Tingo Group, a Nigerian fintech company, has debunked the allegations made against the firm by Hindenburg Research, a United States investment organization.
Nigerian Canadian News had reported earlier that Hindenburg Research alleged that Tingo Group doctored its books, but, Tingo said its accounting records are accurate and precise.
Tingo disclosed further that the company’s financial results are accurately reported within its financial statements and its SEC filings. The firm added that it remains in compliance with the laws of the territories where it operates and maintains the highest standards of corporate governance.
In a statement, Tingo said: “As disclosed by Hindenburg Research, the report represents their own opinion, and is designed to benefit a short position taken by them and their associates from which they stand to realize sizeable gains.
“The Company can confirm that no attempt was made by Hindenberg Research to verify the allegations or otherwise make genuine inquiries concerning the information provided in the report prior to its release.”
In the same vein, the All Farmers Association of Nigeria (AFAN) also addressed part of the Hindenburg report which stated that the millions of farmers Tingo claimed to be working with are non-existent.
National president of AFAN, Dr Farouk Rabiu Mudi in the statement, said AFAN “as the umbrella organization for all farmers, agricultural cooperative and associations in Nigeria, has introduced approximately 11 Million new members to become end-users of Tingo mobile Smartphone and Fintech applications including, in particular, Tingo mobiles Nwassa platform”.
The group also revealed that members of AFAN have been supplying their produce to Tingo Foods, a subsidiary of Tingo Group, for processing and exportation.
AFAN’s statement read: “The purpose of this letter is to provide you with a progress update concerning the lease and service agreement entered into by AFAN and Tingo mobile limited on 14 December 2022.
“We are pleased to report that AFAN, as the umbrella organization for all farmers, agricultural cooperatives and associations in Nigeria, has introduced approximately 11 Million new members to become end-users of Tingo mobiles Smartphone and Fintech applications including, in particular, Tingo mobiles Nwassa platform.
“In addition to the use of Tingo mobile devices and Fintech apps, our members are also making their produce available for processing with Tingo Foods plc, an affiliate of Tingo Mobile, to facilitate Domestic orders and or for Export.
“We look forward to continued growth and utilization by our membership base of the products and Services offered by Tingo and her group of companies.”
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