Nigerian businessman Dozy Mmobuosi, once on the brink of acquiring Premier League football club Sheffield United, now faces charges from the US Securities and Exchange Commission (SEC) for an elaborate fraud scheme.
The SEC alleges that Mmobuosi inflated his companies' financial performance by hundreds of millions of dollars, fabricating documents and conjuring nonexistent companies.
The heart of the fraud revolves around Tingo Mobile, a Nigerian company founded by Mmobuosi, with the SEC asserting that he created an illusion of its value surpassing $1 billion through forged bank statements.
The alleged deception continued with the sale of Tingo Mobile to Nasdaq-listed Tingo Group, incorporating fake revenues into the new entity. Mmobuosi is accused of "looting" funds from Tingo Group for a lavish lifestyle, including an attempted purchase of Sheffield United.
The SEC seeks emergency relief, freezing assets and preventing further financial transfers.
The Guardian has reached out to Tingo Group for comment, while Tingo Group states it will "fully cooperate" with regulators.
