Odogwu ‘Dozy’ Mmobuosi, co-CEO of Tingo, an African-focused agritech startup listed on the US stock exchange, has temporarily stepped down following fraud charges filed against him by the US Securities and Exchange Commission (SEC). The company made a public announcement on Thursday, December 21, 2023.
“By mutual agreement with the Company’s Board of Directors, Mmobuosi will remain stood down until cleared of the allegations made against him,” according to a statement seen by Bendada.com. Tingo’s other co-CEO, Ken Denos, will serve as its interim group CEO until further notice.
On Monday, the SEC charged Mmobuosi and three other US-based entities affiliated with Tingo, accusing them of involvement in a multi-year scheme to inflate financial performance metrics and defraud investors worldwide. The regulator alleges that Mmobuosi fraudulently obtained hundreds of millions, using funds for personal luxuries, including luxury cars, private jet travel, and an unsuccessful attempt to acquire an English Football Club Premier League team.
Tingo, in response to the SEC complaint, stated that it intends to vigorously defend itself. “The Company and its Board of Directors are committed to further investigation and responding to the complaint, supported by leading legal counsel, while making every effort to protect business and shareholder value and continuing to execute the Company’s growth plans,” the statement added.
Hindenburg Research had previously labeled Tingo as an “exceptionally obvious scam with completely fabricated financials,” leading to an independent investigation by the agritech company. According to Tingo, the findings revealed that the allegations were erroneous.
The SEC suspended trading in Tingo Group shares on November 14, issuing a temporary restraining order to freeze Mmobuosi’s assets as investigations continue. The agritech company is determined to defend its reputation and execute its growth plans amidst the ongoing legal challenges.
