Nigerian Fintech CEO Dozy Mmobuosi Fined $250 Million For Fraud In U.S.
Nigerian businessman Dozy Mmobuosi has been fined over million by a U.S. court after being found guilty of fraud. The judgment, issued by Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York, comes after Mmobuosi and his companies failed to respond to a civil complaint filed by the U.S. Securities and Exchange Commission (SEC) last December.
Mmobuosi, who last year attempted to purchase the English football club Sheffield United, has also been barred from serving as a director of a public company. The SEC had accused Mmobuosi and his three companies—Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings—of inflating financial performance metrics to deceive investors globally.
Judge Furman ruled that Mmobuosi and his companies “failed to answer, plead, or otherwise defend” themselves in the case, leading to a final judgment by default. The SEC’s allegations painted Mmobuosi’s business empire as a “fiction,” resulting in the substantial fines and the legal prohibition against his involvement in public companies.
