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Ex-Tingo CEO Dozy Mmobuosi Charged with $Millions Securities Fraud in US, Allegedly Inflated Revenues of Nigerian Companies

Boom RadioNG | January 4, 2024
Dozy Mmobuosi, former CEO Tingo group

In a major blow to Tingo Group and its former CEO, Dozy Mmobuosi, US authorities have unsealed an indictment charging him with orchestrating a multi-year scheme to inflate financial statements and deceive investors. Mmobuosi, currently at large, faces charges of securities fraud, false SEC filings, and conspiracy.

U.S. Attorney Damian Williams: “Mmobuosi’s alleged deceitful scheme comes to an end.”

Key Allegations:

  • Inflated Revenues of Nigerian Companies: According to the indictment, Mmobuosi allegedly falsified the performance of Tingo Mobile and Tingo Foods, portraying them as profitable businesses generating millions when they were not.
  • False Financial Statements: These allegedly manipulated figures influenced Tingo Group and Agri-Fintech Holdings, US-listed companies Mmobuosi sold his Nigerian ventures to.
  • Looting and Profiting: The US Attorney accuses Mmobuosi of personally enriching himself by siphoning cash from Tingo Group and Agri-Fintech and selling their shares at inflated prices.
Dozy Mmobuosi, former CEO Tingo group

Dozy Mmobuosi, former CEO Tingo group

FBI Assistant Director James Smith: “Mmobuosi’s alleged fraud is an unseemly display of greed and corruption. The FBI is committed to bringing financial fraud to light and perpetrators to justice.”

Mmobuosi remains at large. He faces a maximum sentence of 45 years in prison if convicted on all charges. The SEC has also filed separate civil claims against him.

Stay informed about this developing story. Follow official updates from the US Attorney’s Office and SEC for further details. And Boom Radio NG online and social media for details.

Written by Boom RadioNG

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