General News
US SEC Orders Mmobuosi Ex Tingo Boss to Pay over $250m in Securities Fraud Case

United States Securities and Exchange Commission (SEC) has secured a default judgment against Odogwu Dozy Mmobuosi, former CEO of Tingo Group, and three companies affiliated with him, resulting in over $250 million in monetary relief.
The judgment, issued by Jesse M. Furman, U.S. District Judge comes after Mmobuosi and his companies failed to respond to SEC accusations of inflating financial results to defraud investors.
In an August 29 statement, the SEC detailed that the U.S. District Court for the Southern District of New York finalized judgments against Mmobuosi, also known as Dozy Mmobuosi, and three U.S.-based entities: Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. The court’s decision was handed down on August 28.
Mmobuosi was accused of orchestrating a multi-year scheme to artificially inflate the financial performance metrics of his companies and their subsidiaries, misleading investors around the world.
On December 18, 2023, the SEC initially charged Mmobuosi, citing his provision of “false information to investors” and involvement in “a staggering fraud.”
Just two days later, Mmobuosi temporarily stepped down as Tingo Group’s co-CEO. A month prior, the SEC had suspended trading in Tingo Group’s securities.
One particularly egregious example highlighted by the SEC involved Tingo Group’s fiscal year 2022 form 10-K, filed in March 2023.
The company reported a cash balance of $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts.
However, the actual balance in those accounts was less than $50 at the close of fiscal year 2022.
As part of the judgment, Mmobuosi has been barred from serving as a director of a public company, promoting penny stocks, or participating in the trading of any security.
The SEC emphasized the severity of the penalties, stating that Mmobuosi and the companies involved are now permanently enjoined from violating anti-fraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.
“The judgment against Mmobuosi includes a bar from serving as an officer or director of a public company, a penny stock bar, and a bar from participating in the purchase, sale, offer, or issuance of any security,” the SEC noted in its statement.
The court ordered Mmobuosi, along with Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings, to pay a disgorgement of $156.67 million, with prejudgment interest of $20.19 million.
Additionally, they must cancel all shares of Agri-Fintech stock owned by Tingo International and Mmobuosi.
Further penalties include a civil fine of $31.9 million imposed directly on Mmobuosi, and additional civil penalties of $1.15 million each on Tingo Group, Agri-Fintech, and Tingo International.
Mmobuosi has denied the allegations, asserting on August 24 that the accusations are “baseless and unfounded” and motivated by malice.
General News
Customs Ditches Fast Track Scheme for Authorised Economic Operator

Nigeria Customs Service (NCS) is transitioning to its Authorised Economic Operator (AEO) Programme, meant to ease trade processes, after over a decade under the Fast Track Scheme.
The service is racing to meet international best practices under the World Customs Organisation’s (WCO) SAFE Framework of Standards, and contained in Sections 108 to 111 of the Nigeria Customs Service Act, 2023.
The programme, the Service said, is expected to reward “trusted traders” who meet specified “compliance, financial, and security criteria.”
Approved operators will benefit from “pre-arrival clearance, minimal inspection, expedited release, and possible mutual recognition with other customs administrations.”
“The scheme is also designed to build trust, ensure cargo integrity, and enhance the predictability and transparency of Nigeria’s import-export operations,” the Service said.
The current Fast Track Scheme, implemented by the Service in 2013 under a more limited eligibility model and was upgraded to an online-based model called Fast Track 2.0, introduced in 2023. The scheme will be officially decommissioned on 31 December 2025.
“All beneficiaries currently enrolled in the Fast Track Scheme are mandated to initiate their migration to the AEO Compliance Programme by submitting their applications through the dedicated portal,” Customs said, adding that only companies approved under the AEO Programme will continue to enjoy trade facilitation privileges previously accorded under the Fast Track scheme.
“AEOs may include manufacturers, importers, exporters, brokers, carriers, consolidators, intermediaries, ports, airports, terminal operators, integrated operators, warehouses, distributors and freight forwarders,” The Service wrote in a handbook.
It requires that an applicant for AEO certification must be an Economic Operator in the international supply chain.
It also added that “The applying entity must be registered with the Corporate Affairs Commission (CAC), with a registration period of at least 5 years for AEO Security and Safety (AEO-S) and a minimum of 3 years for AEO Customs Simplification (AEO-C).”
The company must hold a valid Tax Clearance Certificate, with a minimum coverage of 5 years for AEO Security and Safety (c) and at least three years for AEO Customs Simplification (AEO-C).
The company must also provide an audited financial report for a minimum of five years for AEO Security and Safety (AEO-S) and at least three years for AEO Customs Simplification (AEO-C).
Relevant operational licences must also be provided alongside other relevant regulatory certifications (ISO certifications, SON, NAFDAC, etc.).
AEO-S applicants must also require ISO 28001–an international standard that defines the requirements of the Supply Chain Security Management System and provides a management model for organisations seeking to implement it.
General News
NOA Warns of Fake N1000 Notes in Circulation, How to Identify Them

