Nigeria Nigerian Businessman Dozy Mmobuosi Fined $250M for Fraud by U.S. Court

A U.S. federal court has fined Nigerian businessman Dozy Mmobuosi over $250 million and banned him from serving as a public company director. The SEC accused Mmobuosi and his companies of fraudulently inflating financial metrics to deceive investors, leading to a default judgment against him and his firms.

A U.S. federal court has mandated Nigerian entrepreneur Dozy Mmobuosi to pay over $250 million in fines and banned him from serving as a director of any public company. This decision follows charges by the U.S. Securities and Exchange Commission (SEC) that Mmobuosi and his firms, including two listed on Nasdaq, engaged in fraudulent activities by inflating financial performance metrics to deceive investors globally.

Judge Jesse M. Furman of the Southern District of New York issued a default judgment against Mmobuosi and his companies—Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings—after they failed to respond to the SEC's civil complaint filed in December 2023. The court's ruling highlights the SEC's allegations that Mmobuosi's business operations were largely fabricated, leading to the significant penalties imposed.

This legal outcome also comes after Mmobuosi, who previously sought to purchase the English football club Sheffield United, was accused of misleading investors by overstating the performance of his companies. The SEC's actions underscore its commitment to holding individuals and firms accountable for fraudulent practices, particularly those that impact investors on a global scale. Mmobuosi's case serves as a stark reminder of the severe consequences of corporate fraud.