US formally charges Nigerian billionaire, Mmobuosi, reveals case against him, he speaks from hiding

The US Federal Bureau of Investigation (FBI) has charged Nigerian billionaire and CEO of Tingo Group, Dozy Mmobuosi, with securities fraud, making false filings with the Securities and Exchange Commission (SEC), and conspiracy.

Mmobuosi was accused of inflating the company's financial statements

The Tingo boss is at large, the FBI stated.

Damian Williams, the US Attorney for the Southern District of New York, filed the charges alongside James Smith, the Assistant Director in Charge of the New York Field Office of the Bureau.

The charging document reveals that Dozy Mmobuosi allegedly plotted a massive plan to inflate the Tingo Group’s financials and make it appear as a profitable and cash-rich company when it is not.

BusinessDay reports that the Tingo Group came under fire in 2023 when the SEC accused the Group’s CEO and three other companies he leads of inflating their financial records to defraud investors. The charges described the scope of the alleged fraud as staggering.

The FBI said: “Defendants have booked billions of dollars worth of fictitious transactions through two Nigerian subsidiary companies Mmobuosi founded and controls, reporting hundreds of millions of dollars of non-existent revenues and assets. For example, Tingo Group’s FY 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7 million in Tingo Mobile’s Nigeria bank accounts. However, authentic bank records for the same accounts show a balance of less than $50 for that period,” the court document read.

Tingo CEO faces 46 years in jail

The new charges contain one count of conspiracy charge and could see the Nigerian entrepreneur face a maximum sentence of five years in prison.

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

Legit.ng reported that 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 leveled 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.