Nigerian fintech, Tingo Group, says it will make a formal statement concerning the allegations by Hindenburg today and appoint a legal firm to manage the situation.

Tingo Group, a NASDAQ-listed agri-fintech company accused of being an “exceptionally obvious scam” by the Hindenburg research group, has said it will publicly address such allegations today. The group shared this in its 2023 special meeting of shareholders today. The company’s response is critical, given that its share price dipped by -55% on NASDAQ after Hindenburg’s lengthy expose. 

TechCabal listened in on Tingo’s shareholder meeting, which lasted only eight minutes. Tingo’s Group senior chief financial officer Ben Trippier was on the call. However, it was unclear if Dozy Mmobuosi, the Group’s Founder and CEO, was on the call. Nevertheless, Tingo said it would “make a formal statement concerning the allegations by Hindenburg later today” but didn’t disclose any specific time. Tingo told shareholders on the call, “Most of you are aware of certain allegations which were published yesterday regarding the company. We intend to make a formal statement concerning certain of these claims later today.”

Tingo further said it will appoint a “well-known International legal firm” to help address the current claims. “In addition, as is required for good corporate governance, we are in the process of appointing a well-known international legal firm as special legal counsel to assist the board in examining these allegations and producing a report to address the same,” the company concluded.

Another issue discussed during the meeting was a proposal to increase the number of authorized shares and common stock from 425 million to 750 million. The company’s board approved the proposal. 

*This is a developing story

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