SEC v. Mmobuosi Odogwu Banye

Mmobuosi Odogwu Banye allegedly spearheaded a scheme to fabricate financial statements and other documents of three entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC. According to the complaint, Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7 million in its subsidiary Tingo Mobile’s Nigerian bank accounts when in reality those same bank accounts had a combined balance of less than $50 as of the end of fiscal year 2022. According to the complaint, Mmobuosi and the entities he controlled fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi siphoned off funds for his personal benefit.

Summary generated from official Securities and Exchange Commission press release