A Nigerian businessman, identified as Mmobuosi Banye, also known as Dozy Mmobuosi, has been charged with a lawsuit by the United States Securities and Exchange Commission for allegedly lying about having $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts when it only had $50 in said accounts, News About Nigeria reports.
The US SEC made the charge against Mmobuosi Banye and three affiliated US-based entities of which he is the Chief Executive Officer known to the public on Monday.
The entities are Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.
According to the Security and Exchange Commission, Mmobuosi has, since 2019, initiated a scheme with the aim of inventing false financial statements and other documents for the three entities and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC.
The complaint, which was filed on Monday, also noted that Mmobuosi, through his fabrications, also made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings, and other public statements.
The commission further stated that the businessman and his entities have, through fraudulent means, obtained hundreds of millions in money or property through these schemes and have also embezzled funds, using them for his benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.
It noted that its case is filed in the U.S. District Court for the Southern District of New York.
