The SEC has charged the CEO of Tingo Group of Nigeria with fraud

The SEC has charged the CEO of Tingo Group of Nigeria with fraud  Last Monday, the United States Securities and Exchange Commission (SEC) su...

The SEC has charged the CEO of Tingo Group of Nigeria with fraud

 Last Monday, the United States Securities and Exchange Commission (SEC) sued Nigerian businessman Dozy Mmobuosi and three other companies of which he is the head, where they are accused of defrauding investors.

 

In a statement issued by the SEC, it said that it has filed a lawsuit in the United States court in New York against Mmobuosi, because the businessman has been lying for years that his company owns millions that he does not have.

The SEC alleged that since at least 2019, Mmobuosi has falsified financial statements and other documents of three companies and their subsidiaries Tingo Mobile and Tingo Foods.

His three companies; Tingo Group Inc., Agri-Fintech Holdings Inc. and Tingo International Holdings Inc are among the defendants.

The SEC said that Dozy Mmobuosi is doing this because he has deceived shareholders around the world, so he will be punished.

Tingo denied all the allegations made in the report, saying it was full of "lies and slander".

The SEC placed a two-week trading halt on Tingo Group's business on November 14 following the investigation.

NASDAQ has advised that it will continue to maintain the company's credibility pending a review, Tingo Group said in a statement.

Mmobuosi and the companies could not be reached for comment but Tingo Group in a statement released on its website said it will fully cooperate with the investigation.