• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 22, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home Business StartUPs

Tingo Staff Unpaid, as Company Launches Products

by Joan Aimuengheuwa
April 16, 2024
in StartUPs
0
Tingo Staff Unpaid, as Company Launches Products
Tingo

Tingo

UBA
Advertisements

Tingo Group, a Nigerian agri-fintech company embroiled in financial issues, has stopped paying its employees and sent most of them home temporarily, after months of delayed salaries and broken promises from the company’s CEO.

The issue, impacting at least 50 Tingo employees, came into effect in March 2024 after a period of three months where employees weren’t paid their salaries.

In January, CEO Dozy Mmobuosi assured employees in a company-wide call that salaries would be settled within four weeks and appealed for their continued service.

These assurances came despite the Securities and Exchange Commission (SEC) filing charges against Tingo in December 2023 for allegedly fabricating its financial statements.

The SEC investigation revealed a discrepancy between Tingo’s reported financials and reality. While the company claimed to have cash reserves exceeding $461 million, its bank accounts held less than $50 million.

Adding to the confusion, some employees received pay raises just weeks after the SEC charges were filed. These raises ranged from 200% to 400%, according to a company executive.

In March, noting “present realities and uncertainties ahead,” Tingo informed staff via email that they would be sent home temporarily until the company could resume salary payments. 

A high-ranking executive, speaking on condition of anonymity, confirmed the furloughs as a necessary step due to the company’s financial struggles. He elaborated that frozen assets and unpaid debts from vendors further exacerbated the situation.

Tingo Group has not responded to requests for comment regarding the unpaid salaries but instead invited media to a product launch event for its subsidiary, Tingo Foods. This upcoming launch of new beverages has left former employees questioning the company’s priorities.

This incident is the second round of staff reductions for Tingo in 2024. In February, approximately 40 contract workers were abruptly let go without receiving payment for services rendered.

 

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: Dozy MmobuosiSecurities and Exchange Commission (SEC)Staff LayoffTingo GroupTingo Staff
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Africa Code Week has impacted 17 million Africans

Africa Code Week Has Impacted 17 million Youth with Digital Skills

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Errol Ambler-Smith, MD ATC Nigeria

HEDA Seeks to Jail American Tower’s Nigeria CEO for Contempt of Court

1 year ago
Bluesky's Key Backer, Jack Dorsey, Steps Down from Board

Bluesky’s Key Backer, Jack Dorsey, Steps Down from Board

1 year ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.