Dapromzy333's Posts
Nairaland Forum › Dapromzy333's Profile › Dapromzy333's Posts
1 2 3 4 5 6 7 8 9 10 11 12 (of 50 pages)
The student community in Ekosodin, Edo State, was gripped by panic on Saturday morning after a storey building on Ekhator Street, Benin, collapsed during an early morning downpour. The area, which borders the University of Benin, houses a significant number of students who live there due to a lack of on-campus accommodation. Reports obtained by News360 Nigeria indicate that some of the trapped students have been rescued, while search efforts are ongoing for others. According to an eyewitness, a university rescue team successfully evacuated several occupants, though many were severely injured. The injured victims were rushed to nearby hospitals for urgent medical care. “The rescue team is still searching for one of the victims who remains trapped inside the rubble, called from inside and the rescue team has continued its search to locate and rescue her and others who are still trapped,” the student said. The Dean of Student Affairs is said to be on the scene, coordinating rescue efforts alongside the university team. As of the time of this report, the university management has yet to release an official statement regarding the cause of the collapse or the total number of individuals affected by the incident. When our correspondent contacted the State Fire Service, an official in the control room, who identified himself as Sylvester, said that three of its trucks were there to assist in the rescue. “Our men are on ground to help in the rescue mission,” he added. https://news360ng.com/tension-as-building-collapses-in-edo-man-students-trapped/ |
Tragedy struck at Warrake Road in Owan East Local Government area of Edo State on Thursday as the campaign convoy of the candidate of the All Progressives Congress (APC), for the September 21 governorship election in the state, Senator Monday Okpebholo, rammed into a Toyota Camry car, crushing five of the occupants of the car to death. According to a video obtained by News360 Nigeria the accident occurred on the Warrake Road around Uzebba axis in Owan West Local Government Area in Edo State on Thursday evening. The driver of the car, Emmanuel Edionwe, and four other occupants were said to have died on the spot, while another victim was rushed to the Irrua Specialist Hospital, where he is said to be in critical condition. A source who witnessed the accident said that the campaign convoy was on a neck-breaking speed when, while the Toyota Camry car in which the victims were travelling was attempting to negotiate a bend, when one of the vehicles in the convoy veered off and ran headlong to the car. The deceased were said to be returning from a funeral ceremony when they met their death in the tragic accident that left the families of the deceased traumatised and devastated. The bodies of the deceased were said to have been deposited at the Edo State University, Uzaurie Mortuary in Etsako West Local Government Area of the state. A relative of Emmanuel Edionwe, one of the deceased, who spoke on the condition of anonymity, said: “We are devastated beyond words. Emmanuel was a good, easy-going boy who should not be dead today. “He and his friends were driving in the Silver Camry car. After the accident, we just learnt that five of them have died after the collision with Okpebholo’s convoy. Emmanuel and four of his friends are dead. There is just one of them who is in critical condition and is now being nursed to life at the hospital”, the relation explained. The family source explained that Edionwe died at the Irrua Specialist Hospital (ISH) in Irrua, where he was later transferred to for specialist care. “Officials of the Federal Road Safety Corp (FRSC) that evacuated the bodies from the scene of the accident. Four of them died yesterday (Thursday). One died this morning. There is only one surviving person in critical condition”, he added. The source disclosed that while Senator Okpebholo checked on the victims in the hospital they had been rushed to in Auchi after the accident, the APC campaign council had refused to acknowledge the incident or even commiserate with the affected families. https://news360ng.com/edo-guber-5-killed-as-monday-okpebholos-convoy-involves-in-tragic-accident/
|
Minister of the Federal Capital Territory, Nyesom Wike, has vowed not to support Rivers State Governor, Siminalayi Fubara, in his political life again.https://news360ng.com/just-in-i-will-never-support-fubara-again-in-my-political-career-wike/
|
