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While doubts have risen over whether this Nigerian billionaire has the cash for a £90 million takeover, Dozy Mmobuosi is on course to become Sheffield United's new owner.
This week, reports emerged that a Nigerian tech billionaire Dozy Mmobuosi was edging closer to buying English club, Sheffield United.
Sheffield United's present owner, Prince Abdullah bin Musaid Al Saud, a 57-year-old Saudi royalty is reported to be desiring to sell the club after they have suddenly run into financial difficulties.
The club's current financial crisis which have seen them come under a transfer ban, have also had them, default in making payments owed to Liverpool for forward Rhian Brewster, who was signed in October 2020 for £23.5m.
As it stands, unless Sheffield secures a promotion to the Premier League at the end of the season, they will be unable to buy a player for the next 18 months, so a takeover is considered essential.
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In the meantime, the Blades' league performance have been good as they sit second in the Championship after 28 matches, but 12 points adrift of first-placed Burnley.
Who is Sheffield United's prospective new owner, Dozy Mmobuosi?
Born in Lagos, Nigeria, this 43-year-old Nigerian tech entrepreneur and businessman is the founder of Tingo Mobile PLC.
Mmobuosi’s wealth is reportedly based on the valuation of his 2001-founded Tingo company, whose assets were once valued at £7 billion.
Mmobuosi has a Bachelor of Science degree in Political Science and a Master of Science degree in Economics from Ambrose Alli University, and a doctorate in Rural Advancement from Universiti Putra Malaysia. In March 2022, he completed the Advanced Management and Leadership Programme at Saïd Business School, University of Oxford.
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An advocate for technological advancement and social upliftment in Africa, Mmobuosi designed and launched Nigeria’s first SMS Banking Solution called Flashmecash, which according to Examinerlive, was later sold to the First City Monument Bank.
Mmobuosi has also established two mobile phone manufacturing plants in Nigeria to help the local populace gain access to the Internet and smartphones.
In December 2021, the billionaire launched the Dozy Mmobuosi Foundation, aiming to support Africans across multiple sectors including education, healthcare, and technology.
Can Mmobuosi's past prevent a takeover at Sheffield United?
At the moment, Mmobuosi is a subject of the EFL's owners' and directors' test - a due diligence process that will determine whether he can proceed with his takeover of Sheffield United.
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Also, to complete the £90 million takeover, he, according to reports, would need to borrow against his shares in the company to raise the finance needed.
A careful examination of the Tingo business raises doubts about Mmobuosi's billionaire status, and an examination of his past performance contradicts this even further.
In the past, Tingo was denied financing to complete firm purchases, and in Nigeria, Mmobuosi and his businesses were the targets of criminal investigations.
Government officials once brought forward a criminal case against Tingo Mobile Plc and two of its Directors – Mmobuosi and Collins Chionuma, in April 2017. They were accused of writing a $75,000 "dud cheque" to a supplier of diesel fuel on behalf of Mmobuosi's business.
According to police investigating the fraud, the cheque had bounced due to inadequate funds in the account. After Mmobuosi started to face pressure on social media, the dispute was ultimately resolved via arbitration.
When Yekani Manufacturing (Pty) in East London, South Africa, ran out of money, Tingo Mobile, which has connections to other communications firms in Africa, made an offer to buy it. Standard Bank South Africa, the main creditor of Yekani, was uncomfortable that it would not see its money repaid.
A global airline with a $1 billion market value is also one of the other companies listed in Tingo's business portfolio, however, there's no Air Operator's Certificate in the possession of Tingo Airlines.
Despite all of these, no problems have so far been flagged in Mmobuosi's due diligence according to a report by The Times, raising the chances of the takeover happening.
What has Mmobuosi done previously in sports?
Prior to the start of the 2023 Nigeria Premier Football League (NPFL) season, Mmobuosi's foundation hosted a pre-season tournament with the prize tag pegged at N100 million.
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The tournament which was held between December 6, and December 9, 2022, saw record Nigerian champions Enyimba, seven-time winners Rangers, five-time winners Shooting Stars and, promoted Bendel Insurance vie for the grand prize.
On December 20, the Dozy Mmobuosi Foundation presented a cheque of N100 million to the winners of the competition Shooting Stars, with additional sums handed to the highest goal scorer of the competition, and the best player in the tournament.
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