Tingo Group Opens New Headquarters for Africa to Facilitate Acceleration of Expansion Plans and Growth

MONTVALE, N.J., Oct. 20, 2023 (GLOBE NEWSWIRE) -- Tingo Group, Inc. (NASDAQ: TIO) (“Tingo” or the “Company”), a profitable and fast growing fintech, agri-fintech, food and commodity trading company, today announced the opening of a prestigious new Africa headquarters in Lagos, Nigeria.

The new headquarters, which is located in the main business and financial center of Victoria Island, Lagos, becomes the Company’s second office in the city, complementing its former headquarters, on Lagos Island, which has now become Tingo’s commodity trading and operational support office.

The new three-story 60,000 square foot headquarters building has capacity to accommodate a workforce of up to 500, which is in addition to the 100 employees and consultants that can be accommodated at the 12,000 square foot office space on Lagos Island. The new headquarters, incorporating the latest communications and information-technology infrastructure, will enable the Company to accelerate its growth, including through the expansion of Tingo Mobile, Tingo Foods, TingoPay and several new businesses currently under development.

Dozy Mmobuosi, Interim Co-Chief Executive Officer of Tingo Group, Inc., commented: “I am extremely proud to increase our investment into my home country of Nigeria, and significantly enhance our infrastructure and human resource capacity. This major upgrade and expansion of our facilities is expected to enable us to accelerate the growth of our business, not only in Nigeria, but also throughout the continent of Africa and ultimately, globally.

“As we scale-up our operations, facilitated by the further considerable expansion of our workforce, our Tingo eco-system continues to grow stronger. This is particularly gratifying as it allows us to increase our impact on Nigeria’s and Africa’s agricultural sector, and in turn make a meaningful difference towards tackling the world’s ongoing food security crisis, while at the same time further enhancing shareholder value.”

Ken Denos, Interim Co-Chief Executive Officer of Tingo Group, Inc., commented: “As a fast-growing business, with an abundance of expansion opportunities in front of us, we are very excited about this considerable upgrade to our facilities, and the recruitment drive that it is already facilitating.

“Through key partners in our domestic market, such as the All Farmers Association of Nigeria (“AFAN”), and the partnerships we are developing elsewhere, for example in Ghana, Malawi, the Middle East and Asia, we could not be more thrilled about our prospects. The Company’s new Africa headquarters, together with the significantly enlarged workforce it facilitates, is set to be a very valuable component as we strive to fulfill our ambitions and deliver global growth.”