Economy
Hindenburg Research Accuses Tingo Group of Fabricating Financials
By Adedapo Adesanya
Hindenburg Research has published an investigative report claiming that Nigerian financial technology company, Tingo Group has committed multiple scams across its verticals and has also fabricated its financials.
Hindenburg Research, a short seller based in Manhattan, published a detailed investigation into the fintech and agri-fintech group owned by Mr Dozy Mmobuosi, claiming that that company is a scam with “fabricated” financials.
According to the fintech’s website, Tingo has operations in Africa, Southeast Asia, and the Middle East and subsidiaries such as TingoMobile, TingoPay, and a food division.
Tingo, based in New Jersey, is listed on the Nasdaq under TIO and carries out due diligence.
The short seller asserted that Tingo Group’s CEO, Mr Mmobuosi, has fabricated his bio, the company’s financials, and the launch of an airline division, among other accusations.
Hindenburg isn’t the first to sound alarm bells as Tingo’s no ex co-chairman filed a public letter to its founder saying he could not approve the company’s annual report due to critical questions that were left unanswered and had decided to resign from the board.
Other problems include faked businesses; among these are the proven false Tingo Airlines, as well as Tingo Group claiming to be a food processing company but not owning a single plant. Additionally, in April 2023, Tingo Group’s co-Chairman recused himself in a letter to the Securities and Exchange Commission (SEC) by resigning from the company.
Also, the report noted that, “Dozy is regularly described by the media as a billionaire and made waves earlier this year when he attempted to acquire the now-Premier League soccer team Sheffield United.
“We’ve identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims “a pure lie”.”
Business Post had also reported that Stanbic IBTC denied concluding a deal with Tingo International Holdings on the use of its (Stanbic IBTC) payment gateway for the latter’s new product back in 2021.
Tingo had previously claimed that it had entered into a partnership with Stanbic IBTC to power its new payments system, Tingo Pay.
But the lender said this was incorrect. Though it admitted that discussions were underway to make this a reality, noting that it was still at the negotiation stage.
The firm’s shares, as a result of the development, are experiencing heavy trading today, with over 30 million units moving as of this writing.
This is above its daily average trading volume of about 4.5 million shares. The company’s stock is also down more than 57 per cent in the US.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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