The United States has filed criminal charges against Odogwu Mmobuosi, a Nigerian fintech businessman, popularly known as Dozy Mmobuosi.
In an indictment made public on Tuesday, Mmobuosi, 45, the former co-chief executive officer of Tingo Group, was accused of conspiracy, securities fraud, and falsifying records with the US Securities and Exchange Commission (SEC).
According to the charge, Mmobuosi was alleged to have falsely presented his Tingo mobile cellular business and Tingo foods agriculture business as profitable, generating hundreds of millions of dollars of revenue.
He was alleged to have sold both businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray the businesses as “cash-rich, revenue-generating companies,” and looted millions of dollars by misappropriating cash and selling stock at inflated prices.
Prosecutors allege that the scheme occurred from 2019 to 2023.
According to Reuters, Mmobuosi is said to be at large.
Mmobuosi temporarily stepped down as Tingo Group’s co-CEO on December 20, two days after the SEC filed civil charges accusing him for “orchestrating a staggering fraud”.
Mmobuosi allegedly stole at least $16 million from Tingo Group, according to the SEC.
The commission claimed that Mmobuosi attempted to purchase Sheffield United football club when it was in the lower Championship league, while purchasing luxury automobiles and embarking on private plane trips with the money.
According to the SEC complaint, Tingo Mobile purports to supply cellphones and related services to farmers in Nigeria, while Tingo Foods is a purported food processor.
The suit is U.S. v. Mmobuosi, U.S. District Court, Southern District of New York, No. 23-cr-00601.
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
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.
