DataPro Suspends Tingo Mobile’s Credit Rating

As the owners of Tingo Group continue to reel in controversy over allegations of fraudulent claims, the management of DataPro, a credit rating agency has announced the suspension of Tingo Mobile’s credit rating.

A statement signed by Managing Director/CEO of DataPro, Mr. Abimbola Adeseyoju, explained that the credit rating of Tingo Mobile was suspended as a result of the failure of the company to provide the required additional information needed to sustain its ratings.

The statement reads: “In line with International Best Practices, DataPro hereby suspends Tingo Mobile’s Credit Rating due to the Company’s inability to provide the required additional information to sustain the Rating assigned on Wednesday, 17th May 2023.

“In the past week, DataPro has engaged with Tingo Mobile to get clarity about its recent acquisitions and financial structure.

“Unfortunately, the Company has not taken advantage of the timeline for it to provide the needed information that will enable us to sustain the rating assigned.”

Describing the suspension as a necessary measure, it added that “This statement is given without prejudice or malice, it is a standard rating procedure globally.

Tingo Mobile is a subsidiary of Tingo Group which claimed to be Africa’s leading Agri-Fintech company, transforming rural farming communities by providing connectivity and access to Tingo’s extensive and unique platform.

There were recent media reports which indicted the Tingo parent company of lying about its $1.6 billion food processing plant, as well as some of its partnerships and products.

A research firm, Hindenburg Research said its checks with the Nigerian Communications Commission (NCC) revealed that it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers.

The research firm claimed that Tingo Mobile’s company presentation and its website used stock photos of farmers using mobile phones.

Hindenburg Research said it visited Tingo Mobile’s office in Nigeria and found only a handful of employees and a sign posted on its door by federal tax authorities stating that the company is delinquent on its tax obligation.