Nigerian Billionaire Reacts to US Allegation of Fraud as He Faces Up to 45-year Jail Term
- Nigerian billionaire and founder of Tingo has reacted to serious fraud allegations leveled against him by the US Department of Justice
- This comes after the billionaire and his company were accused of forging financial statements to stakeholders in the market
- The billionaire has, however, responded to the allegation against him, adding that he is willing to work with authorities
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Dozy Mmobuosi, a Nigerian billionaire and founder of Tingo, has denied allegations of fraud made against him by the US Department of Justice through the US Attorney's Office for the Southern District of New York.
Source: UGC
He said this in a statement that was made public on January 2, 2024, according to a Leadership report.
This follows a report that the billionaire and his conglomerate are accused of orchestrating a large-scale scam with allegations of forged financial statements and face scrutiny and uncertainty.
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US Attorney Damian Williams declared:
“Mmobuosi allegedly orchestrated a massive scheme to inflate Tingo Group’s financial statements, presenting his companies as profitable and cash-rich when, in fact, they were not. With this indictment, Mmobuosi’s alleged deceitful scheme comes to an end.”
If convicted on all charges, there are indications that Mmobuosi risks serving a maximum sentence of 45 years, according to billionaire. Africa report.
Mmobuosi denies allegations
Mmobuosi claimed that the allegations would be contested but said that he would desist from giving details for now.
He said:
"Mmobuosi wishes to make it unequivocally clear that these allegations are unfounded, and he is preparing to contest them to the full extent of his capacity. However, he will not be making specific statements regarding the allegations for now, as the matter is now in the purview of the courts."
He also said he is willing to work with the authorities to be vindicated.
‘‘As is publicly known, Mr. Mmobuois is a resident of the United Kingdom and cannot be said to be at large. He is committed to cooperating with the legal authorities 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.’’
Notably, the stocks of his firm, Tingo, the Nigerian-based agri-tech firm, fell by as much as 80.27%, closing at $0.07 on Tuesday, June 6, 2023, after Hindenburg Research released a report alleging fraud in the company.
US formally charges Nigerian billionaire, Mmobuosi, reveals case against him, CEO speaks from hiding
Legit.ng reported that the US Federal Bureau of Investigation (FBI) has charged Mmobuosi with securities fraud, making false filings with the Securities and Exchange Commission (SEC), and conspiracy.
Damian Williams, the US Attorney for the Southern District of New York, filed the charges alongside James Smith, the Assistant Director in Charge of the New York Field Office of the Bureau.
The charging document reveals that Mmobuosi allegedly plotted a massive plan to inflate the Tingo Group's financials and make it appear as a profitable and cash-rich company when it is not.
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Source: Legit.ng
