Addressing the allegations, Dozy Mmobuosi, the businessman and founder of Tingo Group, dismissed the multimillion-dollar fraud accusations as unfounded.
During a press conference at the Tingo House on Victoria Island, Lagos on Saturday, Mmobuosi reiterated his stance.
In 2023, the United States Securities and Exchange Commission (SEC) brought forth fraud charges totaling millions against Mmobusi.
The SEC asserted that Tingo Group misrepresented having $461.7m in its Nigerian bank accounts through its subsidiary, Tingo Mobile, when in reality, only $50 was present in those accounts.
The charges were levied against Mmobuosi and three associated US-based entities by the SEC.
In an August police report, the legal unit of the Force Criminal Investigation Department stated the lack of evidence to prosecute Tingo Foods, Tingo Mobile Plc, and Mmobuosi for fraud allegations.
Based on a letter dated July 30, 2024, from the commissioner of police (legal), Ohiozoba Ehiede, to the Inspector General of Police, Kayode Egbetokun, it was recommended that the companies and founder be cleared of charges.
The report stated, “Dozy Mmobuosi, Tingo Foods Plc, and Tingo Mobile Plc should be exonerated as there is insufficient evidence in the file to support the allegations against them. Upholding the innocence of individuals is crucial, weighing the balance between protecting the innocent and penalizing the guilty.”
Moreover, Mmobuosi underscored that he did not engage in any illicit activities in the US but rather positioned himself as a patriotic Nigerian investing to contribute to the nation’s progress.
He emphasized, “I find it necessary to debunk the orchestrated attacks and fabricated narratives surrounding me, Tingo Group, and its subsidiaries. The resistance and intimidation I have faced following my investments in beverage, telecom, and the acquisition of Sheffield United, a historic British football club, have largely stemmed from the American government and other influential entities for evident reasons.
“As a Black African serial entrepreneur, my achievements have been perceived as threatening by some. My success, as a Nigerian, in reaching such milestones has been a challenge for certain quarters to accept. Nevertheless, I remain resolute in my commitment to investing in my country and other supportive nations.”
Regarding the allegations of wrongdoing, Mmobuosi refuted claims of manipulating DOZIE stocks to defraud shareholders, branding such assertions as groundless and driven by ill intent. Highlighting substantial investments in agriculture, beverage manufacturing, media, telecoms, and advanced healthcare services in Nigeria, he pointed to Tingo Cola as a testament to their dedication to quality and excellence.
“I explicitly reject the notion of receiving donations from any individual or group. Should anyone possess evidence to the contrary, I invite them to come forward rather than resorting to smear campaigns.”
Additionally, Mmobuosi disclosed the Nigeria Police Force’s exoneration of him and Tingo Group concerning alleged fund diversion and financial report falsification.
He expressed gratitude to the Nigeria Police Force’s Criminal Investigation Department for meticulously investigating the matter and subsequently absolving Tingo Foods, Tingo Mobile, and himself of the accusations without bias or fear.
Advocating for the support of Nigerian investors for positive economic growth, Mmobuosi urged Nigerian authorities to continue backing patriotic entrepreneurs like himself, Aliko Dangote, and others who have made substantial investments in the country. Instead of obstacles and character assassination, he advocated for encouragement.
“I will persist in defending my rights and the rights of Nigerians to prosper in business sans harassment or intimidation. I take pride in my businesses built on solid accomplishments and hard work, and thus, I refuse to succumb to intimidation.”