Manhattan Prosecutors Bring Charges Against Nigerian Financier Linked to Sheffield United Bid.
Manhattan prosecutors have filed criminal charges against Odogwu Banye Mmobuosi, a Nigerian fintech entrepreneur who recently sought to acquire Sheffield United, a Premier League club. The 45-year-old businessman faces allegations of deceiving investors regarding the financial status of his companies.
Mmobuosi, formerly the co-CEO of Tingo Group (TIO.O), stands accused of securities fraud, making false U.S. Securities and Exchange Commission (SEC) filings, and conspiracy, according to an indictment revealed on Tuesday.
The indictment alleges that Mmobuosi misrepresented the financial health of his businesses, Tingo Mobile and Tingo Foods, asserting profitability and substantial revenue generation amounting to hundreds of millions of dollars. He purportedly sold both enterprises to Tingo Group and Agri-Fintech Holdings (TMNA.PK), fabricating a facade of prosperous, revenue-generating entities. Furthermore, the indictment claims he embezzled millions by misappropriating cash and selling stocks at inflated prices.
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Prosecutors assert that this fraudulent activity took place between 2019 and 2023.
Notably, Mmobuosi took a temporary leave from his position as Tingo Group’s co-CEO on December 20.
Prior to his departure, the SEC had lodged civil charges against him in December, describing his involvement in an extensive and staggering fraudulent scheme.
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