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Thursday, January 4, 2024

US Charges Nigeria's Dozy Mmobuosi for trying to buy Sheffield United fraudulently

U.S. prosecutors in Manhattan unveiled criminal charges against a Nigerian fintech businessman who recently bid unsuccessfully for an English Premier League soccer team, saying he lied to investors about his companies' finances.

Odogwu Banye Mmobuosi, 45, the former co-chief executive officer of Tingo Group, was charged with securities fraud, making false U.S. Securities and Exchange Commission filings, and conspiracy in an indictment made public on Tuesday.

Prosecutors said the defendant, known as Dozy Mmobuosi, falsely represented that his Tingo Mobile cellular business and Tingo Foods agriculture business were profitable, generating hundreds of millions of dollars of revenue.

Mmobuosi sold both businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray the businesses as "cash-rich, revenue-generating companies," and looted millions of dollars by misappropriating cash and selling stock at inflated prices, the indictment said.

The alleged scheme occurred from 2019 to 2023, prosecutors said. Mmobuosi is at large. A lawyer for him could not immediately be identified.

Tingo Group, based in Montvale, New Jersey, did not immediately respond to requests for comment.

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