Dozy Mmobuosi, a billionaire businessman, met with Bakili Muluzi, the former President of Malawi, following allegations of fraud against him.
Mmobuosi posted a photo of his meeting with the former Malawi leader on his verified Instagram on Tuesday.
Yesterday, I had the honour and privilege of spending time with His Excellency Dr. Bakili Muluzi, the Former President of Malawi. This meeting wasn’t simply an encounter, but a masterclass in leadership from a man who stood at the helm of Malawi’s transformation into a multi-party democracy,” he wrote.
We explored the complexities of climate change, an issue underscored by the recent devastation of Cyclone Freddy in Malawi. The global implications of such a disaster cannot be overstated, and it reminds us of the pressing need for sustainable action.
Mmobuosi stated that Muluzi’s vision and dedication to his country “deeply moved” him and that he “made a commitment to support Malawi’s development journey.”
According to a report by the US investment research firm Hindenburg Research, Mmobuosi lied about his investments.
According to the report, Mmobuosi’s fintech company Tingo Group is an “exceptionally obvious scam with completely fabricated financials.”
Tingo Group claims to have diverse business interests in mobile phones, food processing, and an online food marketplace for Nigerian farmers.
Tingo Group, on the other hand, allegedly lied about its $1.6 billion food processing plant, as well as some of its partnerships and products, according to the research firm.
According to Hindenburg Research, its checks with the Nigerian Communications Commission (NCC) revealed that Tingo is not a mobile licensee at all, despite the company’s claims of having 12 million mobile customers.
The firm stated that when it visited Tingo Mobile’s office in Nigeria, it discovered only a handful of employees and a sign posted on its door by federal tax authorities stating that the company is in arrears on its tax obligations.
Mmobuosi was also accused of fabricating parts of his personal and professional history.
We’ve identified major red flags with Dozy’s background. For starters, he appears to have fabricated his biographical claim to have developed the first mobile payment app in Nigeria. We contacted the app’s actual creator, who called Dozy’s claims ‘a pure lie,’” the report reads in part.
Dozy claimed to have received a PhD in rural advancement from a Malaysian university in 2007. We contacted the school to verify the degree. They wrote back saying no one by his name was found in their verification system.
In 2017, Dozy was arrested and faced an 8-count indictment over issuance of bad checks, according to the Nigerian Economic and Financial Crimes Commission. He later settled the case in arbitration.
In 2019, Dozy claimed to have launched ‘Tingo Airlines’ and posted social media messages encouraging customers to ‘fly with Tingo Airlines today’.
Media outlets later uncovered that Tingo had photoshopped its logo onto pictures of airplanes. Dozy later admitted to never owning any actual aircraft.
Earlier this year, Mmuobuosi was reported to be interested in buying English football club Sheffield United.