Dozy Mmobuosi, a Nigerian businessman, and three companies he leads were charged by the U.S. Securities and Exchange Commission (SEC) on Monday. The SEC claims that Mmobuosi and his associates falsified the financial statements of the firms and its major subsidiaries in order to deceive investors.
In a statement, the SEC stated that it has brought charges against Mmobuosi in U.S. District Court in New York. Mmobuosi gained notoriety this year when he attempted to purchase an English Premier League franchise. Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings were also accused by the SEC of breaking internal controls, Nasdaq reporting requirements, and federal securities laws’ anti-fraud provisions.
Two further businesses, Agri-Fintech Holdings Inc. and Tingo International Holdings Inc., both of which have Dozy Mmobuosi as their CEO, are also included in the case.
The accusations cover a wide range of offences, such as lying to auditors, selling millions of ordinary shares without disclosing the transaction, and breaking internal control procedures.
According to rumours, Tingo also announced the opening of its seed sale platform, NWASSA, in Ghana. However, similar to the Nigerian website, the Ghanaian website is nonfunctional and simply states, “Updating,” without actually getting anywhere.
Following the SEC’s official investigation against Tingo Group in November, trading in the shares of the self-described agri-fintech company was suspended. It is currently accusing the business of fraud.
In the year that followed 2022, Tingo Group reported having $461.7 million in cash and cash equivalents, but its real bank accounts only had less than $50. This is one prominent example of misrepresentation.
The US Securities and Exchange Commission is requesting immediate relief that would freeze Mmobuosi’s assets and forbid the three businesses from sending cash, real estate, or shares to Mmobuosi.
The US Securities and Exchange Commission also requests an injunction barring the defendants and their representatives from erasing, changing, or hiding records and documents, as well as from selling or otherwise getting rid of their respective shares in Tingo Group or Agri-Fintech.
