The United States Securities and Exchange Commission has said Tingo Group Inc. lied about having $461.7m in its subsidiary Tingo Mobile’s Nigerian bank accounts when it only had $50 in said accounts. According to the commission, Mmobuosi is being charged in connection with an alleged multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to defraud investors worldwide. “For instance, Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7m in its subsidiary Tingo Mobile’s Nigerian bank accounts. In reality, those same bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022. According to the SEC’s complaint, Defendants also fabricated the customer relationships that formed the basis of their purported businesses.

Source: Punch December 19, 2023 19:11 UTC