Tingo Fraud: Nigerian Auditor Fined and Banned by US SEC
The U.S. Securities and Exchange Commission (SEC) has penalized a Nigerian auditor, Olayinka Oyebola, and his accounting firm, Olayinka Oyebola & Co., for their involvement in the fraudulent activities of the Tingo Group. The repercussions include a $200,000 fine and a permanent ban preventing them from auditing U.S. public companies. This action highlights the significant global impact of financial fraud and underscores the SEC’s commitment to holding accountable those who enable such schemes, particularly within the African tech and fintech landscape.
The Role of Oyebola and the Tingo Scheme
The SEC’s investigation revealed Oyebola and his Lagos-based firm played a critical role in the Tingo Group fraud. Tingo, once listed on Nasdaq, presented itself as a revolutionary agri-fintech company aiming to transform African agriculture. Under the leadership of Dozy Mmobuosi, Tingo claimed to have a large customer base and extensive operations. However, the SEC exposed the business as a “massive fraud” in late 2023. The agency’s findings indicated that Mmobuosi had fabricated almost all key aspects of the business, including its financials and customer data. The U.S. court later imposed penalties exceeding $250 million on Mmobuosi and his associated entities, also permanently barring them from the U.S. securities industry. The failure of Tingo Group has significantly impacted the tech and financial sectors in Africa.
This case underscores the significance of independent audits in maintaining financial integrity, especially in a rapidly evolving sector like African agri-fintech.
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