Tingo Inc. just recently concluded plans to raise $500 million funding as part of its strategic plan to expand its tentacles within the African continent.
According to Bloomberg, the company CEO, Dozy Mmobuosi said that they hope to raise $500 million in funding which will enable them to extend their success in Nigeria to the rest of Africa.
The company, which is hardly known by most Nigerians is planning to raise that money through a private placement and plans to list on the New York Stock Exchange before the end of the second quarter.
Following the increased sectoral funding to women entrepreneurs, the company plans to commit $100 million into a fund that will increase credit to mostly women farmers.
The funds when realized will help actualize its presence in at least 19 countries in Africa within a three-year target period through a series of direct acquisitions.
The company hopes that with its successes in Nigeria and possibly the African continent, her dreams of getting listed on the New York Stock Exchange.
On this, the Chief Executive officer said, “We are working closely with the exchange and we believe the outcome will be positive.”
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