metro
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.”
READ ALSO:
- Court sends #EndBadGovernance protesters to prison
- Terrorists attack Yobe village, kill many, burn houses, shops
- Sea pirates abduct 10 maritime workers in Rivers
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
Ibadan Pastor ends 30-year-marriage over sex dispute with wife

Ibadan Pastor ends 30-year-marriage over sex dispute with wife
A Mapo Grade A Customary Court sitting in Ibadan on Friday acceded to prayers of one Pastor Olamide Agbejaife to end the 30-year cohabitation between him and his estranged wife, Mary, for frequently denying him sex denial and food poisoning.
Agbejaife, a resident of Olodo in Ibadan, told the court that his wife’s behaviour took a negative turn after he received a revelation in 2017 that he would marry another wife.
He claimed that since then, Mary had stopped engaging in sexual intimacy with him and had even attempted to poison him.
“On Dec. 6, 2021, I had a serious stomach upset after eating food given to me by Mary,” Agbejaife said.
“She also cursed me on several occasions without reason.
“After our first child was born in 1995, she started leaving our home without permission, often without providing any explanation.
“In fact, when I underwent surgery in 2022, Mary abandoned me for 14 months and only resurfaced later.”
READ ALSO:
- BREAKING: Protest in Rivers over emergency rule [VIDEO]
- Ekiti govt engages Muslim leaders after Mosque demolition tension
- Kemi Olunloyo angry, disowns family after father’s death
Agbejaife also revealed that Mary had told someone he had died after a poisoning incident.
In her response, Mary, a trader, pleaded with the court not to terminate their 30-year relationship, expressing her desire to enjoy the fruits of her labour and the children they had together.
“Agbejaife was the one who stopped having sexual intimacy with me and even moved out of the house,” Mary told the court in her defence.
“We have never had any physical fights, although we did quarrel occasionally,” she admitted.
Delivering judgment, the court’s President, Mrs O.E. Owoseni, ruled that Agbejaife and Mary were free to go their separate ways, as Mary was no longer interested in the relationship.
Owoseni pointed out that the union was not a valid customary marriage in the first place because the petitioner, Agbejaife, had not paid the bride price to the respondent.
Citing various sections of the law, the court held that none of the evidence provided by either party indicated that a dowry had been paid.
” This is a fundamental requirement for a valid customary marriage in Nigeria,”she said.
The court also struck out the prayer seeking to restrain Mary from harassing, threatening, or interfering with Agbejaife’s private life, as Agbejaife did not provide sufficient evidence to support his claim.
Ibadan Pastor ends 30-year-marriage over sex dispute with wife
(NAN)
metro
BREAKING: Protest in Rivers over emergency rule [VIDEO]

BREAKING: Protest in Rivers over emergency rule [VIDEO]
A large group of women have protested the suspension of Governor Siminalayi Fubara and the ongoing emergency rule in the state.
The demonstrators gathered outside the State Government House in Port Harcourt and led a procession through the streets of the city.
Chanting songs in solidarity with the suspended governor and holding placards, the women demanded the restoration of democratic leadership.
Governor Fubara was suspended in a controversial manner in March after President Bola Ahmed Tinubu declared a state of emergency in the state. The federal government appointed retired Vice Admiral Ibok-Ete Ibas as Sole Administrator to oversee affairs for an initial period of six months.
However, the protesting women accused the federal government of using the emergency rule to push a political agenda, not to address any real security threat.
READ ALSO:
- Ekiti govt engages Muslim leaders after Mosque demolition tension
- Kemi Olunloyo angry, disowns family after father’s death
- Amnesty Int’l slams NBC over ban of Eedris Abdulkareem’s song
“This imposition is not driven by any genuine threat to national security but is clearly a politically motivated manoeuvre aimed at subjugating our people and undermining our constitutional democracy,” the women said in a statement titled “Liberation Walk and Call for the Restoration of Democratic Leadership.”
They criticised the Sole Administrator, accusing him of acting beyond his powers and trying to take control of the state unjustly.
The protesters questioned why a state like Rivers, which has remained relatively peaceful, is under emergency rule, while more troubled states like Borno, Zamfara, and Kaduna have not received the same treatment.
“What we are witnessing is not governance—it is occupation. Not democracy, but autocracy,” the women declared.
The group made several demands, including: immediate reinstatement of Governor Fubara and other democratic institutions in Rivers State; an end to the military-style emergency rule, which they described as unconstitutional and unjustified; intervention from respected Nigerian leaders and diplomats to help reverse the decision; support from civil society and the international community to defend democracy in Rivers State.
They warned that women and youths in the state would no longer remain silent in the face of what they called repression and political takeover.
“Rivers State is the heart of the Niger Delta. Peace has prevailed in our communities. We will not allow anyone to steal our voices or subvert our will. Democracy must be restored,” the statement by the protesters added.
BREAKING: Protest in Rivers over emergency rule [VIDEO] pic.twitter.com/j4pA8FZm2q
— Newstrends.Ng (@Newstrends_ng) April 11, 2025
BREAKING: Protest in Rivers over emergency rule [VIDEO]
metro
Ekiti govt engages Muslim leaders after Mosque demolition tension