Tyrese Haspil, a 25-year-old American, has been sentenced to 40 years to life in prison for the murder of his former boss, Fahim Saleh, in New York City, News360 Nigeria reports. Saleh, 33, was the founder and CEO of the Nigerian transportation company, Gokada. Haspil, who served as Saleh’s executive assistant, was convicted of first-degree murder, second-degree grand larceny, and other charges by a New York State Supreme Court jury two months ago. The sentencing follows Haspil’s shocking crime in July 2020, where he embezzled funds from Saleh and subsequently killed him to cover his tracks. Manhattan District Attorney Alvin Bragg Jr. commented on the case, stating, “Today, Tyrese Haspil is facing accountability for brutally murdering and decapitating Fahim Saleh, a kind, generous, and empathetic person who positively impacted the world.” Bragg continued, “Even after the defendant stole from him to fund a lavish lifestyle, Mr. Saleh still gave him a second chance. While today’s sentence won’t bring Mr. Saleh back, I hope it provides his family a sense of closure as they continue to mourn his painful loss.” Prosecutors revealed that surveillance footage captured Haspil entering Saleh’s Lower Manhattan apartment building on July 13, 2020, following him into the elevator. Once inside the apartment, Haspil used a taser on Saleh before stabbing him repeatedly, resulting in Saleh’s death. The next day, Haspil returned to dismember and decapitate Saleh’s body, placing the parts in construction bags, as documented by the district attorney’s office. Saleh’s cousin discovered the grisly scene after not hearing from him for 24 hours and promptly alerted the police. Haspil was apprehended four days later at an Airbnb he had rented to celebrate his girlfriend’s birthday. Haspil had been embezzling funds from Saleh since 2018, setting up fake PayPal and corporate bank accounts to funnel the money. Despite resigning in May 2019, Haspil continued his fraudulent activities, ultimately stealing approximately $400,000. The Gokada founder’s company issued a tribute following his death, stressing his dedication to Nigeria and its youth. “Fahim believed that technology could transform lives and improve safety and efficiency. He built Gokada to act upon these beliefs,” the statement read. Gokada, which started as a ride-hailing service in Nigeria in 2017, expanded into logistics and food delivery in 2020. CREDIT: https://news360ng.com/fahim-saleh-american-man-bags-40-years-jail-term-over-murder-of-nigerian-ceo/
|
https://www.youtube.com/watch?v=AJWZqSBWM0o Peter Obi, the former Labour Party presidential candidate and ex-governor of Anambra State, has expressed his willingness to accept a vice-presidential position if he encounters someone he believes is better suited to lead Nigeria forward. In an interview with New Central TV, Obi highlighted that his primary concern is Nigeria's development, particularly as the 2027 general election approaches. When asked if he would consider being a vice-presidential candidate, Obi said, “Obi said: “Quite frankly, for me, I’m not desperate to be Nigerian president. I am desperate to see Nigeria work. If I see people who can do the work better, I will (consider being Vice President). “I even have people who say I should not come out in 2027 and I said to them, offer yourself. And we will not put everybody on a scale.” Obi reaffirmed his loyalty to the Labour Party, though remains open to working with others who share his vision for the country. “I will stay with the Labour Party. However, if anyone seeks collaboration or alliance, they must clearly state their objectives. I am not interested in joining forces for political gain or to merely win an election. What matters to me is addressing crucial issues like getting every child into school and tackling the problem of out-of-school children,” Obi explained. Meanwhile, the party’s National Working Committee (NWC), led by Julius Abure, recently called on the Economic and Financial Crimes Commission (EFCC) and the National Security Adviser (NSA) to investigate Obi and several other notable figures, including activist Aisha Yesufu and Pastor Itua Ighodalo. The investigation is regarding alleged mismanagement of campaign funds during the 2023 election cycle. At a press conference in Abeokuta, the Labour Party’s factional National Publicity Secretary, Abayomi Arabambi, accused Obi and his associates of diverting over N12 billion and $15 million intended for the presidential campaign. Arabambi described Obi as a “political profiteer,” orchestrating the diversion of these donations. Arabambi also criticised Yesufu’s public defense in response to these accusations, calling her statements a smokescreen to conceal the truth. CREDIT: https://news360ng.com/am-open-to-run-as-vice-presidential-candidate-if-peter-obi/
|
