The United States Securities and Exchange Commission (SEC) has announced charges against Mmobuosi Banye, also known as Dozy Mmobuosi, and three affiliated US-based entities, including Tingo Group Inc. The SEC alleges that Mmobuosi orchestrated a multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide.
According to the SEC’s complaint, filed on December 18, 2023, Mmobuosi fabricated financial statements and other documents for Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., as well as their Nigerian operating subsidiaries—Tingo Mobile Limited and Tingo Foods PLC. The complaint asserts that Mmobuosi made material misrepresentations about business operations and financial success in press releases, SEC filings, and other public statements.
The SEC notes that Tingo Group’s fiscal year 2022 Form 10-K, filed in March 2023, reported a cash and cash equivalent balance of $461.7 million in Tingo Mobile’s Nigerian bank accounts. However, the actual balance was allegedly less than $50. The complaint further claims that Mmobuosi fraudulently obtained hundreds of millions in money or property through these schemes and diverted funds for personal benefit, including luxury purchases and an unsuccessful attempt to acquire an English Football Club Premier League team.
The case is filed in the U.S. District Court for the Southern District of New York. The defendants, including Mmobuosi, face charges of violating the anti-fraud provisions of federal securities laws. Mmobuosi is additionally charged with lying to auditors, insider trading, and failing to file Forms 4 disclosing the sales of millions of Agri-Fintech common stock for which he was the ultimate beneficial owner.
