## iWeb Completes $3.7B Tingo Mobile Acquisition, Eyes African Fintech Expansion

iWeb Inc. has officially finalized its acquisition of Tingo Mobile Plc, a leading Nigeria-based fintech and agritech platform, in an all-stock transaction valued at $3.7 billion USD. The company has filed to rebrand as **Tingo Inc** and is applying to FINRA for a new trading symbol to reflect the transformed business direction.

### A Strategic Reshaping of Leadership

The acquisition triggers significant management changes. **Dozy Mmobuosi**, the co-founder and architect of Tingo Mobile's expansion, has been appointed CEO, bringing his proven track record of building the platform into one of Africa's most valuable fintech companies. The 43-year-old executive founded Tingo Mobile in 2001 and has successfully scaled operations across multiple continents, overseeing annual revenues exceeding $600 million.

**Dakshesh Patel** joins as CFO with extensive banking and structured finance expertise. His background includes leadership roles at NatWest's Global Debt and Investment Banking division, where he structured major financial instruments including Europe's first CDO valued at $10 billion. Patel has also co-founded multiple financial technology ventures and brings decades of cross-border finance experience.

**Dr. Chris Cleverly** assumes the role of President. The former barrister and founder of the Africa50 renewable energy fund brings experience in African market entry strategies, blockchain technology advisory, and development financing. His diverse background spans legal practice, corporate governance across multiple continents, and emerging fintech ecosystems.

### Tingo Mobile's Operational Footprint

**Tingo Mobile commands a substantial market presence in Nigeria's digital economy.** The platform serves over 9 million active subscribers and has distributed nearly 30 million mobile devices since 2014. The company operates a layered business model centered on three core revenue streams:

**Device Distribution and Leasing**: Through an innovative mobile phone leasing scheme, Tingo has become Nigeria's leading device-as-a-service provider, enabling affordability for underserved populations in rural and semi-urban markets.

**Digital Financial Services**: The Tingo Pay application offers mobile wallets, payment processing, and access to lending and insurance products. The platform processes over 500,000 daily transactions valued at approximately $8 million, cementing its position as a critical payment infrastructure player.

**Agricultural Marketplace Integration**: The Nwassa platform bridges farmers with supply chains, providing market access, logistics support, and financial tools. This AgriTech vertical addresses Nigeria's fragmented agricultural value chain by connecting producers directly with buyers and input suppliers.

### Financial Performance and Growth Metrics

In 2020, Tingo generated $616 million in total revenue with $220 million in EBITDA—figures that demonstrate the platform's profitability at scale. Management expects these metrics to expand significantly as the business extends operations across West Africa and deepens its footprint in existing markets.

### Why Africa's Fintech Moment Matters

Sub-Saharan Africa presents compelling demographics for digital service providers. The region's population of 1.3 billion with a median age of 18 years significantly exceeds global growth rates at 2.7% annually—more than double the pace of South Asia. Africa's youthful demographic is "network-native," comfortable with mobile-first solutions and digital commerce.

Nigeria specifically anchors the opportunity: as Africa's largest economy and most populous nation, it employs 66% of its workforce in agriculture while the sector represents 26% of GDP. Yet productivity remains constrained by fragmented supply chains, limited access to technology, and undercapitalized farming populations.

### The Tingo Thesis

Tingo Mobile positions itself at the intersection of three critical African development challenges: technology access, financial inclusion, and agricultural productivity. By providing affordable mobile devices, digital payment infrastructure, and direct market linkages, the platform creates what management describes as a "digitally inclusive ecosystem."

The $3.7 billion valuation reflects investor confidence in this model and the platform's demonstrated ability to monetize large user bases in emerging markets. With regulatory tailwinds supporting African business formation and foreign investment remaining robust at approximately $80 billion annually, Tingo's acquisition signals growing international recognition of Nigeria's digital economy potential.