with Tingo anyway. What is the full extent of Darren Mercer’s relationship with Leslie Greyling? 35. Tingo’s earlier financials claim that it made a lump sale of 3.1 million phones to a company called Hakki. We wrote to the CEO of Hakki and asked about the deal. He wrote back saying it never happened and “sounds like (a) scam”. How do you explain this? 36. It has been over 2 months since Tingo announced it hired White & Case to do an independent investigation into the evidence we presented. Will Tingo commit to releasing information on the scope of the investigation and the full findings of the investigation? 37. Will all Tingo executives and board members commit to not trading Tingo stock unless and until the full White & Case report is released to the public? If not, wouldn’t the board and executives be violating insider trading restrictions? 38. Tingo strikes us as one of the most obvious and brazen scams we have ever seen in our careers of exposing fraud. Which board members and executives intend to claim ignorance of the situation given the thorough, impossible-to-ignore public reporting on the issue? Does the board and executive team expect anyone will believe you have somehow been able to ignore all of this? Sincerely, Nathan Anderson