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New Genesis Boss,Ademola Oyefeso takes The lead….

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In and out of the country today, the name Ademola Oyefeso sure rings a loud bell especially when it involves entertainment trade. Many who know about the New Genesis boss’ exploits in the showbiz world will readily relay to you that the Staten Island, New York based showbiz advocate has done so much for Nigerian entertainment world that his name surely deserved to be etched in the sand of time. No known musician or movie practitioner in the country some years back that do not have a good story to tell about the Ikenne, Ogun state born impresario .

“Alase” as he is fondly called by fans and admirers has done so much in selling our brand to the outside world especially at his base in the United States of America; not only that, he has also contributed hugely to the current state and acceptance that Nigerian music enjoys these days amongst diverse culture and race. He is regarded as a promoter that commands great respect among musicians and artistes, especially those in the Yoruba genre. Many big musicians in Nigeria like King Sunny Ade, Ebenezer Obey and many others have benefitted immensely from his promotional skill. Other artistes Ademola Oyefeso has promoted include K1 the Ultimate, late Sikiru Ayinde Barrister, Kollington Ayinla, Salawa Abeni, Lagbaja, late Orlando Owoh, Adewale Ayuba, Abass Obesere and Kola Ogunkoya, to mention but a few.

Interestingly, Oyefeso has also extended his Midas touch to another area of leadership that involves his Yoruba people just like he has been positively affecting the Nigeria entertainment world. He has taken a step further by coordinating the Yoruba people in his country of residence. Though, his term is gradually coming to the end, Ademola as at today, is the president of the Yoruba association known as Egbe Omo Yoruba in New York. During his term as the president of the association, his achievement aside promoting peace and progress among members, he also has the credit of getting an edifice for them that has the inscription of ‘Yoruba House’ which has become a rendezvous for Yorubas living in that part of the world.

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Dozie Mmobuosi’s Tingo Group: Fake Farmers, Phones, and Financials—The Fraudulent Nigerian Empire That Never Existed……Part 1

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Tingo Group is a holding company that claims to operate primarily in Nigeria in multiple business segments, including (i) food processing and sales (ii) mobile handset sales & leasing and (iii) an online food marketplace called “Nwassa”. The company has a fully diluted market capitalization of ~$1.5 billion as of this writing, with a recent peak market value of $3 billion as of May 22nd, 2023.

The company first went public in August 2021 on the OTC market through a reverse merger with a Thai company that originally intended to acquire a third-tier crypto exchange.

In December 2022, the company entered the Nasdaq by closing another reverse merger with a listed Chinese fintech company. The company was renamed Tingo Group Inc and the ticker changed from MICT to TIO on February 27, 2023.

Tingo was founded in 2001 in Nigeria by “Dozy” Mmobuosi, who currently serves as the CEO of Tingo Group Holdings, the group’s key holding company entity. He has gained international attention, gracing the cover of GQ Africa in December 2022.
Regularly described by media as a billionaire, Dozy made further waves in February 2023 when he attempted to buy Sheffield United, an English football team recently promoted to the Premier league. The deal stalled over questions about whether Dozy’s financial resources were genuine.

Part I: Red Flags In Dozy’s Background

Tingo Group Holdings CEO “Dozy” Mmobuosi Appears To Have Fabricated His Biographical Claim To Have Developed The First Mobile Payment App In Nigeria
We Contacted The Actual Creator Of The App Who Called Dozy’s Claim “A Pure Lie”
Despite his claims to be a successful billionaire entrepreneur, we found numerous red flags related to Dozy.

In a May 2020 interview, Dozy told a detailed origin story of what would later serve as a key biographical claim; how, in 2002, he developed the first mobile payment platform in Nigeria. Per the story, he partnered with a bank on the venture after he couldn’t find an easy way to send money to his brother.

At the end of the interview, Dozy claimed he could not mention the product or the bank due to confidentiality reasons:

“Understandably, I can’t mention the product or the bank in question for the sake of confidentiality.”

The lack of disclosure of the mere name of a company built and sold over 15 years ago runs contrary to the norm for essentially every other successful startup founder’s story.

Regardless, his reticence to disclose the name of the app seems to have gone away. The Tingo website now claims Dozy helped launch Nigeria’s first SMS banking solution called “Flashmecash”. Per the website:

“In 2002 he (Dozy) led the design and launch of Nigeria’s first SMS Banking Solution (Flashmecash), later sold to FMCB who still use it today.”

We reached out to Flashmecash’s actual creator, Deji Oguntonade, whom we verified as the inventor via check of Flashmecash’s patent, along with web searches. He informed us that Dozy’s claims were “totally false” and shared a WhatsApp post he wrote to Nigeria’s top fintechs and regulators making clear that Dozy’s claims were a “pure lie”.

The post provided a detailed background on the app, which Oguntonade reiterated had no connection to Dozy.