Ekiti govt engages Muslim leaders after Mosque demolition tension
The Ekiti government has engaged in peace talks with Muslim leaders under the aegis of the Supreme Council for Islamic Affairs (SCIA) in a bid to ease tensions following the demolition of a mosque in Aramoko LGA in the state.
Deputy Governor Monisade Afuye, who met with the religious leaders, assured them that the administration of Governor Biodun Oyebanji remains committed to religious harmony and peaceful coexistence.
The mosque in question was allegedly demolished to pave the way for an ultra-modern market, a constituency project of Senate Leader and Ekiti Central Senator, Opeyemi Bamidele.
Speaking during the meeting, Afuye stated that the Alara-in-Council, led by the Alara of Aramoko Ekiti, Oba Olu Adeyemi, had already allocated another plot of land for the rebuilding of the mosque.
She urged the Muslim community to remain calm and assured them of the government’s commitment to justice.
READ ALSO:
- Kemi Olunloyo angry, disowns family after father’s death
- Amnesty Int’l slams NBC over ban of Eedris Abdulkareem’s song
- Defamation: Falana urges Akpabio to sue without involving police
“I am even happy that the Alara of Aramoko Ekiti is a Muslim leader. He can’t be in a place where you will be cheated,” Afuye said.
“We will convene a stakeholders’ meeting soon to ensure a peaceful resolution.”
The Deputy Governor added that the Senate Leader’s project was intended to develop the town in a way that benefits all residents, including Muslims, and that the provision of a new plot for the mosque shows the community’s respect for Islamic worshippers.
In response, SCIA President, Dr. Hameed Bakare, commended the government’s swift intervention and expressed hope for a timely and amicable resolution.
“We want this matter resolved quickly. We believe Governor Oyebanji will not allow it to fester,” he said.
Chief Imam of Aramoko Ekiti, Alhaji Abdul-Raheem Bamigbola, raised concern that two mosques had been demolished in the community within six months for development projects, with little effort made to rebuild them.
He stated that while the Muslim community supports development, their place of worship must be restored at a suitable location.
“We appreciate Senator Bamidele’s developmental strides, but he must fulfill his promise to build another mosque for us,” the Imam said.
Ekiti govt engages Muslim leaders after Mosque demolition tension
-
metro2 days ago
Why Obi’s 15-year-old supporter is in prison — Lawyer
-
metro2 days ago
Nigerian woman admires polygamy, seeks co-wife for husband
-
Education1 day ago
Easiest way to pass UTME, by JAMB registrar Oloyede
-
metro1 day ago
INEC names Sam Olumekun as acting chairman
-
Sports3 days ago
Champions League: Arsenal stun Real Madrid 3-0 as Rice delivers free-kick masterclass
-
metro3 days ago
Perish your 2027 presidential ambitions, APC tells Atiku, el-Rufai
-
Business2 days ago
Fear over 2025 FG revenue target after oil price crash
-
metro1 day ago
‘We’re sorry,’ Presidency apologises over errors in federal appointments list