Bizman Mmobuosi clears air on multimillion-dollar fraud allegations
Businessman and founder of Tingo Group, Dozy Mmobuosi, has said multimillion-dollar fraud allegations levelled against him are baseless.
Mmobuosi stated this on Saturday during a press conference at the Tingo House on Victoria Island, Lagos.
In 2023, the United States Securities and Exchange Commission made multimillion-dollar fraud charges against Mmobusi.
The US SEC said Tingo Group lied about having $461.7m in its subsidiary Tingo Mobile’s Nigeria bank accounts when it only had $50 in the said accounts.
SEC announced the charges against Mmobuosi and three affiliated US-based entities.
A police report in August by the legal unit of the Force Criminal Investigation Department said there was no evidence to prosecute Tingo Foods, Tingo Mobile Plc and its founder, Mmobuosi, over allegations of fraud.
According to The Cable, the commissioner of police (legal), Ohiozoba Ehiede, in a letter to the Inspector General of Police, Kayode Egbetokun, dated July 30, 2024, it was recommended that the companies and the founder should be exonerated.
“Dozy Mmobuosi, Tingo Foods Plc and Tingo Mobile Plc (should) be exonerated as there is no evidence so far in the file to support the case against them. It is trite that it is better that 10 guilty persons go free than one innocent suffer, it is about the balance between protecting the innocent and punishing the guilty,” the report said.
Mmobuosi therefore noted on Saturday that he did not commit any wrongdoing in the United States but was only a patriotic Nigerian investing to contribute his quota to the development of the country.
He said, “I am compelled to address the series of orchestrated attacks and false narratives against me and my business interests, Tingo Group and its subsidiaries. My decision to invest in the beverage and telecom industries, as well as my acquisition of Sheffield United, a historic British football club, has been met with resistance and intimidation from the American government and other powerful forces for obvious reasons.
“It is no secret that my success as a Black African serial entrepreneur has been perceived as a threat by some. The notion that I, a Nigerian, could achieve such milestones is difficult for some to accept. However, I will not be deterred; I will continue to invest in my country and other friendly and fair countries.”
Denying allegations of wrongdoing, Mmobuosi said, “I want to categorically deny allegations that I floated the DOZIE stocks to defraud shareholders. These claims are baseless and motivated by malice. My organisation has made significant investments in agriculture, beverage manufacturing, media, telecoms, and state-of-the-art healthcare services here in Nigeria. Our flagship product, Tingo Cola, is a testament to our commitment to quality and excellence.
“I make bold to say that I have never received any form of donations from anyone or any group. Should there be anyone with evidence to the contrary, let the person call me out, rather than resort to malicious publications.”
Mmobuosi further disclosed that the Nigeria Police Force had exonerated him and Tingo Group over alleged fraudulent diversion of funds and falsification of financial reports.
He added, “I want to specially thank the Nigeria Police Force’s Criminal Investigation Department for their diligence during months of investigation and the courage afterwards to clear, without fear or favour, Tingo Foods, Tingo Mobile and myself of fraud allegations.”
On the need for support of Nigerian investors for positive economic growth, Mmobuosi said, “I passionately urge the Nigerian authorities to continue to support patriotic entrepreneurs like myself, Aliko Dangote, and a host of others who have invested heavily in our great nation. We deserve encouragement, not hindrance and character assassination.”
“I will continue to fight for my rights and the rights of Nigerians to succeed in business, free from harassment and intimidation. I am proud of my businesses which rest on solid achievements and hard work. As such, I will not be bullied into submission.”
