A Nigerian fintech businessman, Odogwu Banye Mmobuosi, has been dragged before a United States court for allegedly trying to fraudulently purchase Premier League club, Sheffield United.
NIGERIACRIME gathered that United States prosecutors in Manhattan have unveiled criminal charges against the 45-year-old who reportedly lied to investors about his companies’ finances.
The Nigerian was dragged to court over securities fraud, making false U.S. Securities and Exchange Commission filings, and conspiracy in an indictment made public on Tuesday.
Mmobuosi is the former co-chief executive officer of Tingo Group (TIO.O).
Prosecutors said the defendant, Mmobuosi, falsely represented that his Tingo Mobile cellular business and Tingo Foods agriculture business were profitable, generating hundreds of millions of dollars of revenue.
Mmobuosi sold both businesses to Tingo Group and Agri-Fintech Holdings (TMNA.PK), caused them to falsely portray the businesses as “cash-rich, revenue-generating companies,” and looted millions of dollars by misappropriating cash and selling stock at inflated prices, the indictment said.
The alleged scheme occurred between 2019 to 2023, prosecutors said.
Meanwhile, Mmobuosi temporarily stepped down as Tingo Group’s co-CEO on December 20.
Before he stepped down, the SEC had in December filed civil charges accusing him for orchestrating a “staggering” fraud.
Meanwhile, a fire outbreak occurred at the Sobi Specialist Hospital in Ilorin, Kwara State capital.
Though no casualties were reported, the fire incident occurred at about 8:35 am, at the COVID-19 Centre of the specialist hospital.
The incident was reported to the executive secretary of the Kwara State Hospitals Management Board, Dr Abdulraheem Malik, who immediately contacted the Kwara State Fire Service at 8:47 am.
Operatives of the Kwara State Fire Service were at the scene at 9:03 am to put out the fire.
“We are indeed impressed by the speed, commitment, and professionalism of the fire service. We thank the Fire Service for the promptness,” Ladi Alao said in a statement on behalf of the Kwara State Hospitals Management Board in Ilorin on Wednesday.
According to the statement: “The cause of the fire was still unknown at the time of this press release. Investigation is ongoing by the Kwara State Hospitals Management Board in collaboration with the Kwara State Fire Service to unravel the cause of the fire. No life was lost; no injury reported.”