DataPro Limited, a prominent Nigerian credit rating agency, has officially suspended the credit rating of Tingo Mobile. This significant action stems from the company's alleged inability to furnish essential additional information required to maintain its previously assigned rating. DataPro stated that this decision aligns with international best practices, emphasizing Tingo Mobile's failure to provide clarity concerning recent acquisitions and its financial structure despite engagement efforts to obtain the necessary details within a given timeline.

Previously, DataPro had awarded Tingo Mobile a long-term 'A' rating with a positive outlook for the 2023/2024 period, even amidst Nigeria's challenging business landscape. However, this positive assessment was quickly overshadowed by severe allegations leveled by Hindenburg Research. The short-seller firm publicly accused the fintech company of fabricating its financial statements and raised substantial questions regarding the credibility of its founder, Dozy Mmobuosi. These allegations led to a decline in Tingo Mobile's stock value, despite the company's denial of the report.

Hindenburg Research's detailed report highlighted several critical discrepancies. It strongly suspected Tingo's claimed cash balance, purportedly held in Nigeria, to be fake, noting that the company collected only approximately 12% of the expected interest income from these balances. The report further asserted that Tingo, which claimed diversified business interests in mobile phones, food processing, and an online food marketplace for farmers primarily in Nigeria, had misrepresented its $1.6 billion food processing plant, as well as several partnerships and products.

Further scrutiny by Hindenburg revealed that Tingo Mobile's claim of having 12 million mobile customers could not be verified by the Nigerian Communications Commission (NCC). Additionally, the company's website and presentation materials were found to utilize stock photos of farmers holding mobile phones. Tingo Pay, described as a 'seamless payment system,' was also found to be fraught with inconsistencies, including a discrepancy where an unnamed bank denied any partnership agreement with Tingo International regarding a payment system, contrary to Tingo's claims at its 2021 launch.

The suspension of Tingo Mobile’s credit rating by DataPro, coupled with the detailed and damaging allegations from Hindenburg Research, casts considerable doubt on the company’s financial credibility. This situation raises significant concerns about Tingo Mobile's reputation and could severely impact investor confidence, signaling a challenging period for the company's future operations and market standing.