The U.S. Securities and Exchange Commission (SEC) has accused Odogwu ‘Dozy’ Mmobuosi, founder and CEO of Nigerian agritech startup Tingo, of leading a scheme to fake financial documents since 2019.
The SEC charges Mmobuosi and affiliated entities with inflating financial performance metrics to deceive global investors. This follows the recent suspension of Tingo Group’s shares.
The SEC aims to halt the spread of inaccurate information and protect corporate and investor assets. Mmobuosi allegedly obtained millions through fraudulent schemes, using funds for luxury expenses, including failed attempts to buy an English Football Club Premier League team.
SEC seeks a temporary restraining order to freeze assets and prevent money transfers. Ongoing investigation details involve charges of lying to auditors, insider trading, and failure to disclose stock sales.
Michael DiBattista, Christopher Mele, David Zetlin-Jones, Jeremy Brandt, Stephen Johnson, Elizabeth Baier, Gerald Gross, and Rebecca Reilly from the SEC’s New York Regional Office are conducting the ongoing investigation into Tingo. The supervision is under Tejal D. Shah. Mr. Zetlin-Jones, Mr. DiBattista, and Mr. Brandt led the litigation efforts.
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