₦airaland Forum

StudyBarn:
Do keep quiet and take several seats, your ignorance is easily remedied by a single Google search rather than doubling down on nonsense. The SEC did not jail Madoff, they investigate securities fraud, manipulation and failure of corporate governance some of which are actually crimes but according to the SEC charter and that of it's close cousin the CFTC they can only bring CIVIL suits resulting in CIVIL pleas and settlements.

TopBanter:
Going through ke? Nigga is blacklisted in the UK for good. They don't play over there. Not least of all with Niggas who claim £50 is $460 million dollars.

The only thing the confirmed fraudster can buy in the UK today would be a portion of Fish and chips. With cash of course. 😂😂😂

Okoroawusa:
Tingo...Tingo...where did I hear that name before (* thinking)

Modified: I just made my research. These are serious allegations. Invictus Obi comes to mind. Let's see how this unfolds. For now I don't have any comment.

TopBanter:
Nedu666, irredeemable IPOB louts keep living in denial.

His Surname is not only Nigerian but specifically Anioma-Igbo. You guys are so intellectually poor yet you brag so much. 10 seconds online research you are incapable of.

nedu666:
Is he a Nigerian. Does that surname sound like a Nigerian

nedu666:
Is he a Nigerian. Does that surname sound like a Nigerian

The SEC charged Tingo Group, a Nigerian "agri-fintech" company with "massive fraud" this week, claiming that almost every aspect of the company - including its partners and its financials - was fabricated. Short seller Hindenburg Research had written about the company on June 6, calling it "an exceptionally obvious scam with completely fabricated financials".

In a release out Monday, the SEC announced that it obtained a temporary asset freeze, restraining order, and other emergency relief against the company's founder Dozy Mmobuosi for running an "alleged multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide".

"Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. and their Nigerian operating subsidiaries," the SEC wrote in a release earlier this week.

Among the more egregious examples of fraud the SEC alleged was the company claiming to have $461.7 million in cash when it had only $50 in its bank accounts:

Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts. In reality, those same bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022.

"Defendants also fabricated the customer relationships that formed the basis of their purported businesses," the SEC alleged. "Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes."

Antonia M. Apps, Regional Director of the SEC’s New York Regional Office, commented: “As alleged, Mmobuosi spearheaded a brazen scheme using phony records and fictitious entities to make the Tingo companies he controlled appear highly profitable, so that he could hoodwink investors and reap massive benefits at their expense. We filed this emergency action to expose Mmobuosi’s fraud and hold him accountable, while protecting investors from further harm.”

Hindenburg's Nathan Anderson noted that Deloitte Israel gave Tingo a clean audit opinion for 2022 and was seeking to work with the company for 2023. He called it an "astonishing audit failure" for a Big 4 firm.



"We think Tingo is a worthless and brazen fraud that should serve as a humiliating embarrassment for all involved," Hindenburg wrote at the end of their June report. Tingo responded shortly thereafter that the Hindenburg report was full of "misleading and libellous content".

TheOgaBoss:
where did u read that Lagos will sink by year 2000? any source?

OfficialAPCNig:
Nobody predicted the year 2000 oga.

The prediction has always been in the next 50 years, Lagos (not Lagos) state will sink.

Tinubu was busy sandfilling the ocean without knowing it has consequences.

Toneyo:
Same you will tell the people from the East to leave Lagos and develop their region. What's the hate about?

Akpaamunsi:
I Wonder what yorubas will do when Lagos disappears in 2100. Lagos is the only treasure that they can ever boast of in their entire lives.

horsepower102:
No some of them will rather fill up swamp and drainage channels.

The wise ones are already investing in the East. Cities that are more inland are actually shielded from the rising ocean levels and climate change effects.

Never4getU:
It's better to lose same territory to Russia but with America military there, Russia will think twice

tinsel:
He is telling you Ukraine is not a member of NATO. There is a limit to the aid NATO can provide them.

ottersberger:
You're a fvcking bastard. Sodd off.
self-servicer!

ottersberger:
You're obviously a waste of anyone's time.
You come off as an unhinged, uncouth lunatic. Go suck on Putin's dick you dilapidated bastard!.

Catapault:
THE FUNNIEST THING WILL BE WHEN THE JAPA BRIGADE ARE SETTLING IN THEIR NEW ABODES JUST BEFORE THE NUCLEAR BOMBS START DROPPING ON THEIR HOUSES.

THEN THEY WILL TRY TO GET ON YOUTUBE OR TWITTER, TO APPEAL TO THE NIGERIAN GOVT TO EVACUATE THEM, BUT NO MORE INTERNET CONNECTION!

MEANWHILE FOLKS IN NIGERIA WILL BE BALLING!

jmoore:
I said Ukraine is not part of NATO. Dude, stop bababluing.

jmoore:
You are obviously a novice in this topic.
A brief education for you: Finland is a member of NATO. Ukraine is not a member.