Embattled Tingo CEO, Dozy Mmobuosi Speaks On U.S. SEC Allegations

Adoga Stephen By Adoga Stephen - Editor-In-Chief
3 Min Read

The founder of Tingo, Dozy Mmobuosi, has responded to the fraud allegations made against him and his companies by the United States Securities and Exchange Commission (SEC).

In a statement released on Friday, Mmobuosi stated that the allegations are false and without merit. He mentioned that he would not comment further on the matter since it is now in court. Mmobuosi also stated that the accusations and allegations of wrongdoing outlined in the civil complaint filed by the SEC on December 18 are invalid.

The Tingo founder stated in his first official comment since the SEC’s accusations were made public: Mr. Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he will contest them with unwavering resolve. As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.

“It is Mr. Mmobuosi’s intention to address and resolve these allegations within the appropriate legal framework. He is committed to cooperating with the legal process to ensure a thorough and fair examination of the facts, which he believes will ultimately lead to his exoneration.

“We appreciate the understanding of the media and the public during this time and request respect for the legal process and the principles of justice.”

The SEC has charged Mmobuosi and his three affiliated U.S.-based companies, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., with fraud.

The charge is related to an alleged scheme to manipulate the financial performance metrics of these companies and their subsidiaries in order to deceive investors worldwide.

The SEC is seeking emergency relief to stop the Defendants from spreading false information to investors and to protect corporate and investor assets.

The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York, accuses all four Defendants of violating anti-fraud provisions of federal securities laws. Additionally, Tingo Group, Agri-Fintech, and Mmobuosi are charged with violations related to reporting, books and records, and internal controls.

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By Adoga Stephen Editor-In-Chief
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Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.