Prosecutors in Manhattan, United States, have revealed criminal charges against Odogwu Banye Mmobuosi, a Nigerian fintech businessman who recently attempted to acquire Premier League club Sheffield United.
They said the 45-year-old lied to investors about his company’s finances.
Mmobuosi, the former co-chief executive officer of Tingo Group (TIO.O), 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, 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 (TMNA.PK), causing 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 between 2019 and 2023, prosecutors said.
Meanwhile, Mmobuosi temporarily stepped down as Tingo Group’s co-CEO on December 20.
Before he stepped down, the SEC had in December filed civil charges accusing him of orchestrating a “staggering” fraud.
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