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

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Odogwu Dozy Mmobuosi,
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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.

US SEC Orders Mmobuosi Ex Tingo Bossto Pay over $250m in Securities Fraud Case

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.

 

 


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TD Africa Unveils Super App Version 2, Transforms Technology Access Across Africa

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Omowumi Oladele, Project Manager, TD Africa
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TD Africa, a leading technology distributor in Africa, has launched TD Super App Version 2, an upgraded, feature-rich platform designed to revolutionize technology procurement for individuals and businesses.

Omowumi Oladele, Project Manager, TD Africa

The enhanced App offers seamless access to a wide range of cutting-edge tech products at unbeatable prices, with faster delivery options to improve efficiency and convenience.

Available on both web and mobile, the revamped TD Super App boasts an intuitive, user-friendly interface, making it easier than ever for users to discover and purchase technology products.

This latest upgrade reaffirms TD Africa’s commitment to affordability, efficiency, and convenience, ensuring that businesses and individuals can access the tools they need to succeed.

With exclusive deals and discounts, registered users can enjoy significant savings on a vast selection of technology products, including computing devices, smartphones, consumer electronics, and power solutions. Optimized logistics and accelerated delivery times further enhance the shopping experience, ensuring that customers receive their technology essentials quickly and reliably.

“At TD Africa, we are dedicated to delivering value, efficiency, and cutting-edge technology solutions that drive business growth and streamline operations,” said Omowumi Oladele, Product Manager, TD Africa.

“The upgraded TD Super App Version 2 is designed to simplify procurement, enhance productivity, and maximize savings—empowering businesses and individuals across Africa.”

The App is now available for download on the App Store (iOS) and Google Play Store (Android). Users can also access the platform via web browsers at superapp.tdafrica.com


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FG Drops Merger of NCAA, NAMA

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The Minister of Aviation and Aerospace Development, Festus Keyamo has disclosed that President Bola Tinubu has stepped down the merger of the Nigeria Civil Aviation Authority (NCAA) and the Nigerian Airspace Management Agency (NAMA) as recommended by the Steve Oronsaye report.

He also revealed that the aviation industry was exempted from the foreign travel ban placed on federal government officials last year. The President announced the ban which took effect from April last year.

Keyamo disclosed that the aviation sector was exempted from the ban because President Tinubu is desirous of change and growth in the sector.

The ban was placed following the rising cost of travel expenses by Ministries, Department and Agencies of Government.

The memo released last year stated: “Considering the current economic challenges and the need for responsible fiscal management, I am writing to communicate Mr Presideni’s directive to place a temporary ban on all publicly funded international trips for all federal government officials at all levels, for an initial period of three months from 1st April 2024.

“All government officials who intend to go on any publicly funded international trips must seek and obtain Presidential approval at least two weeks before embarking on any such trip, which must be deemed necessary”.

The Minister disclosed the reasons for the exemption in Abuja at the 25th anniversary celebration of the Nigeria Civil Aviation Authority (NCAA).

On the merger of NCAA and NAMA, he said: “From modest beginnings, we have witnessed remarkable transformations in our sector, ranging from enhanced supervisory measures and policies formulation, safety and security oversight, robust legislative and regulatory frameworks, advancements in air traffic management, development, expansion and certification of airports, accurate meteorological services, timely accident investigations, manpower development, and indeed, the growth of indigenous airlines.

“These achievements have not come without challenges. However, with the efforts of past administrations and the total support of the present administration under the dynamic leadership of His Excellency President Bola Tinubu through the Renewed Hope Agenda and the five focus areas of the ministry, we have overcome challenges and reached new heights.

“NCAA is a child of God, and despite turbulent waters and attempts sometimes to kill the NCAA, the NCA has survived 25 years. And I’m sure you know that any child that is born at the age of 25, of course, is undoubtedly an age of maturity.

“The Oronsanye reports also recommended the merger of NCAA and NAMA. And so that was also another attempt to kill the NCAA. That report was passed from Jonathan’s government to Buhari’s government, and then to the present government.

“It was one of the first items we considered in this government. So the Oronsanye reports came up that day, and the president went on and on, considered every item in the Oronsanye report, and asked the council to vote. And for each item, they would listen to the ministers and so the president came to the merger of NCAA and NAMA as one body.

“I raised my hand, I spoke for about five minutes and because we have a wonderful president who listens to good counsel and good arguments, after I finished speaking, he said, an item dropped, the merger of NCAA and NAMA would not remain”.

On the reasons for the exemption, he said: “It is a fact that the aviation sector remains a pillar of national development, facilitating trade, tourism, investment, and cultural exchange. Whilst it is yet to realize its true potential in terms of contribution to our nation’s Gross Domestic Product (GDP), we must renew our commitment to ensuring a more progressive, sustainable, inclusive, innovative, and prosperous aviation industry.

“This necessitates the continuous adoption and integration of emerging technologies, enhancing infrastructure, and investing in human capital development to keep our skies safer and secure and attain cohesive and efficient air transportation services.

“The President directed that foreign travels should stop, except in exceptional circumstances. Last year, there was a memo around March that said it was for three months, and the President, because of his desire to ensure that we are frugal in our spending; there was another memo again in December reiterating that memo last year we should cut down on foreign travels, except by direct presidential approval.

“But let us also give particular thanks to Mr. President, because despite that memo, since last year, he has made an exception for the aviation industry. I wrote a memo to him after that directive on behalf of the entire agency that says; Sir, we respect your directive; yes, we need to be frugal because the Nigerian people have also tightened their belts in the face of the economic reforms that are taking place.

“However, because of the safety of this sector, Sir, we need to make some exceptions for this sector. And the President graciously granted this for the aviation sector”.


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Researchers Develop Innovative Treatment for Malaria

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An international team of researchers have introduced a groundbreaking drug, known as the covalent kinase inhibitor, which shows promise in combating treatment-resistant malaria.

Researchers Develop Innovative Treatment for Malaria

Developed by chemists and bioscientists from the University of Glasgow, this innovative drug could surpass current medications by effectively targeting and disabling the proteins used by the Plasmodium falciparum parasite to replicate within the human body.

This is according to a report titled “Targeting Pf CLK3 with Covalent Inhibitors: A Novel Strategy for Malaria Treatment.”

The development, led by chemists and bioscientists from the University of Glasgow, was outlined in a November publication in the “Journal of Medicinal Chemistry.”

According to the researchers, covalent inhibitors form bonds with proteins, usually irreversibly modifying them, and this new drug could be more effective than current medications at all stages of malaria infection.

The new drug works by permanently disabling a protein that Plasmodium falciparum, one of the mosquito-borne parasites that spread malaria, uses to replicate itself inside the human body.

The drug also has the potential to work as a single-dose treatment, a significant improvement over existing therapies.

This breakthrough marks the first adaptation of an approach from cancer treatments to tackle malaria.

The team expressed optimism that the parasite is unlikely to develop resistance to the new drug, which targets the protein Pf CLK3 and disrupts the parasite’s ability to splice RNA.

The researchers, including Prof. Martins Emeje from the Nigerian Natural Medicines Development Agency and Prof. Oyewale Tomori from the West African Academy of Sciences, emphasise the importance of regular calibration and accreditation for medical laboratories to ensure accurate results and reliable treatment.

 

 


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