Dozy Mmobuosi

Dozy Mmobuosi (born April 1978) he has been the subject of fraud allegations in the United States.

In Nigeria, the Economic and Financial Crimes Commission (EFCC) charged Mmobuosi with conspiracy and obtaining by false pretense in a 2018 case involving allegations of a N31 million dud cheque for diesel fuel. The case was adjourned after his co-defendant failed to appear in court.

In 2023, the US Securities and Exchange Commission filed charges against him saying he had been attempting to defraud investors by inflating Tingo companies’ financial performance figures. On 2 January 2024, Mmobuosi was charged in the US with securities fraud, making false filings with the SEC, and conspiracy charges. Mmobuosi said the allegations were unfounded but, in September 2024, a US district court ordered Mmobuosi and his three entities to pay a fine of $250mn as final judgement by default following the SEC civil complaint.

Tingo Group reportedly ceased activities in December 2024, though Mmobuosi subsequently launched two new Tingo-branded AI-driven ventures in February 2025.

Early life and education Mmobuosi was born in Lagos, Nigeria. He received a Bachelor of Science degree in political science and a Master of Science degree in economics from Ambrose Alli University in Ekpoma, Edo State. He received a doctorate degree in rural advancement from University of Putra Malaysia in 2007, although Hindenburg Research, a short-selling activist group, was not able to verify this in their June 2023 report. In March 2022, Mmobuosi completed the Advanced Management and Leadership Programme at Saïd Business School, University of Oxford.

Career In 2001, Mmobuosi founded Tingo Mobile to provide mobile technology and Fintech solutions to rural communities in Nigeria. In 2015, Mmobuosi founded Tingo Inc., a publicly traded company on the OTC Markets Group. In January 2019, Mmobuosi launched Nwassa, a digital Agri-Marketplace.

Nigeria's Economic and Financial Crimes Commission (EFCC) charged Mmobuosi with conspiracy and obtaining by false pretense in a 2018 case involving allegations of a N31 million dud cheque for diesel fuel. The case was adjourned after his co-defendant failed to appear in court. (the DMLC was dissolved in December 2024). In February 2023, it was reported that Mmobuosi was close to completing a £90 million takeover of English football club Sheffield United, reportedly paying a near-£10 million non-refundable deposit for the financially troubled club, but Mmobuosi later discontinued his bid and was planning to set up a new football club in Lagos called Club 1472. Amid his attempted Sheffield United takeover, it was reported that Mmobuosi had been sued in the US and UK over unpaid debts; in a $300,000 Connecticut lawsuit, Mmobuosi was sued by a Tingo Mobile executive for failing to pay wages for at least half a year's work; in February 2022, a UK court ordered Tingo International Holdings Inc. to pay a UK property firm £87,000 ($105,000) in unpaid rent for a home he used as his private residence in Radlett near London. He was also reported to owe tens of thousands of pounds in unpaid rent for a townhouse in London's Eccleston Square. The company denied the Hindenburg report claims, which it said contained "errors of fact" and "misleading and libellous content", and appointed lawyers White & Case to review the report's claims. In November 2023, dealing in Tingo and Agri-Fintech Holdings shares was suspended by the SEC over concerns about the accuracy of information about the companies. Almost three months later, Tingo Group declared itself innocent of Hindenburg's allegations based on an investigation by its own outside counsel "and further investigative work of its own". Hindenburg described Tingo's claims as "brazen and obvious fabrications". On 18 September 2023, Tingo Group appointed Mmobuosi and Kenneth Denos interim Co-CEOs.

On 13 November 2023, the US Securities and Exchange Commission halted trading in Tingo Group shares and those of related entity Agri-Fintech Securities after finding inaccuracies in their disclosures. Tingo shares traded as high as $5.45 in May, before the Hindenburg report, then slumped to $0.69 prior to suspension.

Fraud allegations In December 2023, the SEC announced three charges against Mmobuosi and three US-based entities: Tingo Group Inc, Agri-Fintech Holdings Inc and Tingo International Holdings Inc, alleging fraudulent financial claims to defraud investors. As an example, the SEC said Tingo Group’s fiscal year 2022 Form 10-K reported a balance of $461.7m in various bank accounts while allegedly only having a combined balance of less than $50 at the end of the year. The SEC's 72-page complaint also outlines allegedly fraudulent transactions involving Tingo Mobile in December 2022 and Tingo Foods in February 2023. The SEC alleged Mmobuosi siphoned hundreds of millions of investors' money for his personal benefit, routing money to his account at the London branch of a Swiss private bank, EFG,

On 2 January 2024, Mmobuosi was charged in the US with securities fraud, making false filings with the SEC, and conspiracy charges; the three charges carry a maximum sentence of 45 years. In a statement, Mmobuosi said the allegations were unfounded and he was "preparing to contest them to the full extent of his capacity". By March 2024, Mmobuosi, living in the UK, had given numerous interviews to journalists in Nigeria denying the fraud allegations. Meanwhile, Sheffield United's owner Prince Abdullah was seeking legal advice on whether he might have to give Mmobuosi's deposit to US authorities as the proceeds of crime.

In September 2024, a US district court in New York ordered Mmobuosi and his three entities to pay a fine of $250mn as final judgement by default after his defence failed to make any representation or provide documents against the civil complaint filed by the SEC. Mmobuosi did not enter into any plea or defend the case in court. However, after the verdict, he insisted the SEC had made baseless and outrageous accusations against him and Tingo, aware that the defendants lacked the financial resources to mount a rigorous defence. He also said the SEC had ignored critical evidence, notably a report from the Nigerian inspector general of police that, Mmobuosi said, verified the legitimacy of Tingo's operations.

In December 2024, it was reported that Tingo Group had ceased activities, with its website up for sale; Tingo Mobile had reportedly laid off contractors earlier in the year, some of whom had not been paid since December 2023. The latter was reported (December 2025) to be living in the "upscale" Ikoyi district of Lagos. TingoGPT was officially launched in Los Angeles in April 2025. Also in February 2025, Mmobuosi launched Tingo AI Radio 102.5 FM in Lagos.

Book Mmobuosi has written and self-published a memoir titled Against The Odds: My Journey Through Storms and Triumphs.

Personal life Mmobuosi is married to Oluwatosin, with whom he has three children.

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