Connect with us

General News

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

Published

on

Odogwu Dozy Mmobuosi,
Kindly share this post

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.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

General News

FG Plans N50m STEEM Grant to Support Student Innovation in August

Published

on

Kindly share this post

In a giant stride to support innovation, entrepreneurship and economic transformation, the Federal Government is set to unveil a N50 million grant for Science, Technology, Engineering, Mathematics and Medical Sciences (STEEM) students in Nigeria’s tertiary institutions.

The project, which is referred to as the Student Venture Capital Grant (S-VCG), is a pioneering initiative designed to empower the students towards building the next generation of scalable, job-creating ventures.

According to a statement by the Director of Press and Public Relations in the Ministry of Education, Folashade Boriowo, Friday, the initiative will be formally unveiled in August by the Minister of Education, Dr. Tunji Alausa.

Boriowo stated that the minister made the disclosure during a stakeholders’ engagement session held in Abuja in the presence of vice-chancellors, provosts, rectors, student leaders, academic staff, and development partners, and will chart a collective course for nurturing student-led innovation.

The statement noted that the grant targets full-time undergraduate students in STEMM disciplines (Science, Technology, Engineering, Mathematics and Medical Sciences), specifically those in 300 level and above.

“Each selected student-led project will be eligible to receive startup funding of up to N50 million, along with access to mentorship, incubation services and business development support.

“The initiative will be implemented in partnership with the Bank of Industry (BoI) to ensure financial transparency, impact measurement and effective project execution.

“S-VCG is not just a grant. It’s a launchpad for bold, young innovators to lead Nigeria’s industrial and technological transformation,” said Alausa.

Speaking at the session, the Minister of State for Education, Prof. Suwaiba Sa’id Ahmad, described the grant as a strategic investment in Nigeria’s knowledge economy.

“We’re building a stronger, more competitive future by supporting innovation from the ground up,” she said, adding that the programme’s design was informed by months of consultation with students, faculty and institutional leaders.

Participants at the event welcomed the STEMM-Up Grant as a timely, strategic and high-impact initiative that will drive youth innovation, tackle graduate unemployment, and position Nigeria as a hub for student-led entrepreneurship in Africa.

 


Kindly share this post
Continue Reading

General News

UK Businesses Look to Africa As Strategic Growth Partners

Published

on

Kindly share this post

New research by UK-based Strategy Management Partners reveals that a growing number of British businesses are identifying Africa as a key strategic growth region – drawn by structural reforms, demographic momentum, and rapid digital transformation across the continent.

The research, based on a survey of senior decision-makers from 250 large UK-based companies, finds that 50% are already active in African markets and planning to expand further.

An additional 28% are considering entry, signalling a clear uptick in long-term interest from international businesses with the resources to scale regionally.

The findings challenge outdated perceptions of Africa as a high-risk or secondary market. Instead, they highlight key drivers behind renewed commercial interest: • 61 per cent of UK leaders cited Africa’s large and growing consumer markets as a major draw. • 61 per cent pointed to the continent’s rapid pace of digital and technological adoption. • 50 per cent highlighted the potential of Africa’s young, skilled, and digitally native population.

The study also suggests that Africa is no longer viewed simply as a market for philanthropic initiatives or shortterm gain. Only 20 per cent of respondents cited philanthropic motives, while most are focused on building commercially viable, long-term operations.

Initiatives like the African Continental Free Trade Area (AfCFTA), are also laying the groundwork for significant economic growth.

With 23 countries already implementing preferential tariffs, the framework is expected to facilitate smoother intra-regional trade, enable market scale, and support more efficient supply chains.

These structural improvements are making Africa more attractive to global firms with the ambition to operate at scale.

However, despite rising optimism, significant operational and policy challenges remain. The top four barriers to investment cited by UK business leaders were: political and country risk (68%); safety and security issues 66.4%); regulatory barriers and tariffs (60.4%); and the complexity of cross-border transactions (60%).

Addressing these issues will be crucial to unlocking Africa’s full potential for UK investment. UK companies are showing the most interest in sectors that align with Africa’s core strengths, such as natural resources, agriculture, a young and expanding population, and infrastructure development.