The Owa-Obokun of Ijesaland, Oba Gabriel Adekunle Aromolaran, has passed away at the age of 86, News360 Nigeria reports The monarch’s death was officially confirmed by the Asiwaju of Ijesaland, Chief Yinka Fasuyi, in a statement made in Osogbo, the Oyo State capital. Oba Aromolaran had been ailing for some time, and his health had raised concerns before the official announcement of his passing. In a heartfelt tribute, Chief Fasuyi remarked that the monarch’s demise marks the end of an era, acknowledging Oba Aromolaran’s long-standing reign and significant impact on Ijesaland during his time on the throne. The tribute reads: “A Monumental History Closes! The Lion Departs The Forest! The Torch Bearer Of Oduduwa Relocates! The Symbol Of Obokun Adimula Transits! The Elegance Of Ijesaland Royalty Takes A Bow! “The Pride Of Yoruba Traditional Intellectualism Exits! The Conscience Of Yoruba Traditional Rulers Departs! “The Last Of The Titans Bids Farewell! Ijesaland Celebrates The Life Of Her Idol! Ijesaland Extolls The Life Of Our Imperial Majesty! “Ijesaland Eulogises The Reign Of Our Owa Obokun Adimula! Ijesaland Applauds The Legacy Of Our Paramount Ruler! “42 Years Of Monumental Reign Comes To A Glorious End! “Ijesa Women and Men, Young and Old, At Home and In The Diaspora In Unison Say Adieu To Our Baba Kaaaaaaabiyeeesiiiii Alaiyeluwa Oba (Dr) Gabriel Adekunle Aromolaran 11, CFR, LL.D.; the Owa Obokun Adimula and Paramount Ruler of Ijesaland.” https://news360ng.com/breaking-owa-obokun-of-ijesaland-oba-gabriel-adekunle-passes-away-at-86/
|
Previous Thread: https://www.nairaland.com/8211441/apc-pulls-out-edo-election Senator Monday Okpebholo, the All Progressives Congress (APC) candidate for the Edo governorship election, has signed the Peace Accord, despite his party's earlier decision to abstain.CREDIT: https://news360ng.com/monday-okpebholo-signs-peace-accord-amid-apcs-initial-resistance/
|
Less than two hours before the signing of the Peace Accord between contending political parties ahead of the September 21 governorship election, the All Progressives Congress (APC) said it was not disposed to signing the peace accord, News360 Nigeria gatheredhttps://news360ng.com/breaking-apc-withdraw-from-peace-accord-signing-ahead-of-edo-guber/
|
President Bola Ahmed Tinubu visited King Charles at Buckingham Palace to discuss and reinforce the diplomatic ties and partnership between Nigeria and the United Kingdom. The meeting, as reported by presidential aide Segun Dada, focused on continuing and strengthening the relationship between the two nations. The visit marks the second meeting between President Tinubu and the British monarch, with their first encounter taking place in November 2023, during the United Nations Conference on Climate Change (COP 28) in Dubai, United Arab Emirates. News360 Nigeria gathered that the details of the discussions remain undisclosed, but the continued engagement between the UK and Nigeria highlights mutual interest in global issues and economic growth. CREDIT: https://news360ng.com/tinubu-meets-king-charles-at-buckingham-palace/
|
The chairman of the Nigeria Union of Local Government Employees (NULGE) in the Akure South local government area of Ondo State, Oluwatuyi Olasoji, is dead.https://news360ng.com/nulge-chairman-slumps-dies-on-fuel-queue-in-akure/
|
The House of Representatives on Monday accused management of Bureau for Public Enterprise (BPE) of wasting about N10 billion on registration of two companies for the Nigeria Postal Service, only for the companies to fold up one year after take-off, News360 Nigeria reports.https://news360ng.com/reps-panel-grill-bpe-executives-over-n10-billion-spent-on-failed-nipost-companies/
|
The Nigeria Labour Congress (NLC) has issued a Monday midnight ultimatum to the Federal Government, demanding the unconditional release of its President, Joe Ajaero, News360 Nigeria reports.https://news360ng.com/breaking-nlc-issues-midnight-ultimatum-to-fg-over-ajaeros-detention/
|
Men from the Department of State Services (DSS) have reportedly invaded the Abuja office of the Socio-Economic Rights and Accountability Project (SERAP) News360 Nigeria reportsCREDIT: https://news360ng.com/breaking-nigerias-secret-police-raid-serap-office-in-abuja/
|
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the apparently illegal and unconstitutional increase in the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets.” SERAP urged him to “direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies “to probe the allegations of corruption and mismanagement in the NNPC, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers, despite allegedly failing to remit oil revenues to the treasury.” SERAP said, “Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.” In the open letter dated 7 September 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.” SERAP said, “Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector.” The letter, read in part: “Rather than pursuing public policies to address the growing poverty and inequality in the country, and holding the NNPC to account for the alleged corruption and mismanagement in the oil sector, your government seems to be punishing the poor. “The increase in petrol price has rendered already impoverished citizens incapable of satisfying their minimum needs for survival.” “The increase is not inevitable, as it stems from the persistent failure of successive governments to address allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.” “Corruption in the oil sector