Ooni of Ife Oba Adeyeye Ogunwusi and his wife Mariam Anako-Ogunwusi on Tuesday attended the launch of two beverages — Tingo Cola and Tingo Electric — at Tingo Place, Victoria Island, Lagos.
Also present were actors Segun Arinze and Desmond Elliot, journalist Reuben Abati and businesswoman Toyin Kolade.
The launch of the products by Tingo Group comes amid legal battles facing the company over its operations.
In December 2023, prosecutors in Manhattan, New York, United States filed criminal charges against the company’s promoter Banye Mmobuosi, also known as Dozy Mmobuosi.
In the indictment, Mmobuosi was charged with securities fraud, making false filing with the US Securities and Exchange Commission (SEC) filings, and conspiracy.
Prosecutors said Mmobuosi falsely represented that his Tingo Mobile cellular business and Tingo Foods agriculture business were profitable, generating hundreds of millions of dollars of revenue.
The indictment said Mmobuosi sold both businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray the businesses as “cash-rich, revenue-generating companies,” and looted millions of dollars by misappropriating cash and selling stock at inflated prices.
US charges ex-Tingo Group boss Dozy Mmobuosi with fraud
According to prosecutors, the alleged scheme occurred from 2019 to 2023.
Mmobuosi, who debunked the allegations, was present at the launch of the products.
Apart from the SEC allegations, there are reports of delayed salaries and staff cut at Tingo Group.
TechCabal reports that the company furloughed nearly all its full-time employees in March 2024 after three months of salary delays.
Mmobuosi was quoted as calling for understanding in a recording of a January 31 company-wide call.
“I appeal to you to stay, let us fix the system together. This will end, God willing, very soon… I do not want anyone laid off,” he said, according to the news platform.
The company declined to comment on the matter, the platform said, but invited it to a press event for its product launch.
