The Nigeria Police Force has exonerated Tingo Foods, Tingo Mobile Plc and its founder, Mr Dozy Mmobuosi, of any involvement in the alleged fraudulent diversion and misrepresentation of financial reports of the firms with forged documents.
The police added that there is no evidence to support the case against Tingo and Mmobuosi, saying that there is the need to exonerate them on the grounds of no link to the alleged wrongdoings.
The police stated this in a Legal Advice addressed to the Inspector General of Police, Mr Kayode Egbedokun by the Commissioner of Police, Legal/Prosecution, Force Criminal Investigation Department (FCID), Force Headquarters, Abuja.
The letter, dated July 30, 2024 with Reference No-CB:3514/LEG/FHQ/ABJ/VOL/ 47/168, was titled: “RE: CASE OF FRAUDULENT MIRESENTATION OF FINANCIAL REPORT WITH FORGED DOCEMENTS CRINO1822824.”
A complainant, Mr Olayide Ayoola, who is also the acting managing director of Tingo, had filed a petition before the police and alleged fraudulent diversion and misrepresentation of financial report with forged documents against two suspects: Stephen Okafor and Rose Ifedi.
Olaide had in the petition to the police and supported by an affidavit dated December 19, 2023 to the Assistant Inspector General of Police, Zone 2 Command Lagos, urged the police to investigate whether any of the Staff members and Management of Tingo Mobile Plc and Tingo Food including their founder, Dozy Mmobuosi/Promoters have diverted funds, misrepresented information about the Company’s Business, Financial Report or being involved in the Forgery of Bank document.
According to the legal advice, the development prompted the police to embark on a discreet investigation and subsequent report.
The Police Legal Advice to IGP reads in part, “Having painstakingly perused the case file and carefully examined the evidence in support of the investigating, the following were observed:
“That the complainant Ayoola Olaide, of No 95 Broad Street Marina Lagos doubles as the acting Managing Director of Tingo and Tingo Mobile Plc while the suspects in the case and who are now at large are Rose Ifebi, Stephanie Okafor, Timitope Ekondayo (at large) and Mavis Osakwe (at large)
“That Tingo Mobile is an Agric Fintech that provides technology such as mobile phones, loans, fertilisers and other agro allied material to farmers and operates it in business via mobile apps.
“That Stephanie Okafor, is the budget officer of Tingo Mobile Plc and the staff who created over Five Million Accounts and wallet for Alloje Royal Multi-Purpose Cooperative Kebbi (Dala) Cooperative Society and All Farmers Association of Nigeria (AFAN) on the instruction of the field Agents headed by Timitope Ekondayə (at large).
“That the said Stephanie Okafor, furnished Timitope Ekondayo (at large) with details of all the account numbers of individual wallet of farmers and members of respective cooperatives.
“That to authenticate the allegation and suspicion of the complainant, check on the various accounts and documents obtained during investigation revealed that the third party account had been used to divert funds and revenues accruing to the company by the staff while bulk payment made by staff of Tingo Mobile and Tingo Foods were not made through third party account instead of the company’s account, there by giving credence to the complainant’s allegations and suspicion.
“That no exact amount has been confirmed to have been diverted from the company’s account as forensic audit has not been carried out.”
