Tingo Group (NASDAQ: TIO), a profitable and fast-growing fintech, agrifintech and food company, announced the appointment of Dozy Mmobuosi and Kenneth Denos as interim co-CEOs. The announcement followed the resignation of Darren Mercer, who has led the company through numerous key developments; Mercer retired to spend more time with his family. The founder and visionary of both Tingo Foods PLC and Tingo Mobile Limited, Mmobuosi is uniquely qualified to lead the company into future development and global expansion during the company’s search for a permanent CEO; the announcement also noted that Denos has served as a director of Tingo since its acquisition of Tingo Mobile in November 2022 and brings decades of experience with U.S. public companies as well as associated governance, reporting, communication and compliance requirements.
Tingo Group also appointed Jamal (Jamie) Kurshid as an independent member of the board of directors and announced that its long-standing deputy chairman John Scott will assume the position of chair while Sir David Trippier will expand his role as an independent member of the board by becoming chair of the audit committee. “Darren has been a valuable asset to the company and the board,” said Tingo Group interim co-CEO Dozy Mmobuosi in the press release. “His vision and belief in acquiring Tingo Mobile and Tingo Foods has added immense value to the company’s shareholders. On behalf of our team, I would like to thank Darren for believing in them and the welfare of Africa. . . . As we move into this new chapter of the company’s development with Ken and I each assuming the role of co-Chief Executive Officer on an interim basis while we search for a sector-experienced and accomplished candidate to take on the role permanently, we are delighted to report that the company’s cash balances have increased significantly to a current level of more than $400 million thanks to a strong period of trade. I am also pleased to report significant progress towards completing our first quarterly dividend, and once approved, we will make the next application, this time for a larger amount, with the goal of increasing the amount of the dividend for our third quarter.”
To view the full press release, visit https://ibn.fm/Wm9CW
About Tingo Group Inc.
Tingo Group is a global fintech and agrifintech group of companies with operations in Africa, southeast Asia and the Middle East. Tingo Group’s wholly owned subsidiary, Tingo Mobile, is a leading agrifintech company operating in Africa, with a comprehensive portfolio of innovative products, including a “device-as-a-service” smartphone and a value-added service platform. As part of its globalization strategy, Tingo Mobile has recently begun to expand internationally and has entered into trade partnerships that are contracted to increase the number of subscribed farmers from 9.3 million in 2022 to more than 32 million, providing the farmers with access to services such as the Nwassa seed-to-sale marketplace platform, insurance, microfinance, and mobile phone and data top-up. Tingo Group’s other Tingo business verticals include TingoPay, a SuperApp in partnership with Visa that offers a wide range of business to company (“B2C”) and business to business (“B2B”) services including payment services, an e-wallet, foreign exchange and merchant services; Tingo Foods, a food-processing business that processes raw foods into finished products such as rice, groundnut oil, nut products, wheat, millet and maize; and Tingo DMCC, a commodity trading platform and agricultural commodities export business based out of the Dubai Multi Commodities Center. In addition to its Tingo business verticals, Tingo Group also holds and operates an insurance brokerage platform business in China, and Magpie Securities, a regulated finance services fintech business operating out of Hong Kong and Singapore. For more information, visit the company’s website at www.TingoGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to TIO are available in the company’s newsroom at https://ibn.fm/TIO
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