…By Dorcas Funmi for TDPel Media.
Billionaire businessman Dozy Mmobuosi recently met with the former President of Malawi, Bakili Muluzi, despite facing allegations of fraud.
Mmobuosi shared a photo of their meeting on his verified Instagram account, describing it as a masterclass in leadership.
He highlighted their discussions on climate change, particularly in light of the recent Cyclone Freddy’s devastating impact on Malawi.
Mmobuosi expressed admiration for Muluzi’s vision and commitment to his country, pledging his support for Malawi’s development journey.
Fraud Allegations Against Mmobuosi’s Tingo Group
A report by US investment research firm Hindenburg Research accused Mmobuosi’s fintech company, Tingo Group, of being a scam with fabricated financials.
Hindenburg Research alleged that Tingo Group lied about its $1.6 billion food processing plant, partnerships, and products.
The report also questioned Tingo Group’s claim of having 12 million mobile customers, as the Nigerian Communications Commission (NCC) had no record of the company being a mobile licensee.
Hindenburg Research further accused Mmobuosi of fabricating parts of his personal and professional history, including claims about developing the first mobile payment app in Nigeria and obtaining a PhD from a Malaysian university.
Previous Controversies Surrounding Mmobuosi
The Hindenburg Research report highlighted other controversies involving Mmobuosi.
It revealed that Mmobuosi had faced an indictment over the issuance of bad checks in 2017, settled through arbitration.
In 2019, Mmobuosi claimed to have launched “Tingo Airlines” but was later exposed for photoshopping the company logo onto pictures of airplanes.
He admitted to not owning any actual aircraft.
Conclusion:
Dozy Mmobuosi’s meeting with former Malawian President Bakili Muluzi occurred amidst fraud allegations against Mmobuosi’s Tingo Group.
The Hindenburg Research report questioned the authenticity of Tingo Group’s financials and accused Mmobuosi of fabricating aspects of his personal and professional history.
Despite these allegations, Mmobuosi expressed admiration for Muluzi’s leadership and pledged his support for Malawi’s development.
The controversies surrounding Mmobuosi continue to raise questions about the credibility of his business ventures.