and the lack of transparency and accountability in the use of public funds to support the operations of the NNPC have resulted in persistent and unlawful hike in petrol prices.” “Holding the NNPC to account for alleged corruption and mismanagement in the oil sector would serve legitimate public interests.” “The increase is causing immense hardship to those less well-off. We are concerned that as the economic situation in Nigeria deteriorates, the increase in petrol price is pushing people further into poverty.” “We would be grateful if the recommended measures are taken within 48 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.” “Increasing petrol prices at a time when millions of Nigerians continue to face worsening economic conditions is entirely inconsistent with your government constitutional and international obligations to ensure the minimum living conditions compatible with human dignity.” “The arbitrary increase has placed a disproportionate burden on the marginalized and most vulnerable sectors of society, particularly those disadvantaged by poverty.” “The increase is seriously jeopardizing their living conditions, well as individuals’ physical, emotional, and individual development, and intensifying and worsening socioeconomic conditions in the country.” “The increase constitutes a serious human rights problem because of the intensity with which it undermines the enjoyment and exercise by Nigerians of their human rights and renders their civic participation illusory.” “The fundamental right to life includes not only the right of every Nigerian not to be deprived of his/her life arbitrarily, but also the right that he/she will not be prevented from having access to the conditions that guarantee a dignified existence.” “The growing poverty and inequality in the country has continued to adversely affect the right of Nigerians to participatory democracy, and impede their ability to participate in their own government.” “Persistent increase in petrol prices keep people in poverty which in turn perpetuates discriminatory attitudes and practices against them.” “Your government has a legal obligation to mobilize the maximum of the country’s available resources to ensure people’s socio-economic rights and to protect the most vulnerable and disadvantaged Nigerians.” “Your government also has the legal obligations to probe and prosecute allegations of corruption and mismanagement in the NNPC, and to ensure access to justice and effective remedies for victims of corruption.” “Investigating and prosecuting allegations of corruption and mismanagement in the oil sector would be entirely consistent with the Nigerian Constitution, and the country’s international anti-corruption obligations.” “Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices’ including in the NNPC.” “Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’” “Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’” “According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.” “The price of the product increased to N855 per litre, from about N600, and in some instances above N900 per litre. The apparently unlawful increase in petrol price followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.” “The NNPC reportedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation.” https://news360ng.com/reverse-unlawful-petrol-price-hike-investigate-nnpcl-serap-gives-tinubu-ultimatum/
|
News360 Nigeria enumerates in this post, six key facts about the petrol from Dangote’s refinery. Following the launch of petrol sales by Dangote Refinery on Tuesday, Nigerians have been discussing the distinct colour of the petrol, which is colourless and transparent. This is a noticeable departure from the yellowish hue many are accustomed to, raising questions about its quality and standards. This shift towards colourless petrol by Dangote Refinery symbolizes not only a change in appearance but also a commitment to higher fuel standards and environmental sustainability in Nigeria. Below are six key insights into the appearance of Dangote Refinery’s petrol 1. Why it’s colourless The transparent look of Dangote Refinery’s petrol is primarily due to the high ethanol content. Experts have clarified that petrol can take on different colours based on the additives used, and a clear, colourless appearance signals a significant level of ethanol. 2. Impact on vehicle engines Ethanol-enriched petrol has several benefits for vehicles, including improved engine performance and enhanced longevity. This cleaner fuel helps avoid the engine issues often seen with lower-grade petrol. 3. Environmental benefits Ethanol also contributes positively to reducing harmful emissions. The oxygen-rich fuel lowers the production of pollutants like carbon monoxide, making it a more environmentally friendly option. 