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.
The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.
According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.
In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.
It noted that after this date, all applications must be submitted exclusively through the online portal.
The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.
Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.
“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.
The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.
Tosin Eniolorunda and Felix Ike
Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions.
The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.
The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.
Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.
In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.
Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide.
“Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”
CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
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