Tingo Group CEO Denies US SEC Fraud Allegations, Vows To Seek Legal Redress

In a defiant response to the allegations by the United States Securities and Exchange Commission (SEC), Mmobuosi Banye, also known as Dozy Mmobuosi, the CEO of Tingo Group has rejected the charges of multimillion-dollar fraud.

In a corporate filing dated 18 December 2023 the SEC accused Mmobuosi of misrepresenting his assets, stating that he claimed ownership of $461.7 million when he allegedly possessed less than $50 across all his accounts.

Mmobuosi, as well as three other US-based entities affiliated with Tingo—Tingo Group Inc, Agri-Fintech Holdings Inc., and Tingo International Holdings Inc, were charged by SEC in connection with an alleged multi-year scheme to inflate the financial performance metrics of these companies and key operating subsidiaries to defraud investors worldwide.

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This prompted the SEC to suspend Tingo, an agri-fintech company, from the US stock market on 16 November 2023, citing inadequate and inaccurate information about its assets.

Responding to these allegations, Mmobuosi released a statement on Friday, denying any wrongdoing. “The allegations are baseless,” he stated, expressing his determination to contest them with unwavering resolve.

“This complaint implicates Mr. Mmobuosi alongside three other corporate entities,” the statement read, hinting at the legal complexity of the matter.

Despite the situation undergoing legal scrutiny, Mmobuosi indicated his intention to address and resolve these allegations within the appropriate legal framework.

He emphasized his commitment to cooperating with the legal process, ensuring a comprehensive examination of the facts, and remained optimistic that the process would lead to his exoneration.

However, he refrained from further public statements on the advice of legal counsel.

This statement marks Mmobuosi’s firm stance in response to the SEC allegations, setting the stage for a legal battle while aiming for a thorough and fair resolution.