4. What petrol colours signify The colour of petrol varies based on the additives it contains. For example, red petrol often signifies the presence of octane, while green may indicate a higher octane level. Yellow petrol typically lacks lead, and transparent petrol, like Dangote’s, is a result of ethanol use. 5. Alignment with U.S. standards The chairman of Dangote Industries has stated that the petrol produced at the refinery meets the high standards seen in the U.S., where transparent petrol is common. In the U.S., additives may be used to differentiate fuel types, but transparency remains a sign of quality fuel. 6. Setting a new standard in Nigeria By offering high-quality, ethanol-enriched fuel, Dangote Refinery is setting a new benchmark for fuel quality in Nigeria. This is expected to improve vehicle performance, reduce environmental impact, and potentially lower the country’s reliance on imported fuel. https://news360ng.com/six-key-facts-about-dangotes-petrol/
|
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has interrogated former Minister of Labour and Employment, Dr. Chris Ngige, regarding his involvement in alleged contracts and job racketeering during his tenure.https://news360ng.com/icpc-squeezes-ex-minister-chris-ngige-over-nsitf-contracts-job-racketeering/
|
CREDIT: https://news360ng.com/we-are-not-afraid-of-death-bandit-kingpin-bello-turji-dares-nigerian-govt-in-new-video/
|
Vice President Kashim Shettima has summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.https://news360ng.com/breaking-vp-shettima-invite-lokpobiri-kyari-nsa-over-fuel-price-hike/
|
The Department of State Services (DSS) has announced the redeployment of its Director of Public Relations and Strategic Communications, Dr. Peter Afunanya.CREDIT: https://news360ng.com/just-in-peter-afunanya-removed-as-dss-spokesman-in-major-reshuffle/
|
Gunmen have reportedly shot a security guard at the Action People’s Party (APP) secretariat in Port Harcourt, Rivers State.Credit: https://news360ng.com/breaking-again-gunmen-attack-app-secretariat-in-rivers-open-fire-on-security-guard/
|
Gunmen on Tuesday night killed two vigilante members guarding the headquarters of Isiala-Mbano Local Government Area of Imo State. News360 Nigeria gathered that the gunmen also set cars parked at the council headquarters ablaze. Eyewitness said the gunmen stormed the s3cretariat around 8.30pm and shot sporadically, killing two vigilante members on duty and setting part of the council building on fire. Another eyewitness said, “Two security men at Isiala-Mbano council headquarters have been shot dead. The hoodlums also set ablaze a larger portion of the council building and several vehicles parked in the premises. Many others escaped with various degrees of injuries. “There is palpable fear in Umuelemai, the LG headquarters because people, as I speak, have fled to neighbouring villages.” When contacted, the state police command’s spokesman, Henry Okoye, said, “The command has deployed tactical teams to apprehend those responsible for this crime.” Credit: https://news360ng.com/gunmen-attack-isiala-mbano-lga-headquarters-in-imo-kill-two-security-operatives/
|
The administration of President Bola Tinubu seems to have increased petrol prices from N650 to N855 per litre, based on pump price displays at NNPC stations on Tuesday, News360 Nigeria . This development comes amid ongoing fuel scarcity and crisis, with prices on fuel dispensers at government-owned NNPC stations in Lagos and Abuja reflecting N855 per litre. This increase aligns with concerns over the country’s current foreign exchange challenges and rising fuel landing costs. Other filling stations also adjusted their prices, with some showing N897 per litre by Tuesday morning. In response to the situation, Femi Soneye, the spokesperson for NNPC, stated, “I’m not aware. But I’ll find out,” when questioned by News360 Nigeria. Fuel prices have dwindled between N580 per litre to N700 per litre since Mr Tinubu became president and announced the removal of fuel subsidies in 2023. But in recent weeks, the nation has suffered an acute fuel scarcity that led the few stations with fuel to sell at exorbitant prices above N900 per litre while black market prices exceeded N1,000. On Thursday, the Tinubu government issued a statement denying reports that pegged the official fuel increase to N1,000. “The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said the statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri. https://news360ng.com/breaking-nnpc-increases-pump-price-to-855-amidst-fuel-scarcity/
|
https://news360ng.com/matawalle-leads-service-chiefs-to-sokoto-to-tackle-banditry-video/
|
President Bola Ahmed Tinubu has appointed a new board for the Bank of Industry (BoI) Limited, signaling a fresh start for the nation’s premier development finance institution.https://news360ng.com/tinubu-appoints-new-directors-for-boi-names-mansur-muhtar-as-chairman/
|
Dada Yar’adua, the mother of Nigeria’s former President, Umaru Yar’adua, and former Vice President, Shehu Yar’adua, has passed away.https://news360ng.com/breaking-dada-yaradua-mother-of-ex-president-umaru-yaradua-is-dead/
