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Court slams $250m fine on Tingo CEO Mmobuosi for inflating company’s financial performance
Court slams $250m fine on Tingo CEO Mmobuosi for inflating company’s financial performance
Nigerian entrepreneur Dozy Mmobuosi will pay more than $250 million in fines following a fraud case brought against him along with three of his companies by the Securities and Exchange Commission (SEC).
The recent ruling from the US federal court signifies a significant decline for the previously prominent fintech executive.
WITHIN NIGERIA recalls that Dozy gained widespread attention last year for his bold endeavor to purchase Sheffield United, a renowned English football club.
Judge Jesse M. Furman of the US District Court for the Southern District of New York delivered the final judgment against Mmobuosi and his companies, including two Nasdaq-listed entities, Tingo Group and Agri-Fintech Holdings, as well as Tingo International Holdings.
The court found that Mmobuosi and his firms had “failed to answer, plead, or otherwise defend” themselves in response to the civil complaint filed by the SEC last December.
The SEC’s complaint accused Mmobuosi of orchestrating a large-scale fraud by inflating the financial performance metrics of his companies to mislead investors worldwide.
The commission alleged that Mmobuosi’s business empire, which claimed to operate in the fintech and agricultural technology sectors, was essentially a “fiction.”
The complaint further stated that the purported assets, revenues, expenses, customers, and suppliers of Mmobuosi’s companies were “virtually entirely fabricated.”
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Tingo Group, a fintech entity under Mmobuosi’s control, had claimed a customer base exceeding nine million Nigerian farmers and touted a robust food processing operation.
However, the SEC’s investigation revealed that these claims were grossly exaggerated.
In one striking example, Tingo Mobile, a subsidiary of Tingo Group, reported cash and cash equivalents of $461.7 million for 2022 in its Nigerian bank accounts.
The SEC, however, found the actual balance to be less than $50, underscoring the extent of the misrepresentation.
Mmobuosi’s companies came under intense scrutiny last year after Hindenburg Research, a US-based short-seller, published a report calling Tingo Group an “extremely clear scam.”
The report caused Tingo’s stock price to plummet by more than 60 percent on the day of its release and raised serious questions about the legitimacy of Mmobuosi’s operations.
The SEC’s charges against Mmobuosi and his companies were filed shortly after the agency suspended trading in the shares of Nasdaq-listed Tingo Group and Agri-Fintech Holdings.
The SEC mentioned “uncertainties and doubts about the sufficiency and precision of publicly accessible information” as the reason for the trading halt, which continues to undermine investor trust in the companies
Court slams $250m fine on Tingo CEO Mmobuosi for inflating company’s financial performance
metro
Notorious cultist, Pelele, gunned down in Rivers
Notorious cultist, Pelele, gunned down in Rivers
Operatives of the Rivers State Police Command have successfully neutralized a suspected cultist and kidnapper, Gbarani Bume, popularly known as Pelele, in Luawii Community, Khana Local Government Area.
Bume, a reportedly known member of the Iceland cult group, had allegedly been terrorizing the Beree/Tabaa area of Khana LGA alongside his gang.
The Command’s Public Relations Officer, Grace Iringe-Koko, confirmed the incident in a statement released in Port Harcourt on Sunday.
According to Iringe-Koko, the police acted on intelligence that Pelele and his gang were attempting to abduct a site engineer in Luawii. Upon arrival, the operatives were met with gunfire from the suspects. In the ensuing shootout, Pelele sustained fatal injuries and later died, while his accomplices fled with gunshot wounds.
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The statement reads: “The Rivers State Police Command has made a significant breakthrough in its efforts to combat crime, neutralising a notorious cultist and kidnapper, Gbarani Bume, a.k.a. Pelele, a native of Bere Community in Khana LGA.
“He was a member of the Iceland Cult Group, which has been terrorising the Beree/Tabaa axis of Khana LGA.
“On the 15th of November 2024, operatives from the Bori Division, acting on a tip-off, were mobilised to Luawii Community where Pelele and his gang were attempting to kidnap a site engineer.
“Upon sighting the operatives, the hoodlums opened fire, resulting in a fierce crossfire, during which Pelele was fatally wounded. His accomplices escaped with various degrees of bullet wounds.
“Items recovered from the suspect include one AK-47 rifle, two magazines, and 10 rounds of live ammunition.”
She further stated that investigations are ongoing to track down the fleeing gang members, emphasizing the Command’s commitment to tackling crime and enhancing public safety in the state.
