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E-Financial

US SEC Charges Mmobuosi, Tingo Boss to Court over Alleged “Massive Fraud”

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Dozy Mmobuosi,
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United States (US) Securities and Exchange Commission (SEC) on Monday filed charges against Dozy Mmobuosi, Nigerian businessman, and three companies of which he is CEO, alleging they inflated the financial performance of the companies and key subsidiaries to defraud investors.

US SEC Charges Mmobuosi, Tingo Boss to Court over Alleged “Massive Fraud”

The SEC said in a statement said that it filed charges in U.S. District Court in New York against Mmobuosi, who made headlines this year following a bid to buy an English premier league team.

The SEC also charged Tingo Group, Agri-Fintech Holdings and Tingo International Holdings for violating the anti-fraud provisions of the federal securities laws and Nasdaq reporting and internal controls.

Tingo Group’s shares slumped in June after short-seller Hindenburg Research criticized its founder and alleged that the fintech firm had “fabricated” its financials.

Tingo categorically refuted all the allegations of the report, saying it was full of “misleading and libellous content”.

The company also said it had hired a law firm to conduct an independent review of Hindenburg’s claims.

The SEC imposed a two-week suspension of trading in Tingo Group’s securities on Nov. 14 following investigations.

Nasdaq advised it will continue to keep the company’s securities halted pending a review, Tingo Group said in a statement.

Tingo Group said in a statement on its website that it would “fully cooperate” with regulators.

The SEC alleges that, since at least 2019, Mmobuosi falsified financial statements and other documents of the three companies and their Nigerian units Tingo Mobile and Tingo Foods.

The complaint further alleges Mmobuosi made material misrepresentations about their business operations and financial success, and siphoned off funds for his benefit.

“Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes,” the SEC statement said.

The SEC is seeking emergency relief freezing Mmobuosi’s assets and prohibiting the three companies from transferring money or property or issuing shares to Mmobuosi.

The SEC also seeks an order preventing the defendants from selling or disposing of their respective holdings in Agri-Fintech or Tingo Group and prohibiting them and their agents from destroying, altering, or concealing records and documents.

In a statement SEC said its investigation, supervised by Tejal D. Shah, is still ongoing.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

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Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.

Titan Trust Bank Selects Oracle FSS for Core and Digital Banking Technology

The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).

It’s understood that Temenos and Infosys also competed for the deal.

The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.

The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.

The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).

Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.

Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).

Oracle FSS did not respond to request for comment.


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E-Financial

IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

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International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.

IMF Appoints Elumelu, Nigerian Businessman to Advisory Council

The announcement was disclosed in a statement on Friday.

According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.

The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.

“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.

“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.

“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”

Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.


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E-Financial

Fintech, Remittances Anchor Africa’s Booming Payments System

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Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.

This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.

This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.

Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.

“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”

The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.

In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.

“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.

“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.

“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard

By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.


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