These areas are seen as the backbone for long-term commercial growth, offering opportunities to build local supply chains, expand digital services, scale manufacturing, and meet rising consumer demand.

However, for companies looking to invest or expand into Africa, success also depends on key enabling conditions. According to business leaders surveyed, the top factors supporting investment are: • The size of market and consumer demand (49.6%) • Reliable and consistent energy supply (48.4%) • Access to affordable, educated and capable talent (44.8%) • Efficient transportation networks, such as roads, ports, airports (38%) • A favourable macroeconomic environment: low interest rates, low inflation, stable exchange rates, and seamless cross-border transactions and repatriation of earnings(38%).

“UK businesses are increasingly seeing Africa as a strategic growth market, driven by structural reforms, digital adoption, and the momentum behind the African Continental Free Trade Area (AfCFTA),” says Muibat Ijaiya, Partner at Strategy Management Partners.

“But real progress will depend on practical cooperation with African governments. The AfCFTAis a pivotal step forward – what’s needed now is a deeper alignment between public policy and private investment to address trade, regulatory and infrastructure barriers, and unlock long-term, sustainable growth.”

 


Kindly share this post
Continue Reading

General News

Experts Champion Sustainability at Lagos Green Economy Forum

Published

on

Kindly share this post

Lagos State’s transition to a greener economy is gaining momentum, with female leaders from top corporations taking the lead and the state government beginning to record early wins from its plastic bag policy.

At the Lagos Green Economy Forum held on July 23, senior executives from MTN Nigeria, IHS Towers, TechnoServe, and other large organisations highlighted the role of corporate innovation in advancing sustainability.

The all-female panel also emphasised the urgent need to integrate Nigeria’s thousands of small and medium enterprises (SMEs) into the country’s green transition.

“We’re not just here to share strategies,” said Temilade Olabanji, Senior Manager, Sustainability and Shared Value, MTN Nigeria. “We are here to build local resilience. Our Project Zero is not only helping us cut emissions but also equipping our suppliers with the knowledge to do the same.”

MTN’s Project Zero aims for net-zero emissions by 2040, with a 50% reduction target by 2030. The company is already powering base stations and data centres with renewables, while training suppliers to understand carbon footprints and adopt circular practices. MTN has pledged that by 2026, 80% of its top suppliers will align with its sustainability goals.

Titilope Oguntuga, Director of Sustainability, IHS Towers, reinforced this approach, noting that the company’s Project Green is decarbonising its over 16,000 tower sites across Nigeria by switching to renewable energy. “Project Green is enabling all sites to run effectively with more renewable sources of energy rather than the typical fossil fuels,” she said. IHS also runs Clinic Without Walls, a free micro-health insurance scheme for underserved communities.

From the nonprofit sector, Juliet Ezeani, Senior Business Advisor of TechnoServe, explained how the organisation supports vendors through environmental impact assessments, sustainability training, and responsible procurement.“For all our projects, we look at how the project runs and especially how it affects the environment,” she said.

Meanwhile, the Lagos State Government provided an update on its green policy efforts, especially the plastic bag ban introduced two months ago.

“All of what we have done so far is towards making the economy of Lagos or the quality of life of the average Lagosian much better,” said Dr. Babatunde Ajayi, General Manager of the Lagos Environmental Protection Agency (LASEPA), who represented the Honourable Commissioner, Mr. Tokunbo Wahab.

On the plastic bag ban, he added: “What that [the ban] has also done is to free up our drainage from the plastic waste. In some way, we have reduced flooding, reduced pollution, and reduced the headache and the cost of maintaining drainages and labourers.”

Dr. Ajayi emphasised that green transition is not just a compliance issue for SMEs but an economic opportunity. “It helps them drive their engines, their entire businesses in a more sustainable manner.”

As Lagos accounts for nearly 30% of Nigeria’s GDP, the increasing alignment between corporate leaders and public policy towards a greener economy is positioning the state as a model for inclusive, environmentally responsible development.


Kindly share this post
Continue Reading

Trending