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".

Chinjo2:
This is really bad. Why commit such fraud in a country that works and you think you won't be cought? Please let them use him to set example for tarnishing the image of well meaning Nigerias that are doing legit business both home and abroad.

nedu666:



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

nedu666:



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

nedu666:



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

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.

DomPerignon:


Nah Fred Ajidua brother


That IPOB lout will now deny Dozy as being Delta just as they deny Nzeagwu

Whenever it suits them , they will embrace Delta Ibos but whenever it is no longer convenient , they will deny them as not being Ibo.

nedu666:



Bla bla bla. When are you going to join hamas. Are you not the same person operating the following
Godhatesjews
ChiefJusticeFuc
Hilterwasright
Telavivbomber
Deathtojews
Holocaustlover

DomPerignon:
Make no mistake , Blackrock pushed this BS company down every funds throat for DEI point with the clown show that is the SEC and their NGO DEI scorecard companies.

And then there is the Israeli branch of Deloitte that gave Tingo a clean bill of health .

This is where the real scandal lies .


The same way FTX got promoted is how they wanted to promote Dozy's $50 net worth company .

I guess the Sheffield United deal is no longer going through.

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:


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. 😂😂😂

DomPerignon:
And this is the scammer Obidient louts were celebrating Obi having a picture taken with.

DomPerignon:



Oh really ?

Heard of Bernie Madoff?