Tingo Group, a fintech company under scrutiny following a short seller report, faces legal action from the US Securities and Exchange Commission (SEC) for allegedly inflating financial results in an extensive fraud scheme. The SEC lawsuit, filed in Manhattan federal court, asserts that Tingo and affiliated entities, Tingo International Holdings Inc. and Agri-Fintech Holdings Inc., engaged in fraudulent activities involving billions of dollars through two Nigerian subsidiaries since 2019. The SEC alleges Tingo reported hundreds of millions of dollars in fictitious revenues and assets.
The lawsuit specifically targets Tingo’s CEO, Mmobuosi Odogwu Banye, accusing him of orchestrating the fraud. Notably, Tingo reported a cash balance of $461.7 million in March, while actual bank records revealed less than $50. The SEC claims that, despite a 48% share price drop triggered by a June report from short seller Hindenburg Research, Tingo continued fabricating results in public filings listed on Nasdaq.
Tingo, known for its smartphone-based platform for African farmers, allegedly saw its CEO, Mmobuosi, promote the sale of Tingo Mobile to two public companies based on heavily inflated valuations exceeding $1 billion. The SEC contends that these misrepresentations artificially inflated company shares, contributing to significant overvaluation.
Mmobuosi, formerly considered a potential buyer of English football club Sheffield United, is accused of profiting illicitly through insider sales of shares obtained through mergers and misappropriating Tingo Group’s assets for personal expenses, including luxury cars, private jet travel, and an unsuccessful attempt to purchase an English soccer team.
The SEC lawsuit is titled “Securities and Exchange Commission v. Mmobuosi Odogwu Banye,” case number 23-cv-10928, filed in the US District Court, Southern District of New York (Manhattan). Tingo Group’s spokesperson has yet to respond to requests for comment on the allegations.
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Reporting by Adeniyi Ogunfowoke, The Naija247news in Lagos, Nigeria.
