Nigerian billionaire breaks silence on US fraud allegation, steps down as co-CEO

The founder of Tingo, Dozy Mmobuosi, has stepped down as Interim Co-Chief Executive Officer and Member of the Board of Directors of Tingo group.

This is in reaction to allegations of fraud levelled against him and his group of companies by the United States Securities and Exchange Commission (SEC).

In a statement released on Friday, December 22, 2023, Mmobuosi described the allegations as untrue and baseless.

The statement from Mmobuosi reads: "Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he will contest them with unwavering resolve."

As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.

"It is Mmobuosi’s intention to address and resolve these allegations within the appropriate legal framework.

"He is committed to cooperating with the legal process to ensure a thorough and fair examination of the facts, which he believes will ultimately lead to his exoneration.

"We appreciate the understanding of the media and the public during this time and request respect for the legal process and the principles of justice.”

The company also announced the appointment of co-CEO, Mr. Ken Denos as the interim group CEO until further notice.

Details of the charges against Tingo

According to the SEC, Mmobuosi is being charged with an alleged multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide.

SEC also noted that it seeks emergency relief to prevent the defendants' continued dissemination of false information to investors and protect corporate and investor assets.

The commission added that Mmobuosi was being charged with lying to auditors, insider trading, and failing to file Form 4 disclosing the sales of millions of Agri-Fintech common stock for which he was the ultimate beneficial owner.