Mmobuosi Banye, the chief executive officer (CEO) of Tingo Group, says he will resolve allegations by the United States Securities and Exchange Commission (SEC) within the appropriate legal framework.
In a corporate filing, dated December 18, 2023, the US SEC made multimillion-dollar fraud charges against Mmobusi, also known as Dozy Mmobuosi.
Among other allegations, the SEC said Mmobuosi lied about owning $461.7 million when he only has less than $50 in all accounts.
The SEC, had on November 16, 2023, suspended Tingo, an agri-fintech company, from the US stock market for allegedly providing “inadequate and inaccurate information about its assets”.
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Reacting to the claims in a statement on Friday, Mmobuosi “firmly” rejected the “validity of all accusations and allegations of wrongdoing as outlined in the civil complaint filed by the United States Securities and Exchange Commission (SEC) on December 18, 2023″.
He said the “allegations are baseless”, adding that he will contest them with unwavering resolve.
“This complaint implicates Mr. Mmobuosi alongside three other corporate entities,” the statement reads.
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“As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.
“It is Mr. Mmobuosi’s intention to address and resolve these allegations within the appropriate legal framework.”
Mmobuosi said he is committed to cooperating with the legal process to ensure “a thorough and fair examination of the facts”, which he believes will ultimately lead to his exoneration.
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