National Orientation Agency (NOA) in Kwara has cautioned the public on fake N1000 notes circulating in the state.
Alhaji Abdulganiyu Dare, state director of NOA, disclosed this in a statement issued in Ilorin.
Dare emphasised the need for vigilance among residents and business owners in the state.
According to him, there is confirmed intelligence reports of syndicates flooding the area with counterfeit currency with batch numbers 364232 and 898248.
Dare said the counterfeit notes can be identified by their blurred portraits, watermarks, and irregular security features.
He urged the public to be cautious when handling large sums of money.
“The syndicates behind this crime exploit peak commercial hours in major local markets to carry out transactions with counterfeit notes.
“They target unsuspecting POS operators and merchants by defrauding them of their hard-earned money.
“NOA Kwara Directorate is committed to sensitising the public on the dangers of fake currency and the importance of verifying the authenticity of banknotes.
“The agency is working tirelessly to ensure that residents of Kwara are protected from financial scams,” he said.
While describing the crime as unpatriotic and capable of distorting the Nigerian economy, Dare said NOA would work closely with security agencies to bring the culprits to book.
The director advised residents to report any suspicious transactions or individuals to the authorities immediately.
“Together, we can build a safer and more secure financial environment for all residents of Kwara.
“By working together, the NOA and the public can prevent the circulation of fake currency and protect the financial interests of Kwara residents,” he said.
General News
NCC, IHS Towers Lead Others To NITRA-ALTON CNII & Telecom Sustainability Conference 2025

Telecom industry regulator, the Nigerian Communications Commission (NCC) and other industry operators, including IHS Towers, Digital Realty and 9mobile Nigeria, have joined the line of partners that will chart the way forward as stakeholders gather for the Maiden Edition of the CNII & Telecom Sustainability Conference 2025 being organized as a collaboration between media body, the Nigeria Information Technology Association (NITRA) and Industry advocacy group, the Association of Licenced Telecom Operators of Nigeria (ALTON).
Scheduled for August 7, 2025 in Lagos, the event, which is expected to host the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, will also bring stakeholders from Nigeria Security and Civil Defence Corps (NSCDC) and the Peace Corps Nigeria, to discuss the security of infrastructure, stakeholders’ roles, and the practical implementation of the Critical National Information Infrastructure (CNII) Presidential Order.
Headlining the event, with its theme as “Telecoms Industry Sustainability and the CNII Act – Way Forward”, IHS Towers will throw light on the state of infrastructure in the country, while the Panel Session will discuss the “Role expectations of stakeholders in the implementation of the CNII Act”
Keynote speeches will come from the NCC EVC, Dr. Aminu Maida and the President of the Association of Telecommunication Companies of Nigeria (ATCON).
The Nigerian Designation and Protection of Critical National Information Infrastructure (CNII) Order, 2024, aims to safeguard critical infrastructure like telecommunications networks, financial systems, and power grids by designating them as CNII and outlining measures for their protection. This order, signed in June 2024, is an extension of the Cybercrimes Act of 2015 and seeks to reduce disruptions to these vital systems.
Some of the questions stakeholders will give answers to at the Panel Discussion include:
- How do we ensure that this Order is implemented to the letter?
- What are the roles of each stakeholder in the industry – Federal, States, Operators, Consumers, and other actors?
- Are telecom companies keying into the CNII provisions, and how?
- Are there areas worth looking into once more, or is the Order perfect as it is?
- What is the role of regulators in ensuring public compliance to the Bill?
- How do we ensure security?
- What is the place of collaboration?
- Publicity: how much of the CNII provisions are the public aware of?
- How can we sustain the growth and development of telecommunications in Nigeria?
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, this industry collaborative event will afford stakeholders in the public and private sectors the opportunity to sit back together and review how well the CNII Order has thus far been implemented, and to re-strategise, if need be, on the way forward.
“This event is key because it will bring Stakeholders to the CNII plan to a roundtable to re-evaluate the decision, make amends and continue the journey. This has to be a periodic gathering to make the goals of this order achievable,” he said.
ALTON is the official private sector industry body for all providers of telecommunications and subsidiary services in Nigeria.
The Chairman of ALTON, Engr. Gbenga Adebayo and the Chairman of NITRA, Mr. Chike Onwuegbuchi will be on hand to welcome industry stakeholders.
- General News2 days ago
Fearless Freedom Launches to Tackle Inequality and Champion Global Economic Inclusion
- Telecom1 day ago
Airtel Nigeria Raises Infrastructure Spending to $39m
- Telecom1 day ago
MTN @ First-ever CED, Pledges to Address Subscribers’ Concerns
- General News1 day ago
NOA Warns of Fake N1000 Notes in Circulation, How to Identify Them
- General News1 day ago
NCC, IHS Towers Lead Others To NITRA-ALTON CNII & Telecom Sustainability Conference 2025
- Broadcasting1 day ago
Government of Ghana Slams MultiChoice, Insists on DStv Price Cut
- E-Financial1 day ago
West Africa Emerging as Crypto Adoption Epicentre- SEC Boss
- Broadcasting1 day ago
Idris, Information Minister Says Only NBC can Suspend Broadcast Licences