|
The US Securities and Exchange Commission has imposed a $250 million penalty on Nigerian businessman and a former CEO of Tingo Group, Dozy Mmobuosi, for inflating the company’s financial performance. The SEC’s investigation, which began in 2023, revealed that Tingo Group and its subsidiary, Tingo Mobile, falsely reported substantial revenue and cash reserves, News360 Nigeria gathered. The actual cash balance of Tingo Mobile’s Nigerian accounts was found to be significantly less than reported, leading to charges of fraudulent financial reporting. In addition to the fine, Mmobuosi has been barred from serving as a director of any public company. The SEC’s judgment also enjoins Tingo Group and its associated entities from violating securities fraud provisions. Despite Tingo Group’s denial of the charges, neither Mmobuosi nor the company presented a defence in the civil complaint, resulting in a default judgment by the court. On December 18, 2023, The PUNCH reported that Mmobuosi was to face charges from the Securities and Exchange Commission of the United States for falsifying financial statements and other records of three Tingo Group companies, including Tingo Mobile and Tingo Foods Plc. The SEC opened an investigation into Tingo Group in 2023 and filed charges against the company and its CEO in December. The company, which has often described itself as an agri-fintech and reported millions of dollars in revenue, was listed on the NASDAQ. According to a statement quoted in The Cable report on Monday, “On August 29, the SEC said the US district court for the southern district of New York entered final judgments against Mmobuosi, also known as Dozy Mmobuosi, and three US-based entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc, on August 28. “Mmobuosi was accused by the SEC of a multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to allegedly defraud investors worldwide. “On December 18, 2023, the SEC charged Mmobuosi for providing “false information to investors,” and “orchestrating a staggering fraud”. “Two days later, Mmobuosi temporarily stepped down as Tingo Group’s co-CEO. “A month before he stepped down, the SEC suspended trading in the securities of Tingo Group.” The US SEC said, “The SEC alleged that the company inflated its financial performance. One of its subsidiaries, Tingo Mobile, reported cash and cash equivalents of $461.7 million for 2022 in its Nigerian bank accounts, but its actual bank balance was less than $50. “The judgments, entered on the basis of default, enjoin Mmobuosi, Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings from violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.“ On August 27, 2024, Mmobuosi told News360 Nigeria that the said multimillion-dollar fraud allegations levelled against him were baseless. Mmobuosi stated this during a press conference at the Tingo House on Victoria Island, Lagos. Despite Tingo’s denial of the charges, the company and its CEO did not enter a defense in the civil complaint, said the Financial Times. “Judge Jesse M. Furman of the US District Court for the Southern District of New York ordered Mmobuosi and his three US-based entities to pay more than $250mn in fines.” Despite its grand claims, Tingo has long been regarded as curious, given how little was known about the company. The practices of Mmobuosi’s companies attracted significant scrutiny last year when Hindenburg Research, a US-based short-seller, released a report that labelled Tingo Group as an “exceptionally obvious scam.” The report caused Tingo’s stock price to plummet by more than 60 per cent on the day of the release and raised serious questions about the legitimacy of Mmobuosi’s operations. The SEC’s charges against Mmobuosi and his companies were filed shortly after the agency suspended trading in the shares of Nasdaq-listed Tingo Group and Agri-Fintech Holdings. The SEC cited, “questions and concerns regarding the adequacy and accuracy of publicly available information” as the basis for the trading suspension, further eroding investor confidence in the firms. Mmobuosi rose to prominence and gained international attention in early 2023 with his bid to purchase Sheffield United. This club had been competing in the English Premier League but has since been relegated to the second tier of English football. The proposed acquisition, which never materialised, was part of Mmobuosi’s broader strategy to position himself as a global business leader. On February 5, 2023, mystery surrounded the wealth of Sheffield United‘s proposed new owner, Mmobuosi after it emerged that the value of his tech company plummeted by around $8 billion (£6.7 billion) in the past year. Mmobuosi has been described as a billionaire whose reported £90 million takeover of the stricken Championship club could rescue them from financial dire straits. https://news360ng.com/us-court-orders-tingo-ceo-dozy-mmobuosi-to-pay-250-million-fine-over-securities-fraud/
|