Dozy Claimed To Have Received a PhD In Rural Advancement From Malaysian University UPM In 2007
We Contacted UPM To Verify The Degree. They Wrote Back Saying No One By His Name Was Found In Their Verification System
In his Tingo biography, Dozy claimed to have received a PhD in Rural Advancement from Malaysian university UPM in 2007. We contacted the school to confirm this credential. An administrator in the graduate studies department confirmed that the database has records from 2007 and earlier, but that Dozy’s name, including several variations we tried were “not found for verification”.

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
In 2017, Dozy was arrested in Nigeria and faced 8 charges including conspiracy, obtaining by false pretense and issuance of approximately U.S. $70,000 in bad checks, according to the Nigerian Economic and Financial Crimes Commission. The case was later settled in arbitration, according to local media and company filings.

In 2019, Dozy Claimed To Launch “Tingo Airlines” And Posted Social Media Messages Encouraging Customers To “Fly With Tingo Airlines Today”
Media Outlets Uncovered That Tingo Had Photoshopped Its Logo On Pictures Of Airplanes. Dozy Later Admitted To Never Owning Any Actual Aircraft
In August 2019, Dozy launched Tingo Airlines, which declared share capital of £1 billion, according to UK company records.

Per reporting by The Athletic, November 2020 Facebook messages urged customers to “fly with Tingo Airlines today”.

The company also had an Instagram page where it posted photoshopped pictures of planes with a Tingo logo on them. The page was removed after observers noticed that the planes had too many windows and were missing a door, owing to a poor photoshop job.

In 2019, Dozy Claimed To Launch “Tingo Airlines” And Posted Social Media Messages Encouraging Customers To “Fly With Tingo Airlines Today”
Media Outlets Uncovered That Tingo Had Photoshopped Its Logo On Pictures Of Airplanes. Dozy Later Admitted To Never Owning Any Actual Aircraft
In August 2019, Dozy launched Tingo Airlines, which declared share capital of £1 billion, according to UK company records.

Per reporting by The Athletic, November 2020 Facebook messages urged customers to “fly with Tingo Airlines today”.

The company also had an Instagram page where it posted photoshopped pictures of planes with a Tingo logo on them. The page was removed after observers noticed that the planes had too many windows and were missing a door, owing to a poor photoshop job.
In April 2023, Tingo’s Co-Chairman Wrote A Public Letter To Dozy, Filed With The SEC, Saying He Could Not Approve The Company’s Annual Report And Felt It “Necessary To Recuse Myself By Resigning” Due To “Many Critical Questions, Comments And Recommendations” That Went “Unanswered And Unheeded”
In September 2021, Christophe Charlier was named co-Chairman of Tingo Inc., tweeting at the time that he was “excited” to work toward “transforming rural farming communities.”

However, less than 2 years later, in April 2023, Charlier resigned suddenly, stating in a letter addressed to Dozy and filed with the SEC:

“I have made numerous efforts to implement best corporate governance practices…Despite my efforts…many critical questions, comments and recommendations which I have sent to management and the Board have once again remained unanswered and unheeded. As a result, I will not be in a position to approve the 10K for 2022 prepared by management and feel it necessary to recuse myself by resigning from the Board”

To Be Continued…………….

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EFCC quizzes ex-Women Affairs Minister Pauline Tallen over N2 billion fraud

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The Economic and Financial Crimes Commission (EFCC) on Friday quizzed the former Minister of Women Affairs, Pauline Tallen, over alleged fraud.

A source close to the commission said the ex-minister, who arrived at the Abuja zonal command of the commission on invitation at noon, was still being grilled by investigators of the commission till late Friday night.

Though details of the allegations against the ex-minister were sketchy, a source familiar with the case informed that it bordered on alleged corrupt enrichment to N2 billion.

Part of the money was allegedly diverted from the African First Lady Peace Mission Project.

The spokesman of the commission, Wilson Uwujaren, could not be reached for confirmation.

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Gov. Makinde Appoints Perm. Secs, Accountant General, Executive Secretaries 

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Governor Seyi Makinde has approved the appointment of Kikelomo Adijat Adegoke as the substantive Accountant General of Oyo State.

 

 

 

The Head of Service, Mrs. Olubunmi Oni mni, made this known in a statement on Friday in Abuja.

 

 

 

Oni said the appointment took effect on Thursday, May 26, 2023.

 

 

 

The Oyo State Governor has also approved the appointment of eleven Permanent Secretaries in the civil service.

 

 

 

The Permanent Secretaries include: Dr. Olabode Ladipo; Dr. Oyewole Tunde Aremu; Abosede Esther Owoeye; Ismail Abass Adebukola Bioku; Folajinmi Daramola Oni; Dolapo Oluremilekun Popoola; Hakeem Toyin Salami; Tajudeen Raji; Paul Amole Okunloye Oyekunle; Bassir Kolawole Kazeem and Taiwo Olafimihan Adewale.

 

 

 

Governor Makinde also appointed two Executive Secretaries. They include Olusola Orobode and Muibat Olaide Lasisi.

 

 

 

The Head of Service said the appointments came as a result of thorough screening and outstanding performance of the affected officers.

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