Nigerian Billionaire Charged With Fraud by US Finally Speaks, Says Allegations Motivated by Malice
- The chairman of Tingo Group, Dozy Mmobuosi, has disclosed that he is innocent of all the allegations of fraud against him by the US government
- He said the allegations are motivated by malice by western powers who see him as a threat
- He disclosed that the US government has resisted his decision to invest in the beverage and telecoms industry
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Nigerian billionaire businessman, Dozy Mmobuosi, says allegations of infractions against his business interests are unfounded.
The billionaire and chairman of Tingo Group spoke in Lagos recently at the Tingo House.
Source: Facebook
During a press conference, Mmobuosi said western powers saw his success as an African entrepreneur as a threat.
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US SEC suspends Tingo stocks
In 2023, the US Securities and Exchange Commission (SEC) made a multimillion-dollar fraud charge against Mmobuosi.
The SEC alleged that Mmobuosi lied about having $461.7 million in his bank accounts when he only had less than $50 in all his accounts.
On November 16 last year, the SEC it suspended Tingo from the US stock market for allegedly providing inaccurate and inadequate information about its assets.
Mmobuosi declared the allegations baseless and that he was getting set to contest them fully.
FCID exonerates Tingo Group and Mmobuosi
According to a report by TheCable, on August 20, 2024, the legal arm of Nigeria's Force Criminal Investigation Department (FCID) declared no evidence to prosecute companies linked to the billionaire and Mmobuosi.
He disclosed that the allegations are deliberate attempts by western powers and vested interests in Nigeria to tarnish his name.
He said:
“I am compelled to address the series of orchestrated attacks and false narratives against me and my business interests, Tingo Group and its subsidiaries.”
Mmobuosi vows to fight back
He said the US government and other powerful forces had resisted the decision to invest in the beverage and telecom industries and the acquisition of Sheffield United.
He said:
“My decision to invest in the beverage and telecom industries, as well as my acquisition of Sheffield United, a historic British football club, has been met with resistance and intimidation from the American government and other powerful forces for obvious reasons.”
According to Mmobuosi, his flagship product, Tingo Cola, testifies to his commitment to quality and excellence.
He urged the Nigerian government to continue to support entrepreneurs like him, Aliko Dangote, and others who have invested heavily in the country.
US govt charges Mmobuosi for alleged fraud
Legit.ng earlier reported that the Nigerian billionaire faced fraud charges from the United States Securities and Exchange Commission.
In a statement released on Monday, December 18, 2023, the SEC said Tingo Group, a pan-African agri-fintech innovator, lied about having $461.7m in its subsidiary Tingo Mobile's Nigerian bank accounts when it only had $50.
Financial Times reports that Mmobuosi operates three affiliated US-based entities, of which he is the chief executive officer — Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc.
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Source: Legit.ng
