Nigeria scam version 2.0
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Here are some excerpts from Hindenburg Research's report on this Nigerian Food & Mobile Scam.
- company held a groundbreaking ceremony for a planned $1.6 billion Nigerian food processing facility of its own…We found that the rendering of the planned facility, featured in Tingo's investor materials and on a billboard at the ceremony, is actually a rendering of an oil refinery from a stock photo website!
- We strongly suspect Tingo's cash balance, which it conveniently claims is held in Nigeria, is fake.
- Nigerian Communications Commission showed it has no record of Tingo being a mobile licensee at all, despite company claims of having 12 million mobile customers
