The United States has filed criminal charges against Nigerian born fintech businessman, Banye Odogwu Mmobuosi, popularly known as Dozy Mmobuosi. In
The United States has filed criminal charges against Nigerian born fintech businessman, Banye Odogwu Mmobuosi, popularly known as Dozy Mmobuosi.
In an indictment made public on Tuesday, January 2, 45-year-old Mmobuosi, 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.
Mmobuosi, in the charge 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 also alleged to have sold both businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray the businesses as what the US describes as cash-rich, revenue-generating companies, and looted millions of dollars by misappropriating cash and selling stock at inflated prices.
US prosecutors allege that the scheme occurred from 2019 to 2023 and Mmobuosi is said to be at large.
The 45-year-old Nigerian temporarily stepped down as Tingo Group’s co-CEO on December 20, 2023, two days after the SEC filed civil charges accusing him for orchestrating a staggering fraud.
He was alleged to have stolen at least $16 million from Tingo Group, according to the US Securities and Exchange Commission.
The commission claimed that Dozy Mmobuosi attempted to purchase Sheffield United football club in the United Kingdom 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 titled ‘U.S. v. Dozy Mmobuosi, U.S. District Court, Southern District of New York, No. 23-cr-00601.’
