• Wed. Apr 24th, 2024

Farmers’ Association Stands In Solidarity With Tingo Group Amidst SEC Accusations

The All Farmers Association of Nigeria (AFAN) has pledged unwavering support for the Tingo Group following accusations by the United States Securities and Exchange Commission (SEC), asserting the crucial role of Tingo in Nigeria’s agricultural sector.

In response to media reports surrounding the SEC’s allegations against the Tingo Group, AFAN issued a statement expressing staunch solidarity with Tingo. Emphasizing Tingo’s significant contributions to the daily lives of millions of Nigerian farmers, AFAN underscored the pivotal nature of Tingo’s ecosystem of products and services in empowering the agricultural sector.

While reports surfaced alleging misinformation about Tingo Mobile’s Nigeria bank account status by the US SEC, AFAN called for a considerate and balanced approach. The association highlighted Tingo’s pivotal role in revolutionizing farmers’ operations through its smartphone application, which over ten million Nigerian farmers have fully embraced for seamless business transactions.

Furthermore, AFAN acknowledged Tingo’s impactful engagement in fostering agricultural development. Notably, Tingo’s commitment to enhancing rice and wheat production through investment in cultivating 3,000 hectares of new farmland was lauded by AFAN President, Farouk Rabiu Mudi. The association expressed appreciation for Tingo Mobile Plc’s substantial loan facility of approximately USD $6.5 million to AFAN, facilitating extensive land cultivation.

In response to these developments, Darren Mercer, Chief Executive Officer of Tingo, expressed delight in strengthening the relationship with AFAN, supporting increased agricultural productivity and benefiting various facets of Tingo’s business ecosystem. Mercer highlighted the mutually beneficial nature of the agreement, aligning with the company’s Environmental, Social, and Governance (ESG) goals.

Acknowledging the significance of AFAN’s commitment to accelerating the onboarding of warehouses, Mercer emphasized the positive impact on reducing crop wastage and maximizing crop utilization, ultimately increasing the supply of produce to Tingo Foods and Tingo DMCC.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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