The U.S. Securities and Exchange Commission (SEC) has charged Nigerian accountant Olayinka Oyebola and his firm, Olayinka Oyebola & Co. (Chartered Accountants), for their involvement in a fraudulent financial scheme linked to Tingo Founder Mmobuosi Odogwu Banye (also known as Dozy Mmobuosi)
This legal action comes after a recent $250 million judgment against Mmobuosi and his companies, collectively known as the Tingo entities, for securities fraud.
Oyebola’s Role in the Scheme
The SEC’s complaint reveals that Oyebola and his firm played a crucial role in assisting Mmobuosi by issuing fraudulent audit reports. These reports, which carried Oyebola’s signature, misled investors and regulatory bodies into believing that the Tingo entities had legitimate financial statements.
According to the SEC, Oyebola intentionally misled the auditor of one of the Tingo entities, helping Mmobuosi hide the false reports.
This multi-year scheme aimed to inflate the financial status of the Tingo entities, misleading investors worldwide and causing significant repercussions. The SEC asserts that Oyebola’s actions were pivotal in enabling Mmobuosi and his companies to execute this fraud by obscuring critical information.
Legal Action and Consequences
The SEC’s case is filed in the U.S. District Court for the Southern District of New York, accusing Oyebola of aiding and abetting violations of federal securities laws. The SEC is seeking civil penalties and a permanent ban on Oyebola and his firm from auditing or providing financial services to U.S. public companies.
The SEC’s complaint also claims that Oyebola facilitated Mmobuosi’s deceit, including making false statements to auditors.
SEC’s Commitment to Transparency
Antonia M. Apps, Director of the SEC’s New York office, commented on the case, stressing its seriousness. She stated that Oyebola’s firm undermined public trust by enabling a fraudulent scheme. as reported by techpoint she stated
“We will not hesitate to hold gatekeepers to the public markets accountable when they facilitate fiction rather than truth.”
Ongoing Investigation
The investigation is still active, with several SEC officials working to uncover the full extent of the fraudulent activities. The SEC has recognized the assistance of international regulatory agencies, including the Israel Securities Authority, in this investigation.
The fraud case against Mmobuosi has been in progress since last December. His companies, which claimed to operate in the financial technology and agricultural sectors, were accused of fabricating significant portions of their business operations. his business empire—including two Nasdaq-listed companies, Tingo Group and Agri-Fintech Holdings—has been exposed as largely fictitious. The investigation revealed that the claimed assets, revenues, and customer base of the Tingo entities were almost entirely fabricated.
Mmobuosi and his firms did not respond to the initial civil complaint, resulting in the $250 million judgment against them.
The SEC’s investigation continues as it aims to reveal the full extent of the misconduct.
