The US government has ordered Dozy Mmobuosi, CEO of Tingo Group, to pay over $250 million in fines following securities fraud charges brought against him in New York.
Mmobuosi was first charged in December 2023, accused of leading a scheme to inflate the company’s financial health and manipulate statements to present Tingo and its subsidiaries as more stable and profitable than they actually were.
According to the US Securities and Exchange Commission (SEC), since at least 2019, Mmobuosi had been involved in fabricating financial statements for three entities, including Nigerian subsidiaries Tingo Mobile Limited and Tingo Foods PLC.
Judge Jesse M. Furman of the US District Court for the Southern District of New York has now ordered Mmobuosi and his companies—Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings—to pay the substantial fines. Additionally, Mmobuosi has been banned from serving as a director in any public company, though this restriction does not apply to his businesses in Nigeria, which remain unaffected.
In its statement, the SEC noted that the judgments prohibit Mmobuosi and his entities from further violations of the anti-fraud provisions of US securities laws.
Earlier in March, the SEC froze Mmobuosi’s assets and restricted Tingo and its subsidiaries from transferring funds or issuing shares. The investigation revealed that the company reported $461.7 million in one of its filings, while legitimate bank records showed less than $50.
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