Notorious cultist, Pelele, gunned down in Rivers
metro
Court stops police from arresting 68 Obaseki’s allies
Court stops police from arresting 68 Obaseki’s allies
metro
26 dead, 59 missing as Israel hits Gaza, Lebanon in deadly strikes
26 dead, 59 missing as Israel hits Gaza, Lebanon in deadly strikes
Strikes by the Israel military killed dozens in Gaza on Sunday, the civil defence said, while also hitting a Hezbollah stronghold near Beirut’s international airport.
Israel has been fighting on two fronts since September, intensifying attacks on Lebanon’s Iran-backed Hezbollah after nearly a year of cross-border clashes alongside its war on Hamas in the Gaza Strip.
A year after the Gaza war was triggered by Hamas’s October 7 attacks on its south, Israel vowed to stop the Islamist militants from regrouping in the north of the Palestinian territory, launching a major assault there.
In the latest violence in the besieged Palestinian territory, the civil defence agency said Israeli air raids killed at least 46 people.
The deadliest strike, in the middle of the night in Beit Lahia in the north, killed 26 people, including women and children, and left at least 59 others buried under the rubble, said civil defence spokesman Mahmud Bassal.
Another strike killed 10 people in the Bureij refugee camp in central Gaza, where a separate strike on a house claimed the life of a woman, he said.
An Israeli drone strike killed five people in the southern city of Rafah, Bassal said, adding another strike killed three women and a child in the Nuseirat camp.
Hamas-run Gaza’s health ministry on Sunday said the overall death toll in more than 13 months of war had reached 43,846.
The majority of the dead are civilians, according to ministry figures, which the United Nations considers reliable.
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Hamas’s October 7, 2023 attack that sparked the war resulted in the deaths of 1,206 people, mostly civilians, according to an AFP tally of Israeli official figures.
– Lebanon rescuers mourned –
On Israel’s second front in the north, AFPTV footage showed several strikes hit Hezbollah’s south Beirut stronghold, shortly after the Israeli military warned people to evacuate.
Columns of smoke were seen rising over the capital’s southern suburbs, where Lebanon’s only international airport is located.
Further south, overnight Israeli air strikes and shelling hit the flashpoint town of Khiam, the Lebanese state-run National News Agency reported.
Following the bombardment, the Israeli army said about 20 projectiles were seen crossing from Lebanon into Israel, and that some of them were intercepted. Emergency services did not immediately report any casualties.
Israel has escalated its bombing of Lebanon since September 23 and has since sent in ground troops, following almost a year of limited, cross-border exchanges of fire begun by Hezbollah militants in support of Iran-backed Hamas in Gaza.
Its military on Saturday said Hezbollah had already “paid a big price”, but vowed to keep fighting until tens of thousands of Israelis displaced from the north can return home.
Israeli forces also shelled the southern area of Lebanon along the Litani River, the NNA said on Sunday.
The news agency had earlier reported strikes on the southern city of Tyre, including in a neighbourhood near UNESCO-listed ancient ruins. Israel’s military said late Saturday it had hit Hezbollah sites in the area.
In Lebanon’s east, the health ministry said an Israeli strike in the Bekaa Valley killed six people including three children.
Hezbollah said it fired a guided missile that set an Israeli tank ablaze in the southwestern Lebanese village of Chamaa.
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In eastern Lebanon, funerals were held for 14 civil defence staff killed in an Israeli strike on Thursday.
“They weren’t involved with any (armed) party… they were just waiting to answer calls for help,” said Ali al-Zein, a relative of one of the dead.
– Gaza famine alert –
Lebanese authorities say more than 3,452 people have been killed since October last year, with most casualties recorded since September.
Israel announced the death of a soldier in southern Lebanon, bringing to 48 the number killed fighting Hezbollah.
A UN-backed assessment on November 9 warned famine was imminent in northern Gaza, amid the increased hostilities and a near-halt in food aid.
Israel has pushed back against a Human Rights Watch report this week alleging that its mass displacement of Gazans amounts to a “crime against humanity”, as well as findings from a UN Special Committee pointing to warfare practices “consistent with the characteristics of genocide”.
A foreign ministry spokesman dismissed the HRW report as “completely false”, while the United States — Israel’s main military supplier — said accusations of genocide “are certainly unfounded”.
In Israel, police said they arrested three suspects after flares shot near the home of Prime Minister Benjamin Netanyahu in the central city of Caesarea, south of Haifa, while he was away.
Demonstrators in Tel Aviv on Saturday reiterated demands that the government reach a deal to free dozens of hostages still held in Gaza.
The protest came a week after mediator Qatar suspended its role until Hamas and Israel show “seriousness” in truce and hostage-release talks.
26 dead, 59 missing as Israel hits Gaza, Lebanon in deadly strikes
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