Musings From Abroad

Nigerian businessman, Mmobuosi, firms charged with fraud by US SEC

Published

5 months ago

December 19, 2023

Tingo Group Inc. lied about having $461.7 million in its subsidiary, Tingo Mobile’s Nigerian bank accounts, when, in reality, the accounts held only $50, according to the United States Securities and Exchange Commission.

This was revealed by the SEC on Monday when it revealed charges against Mmobuosi Banye, also known as Dozy Mmobuosi, and three connected US-based companies, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., all of which he serves as CEO.

Mmobuosi was accused of lying to auditors, engaging in insider trading, and neglecting to submit Form 4 revealing the sales of millions of Agri-Fintech common stock, of which he was the ultimate beneficial owner, according to the commission.

In a statement, the SEC said, “The SEC’s complaint, filed on December 18, 2023, alleges that, since at least 2019, Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC. The complaint further alleges that Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings, and other public statements.

“For instance, Tingo Group’s fiscal year 2022 Form 10-K filed in March 2023 reported a cash and cash equivalent balance of $461.7m in its subsidiary Tingo Mobile’s Nigerian bank accounts. In reality, those same bank accounts allegedly had a combined balance of less than $50 as of the end of fiscal year 2022. According to the SEC’s complaint, Defendants also fabricated the customer relationships that formed the basis of their purported businesses.

“The complaint alleges that Mmobuosi and the entities he controls have fraudulently obtained hundreds of millions in money or property through these schemes, and that Mmobuosi has siphoned off funds for his benefit, including purchases of luxury cars and travel on private jets, as well as an unsuccessful attempt to acquire an English Football Club Premier League team, among other things.”

The four defendants in the SEC’s case are accused of breaking the federal securities laws’ anti-fraud provisions. The case was filed in the U.S. District Court for the Southern District of New York. The SEC states that it is requesting emergency relief to safeguard investor and corporate assets and stop the defendants from continuing to provide investors with materially false information.

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Musings From Abroad

US official accuses Russian troops of entering base housing US military in Niger

Published

1 day ago

May 4, 2024

Ifeoluwa Dada

According to a senior United States defence official quoted by Reuters, Russian military soldiers have entered an air base in Niger that is housing American troops. This action comes after the junta in Niger decided to drive out American forces.

The West African nation, which up until a coup last year had been a crucial ally for Washington’s struggle against insurgents who have killed hundreds of people and displaced millions more, had demanded that Washington remove the almost 1,000 American military personnel.

Speaking on condition of anonymity, a senior U.S. defence official stated that Russian personnel were using a different hangar at Airbase 101, which is close to Diori Hamani International Airport in the capital city of Niamey, Niger, rather than interacting with American troops.

Russian military action brings U.S. and Russian forces closer at a time when the country’s military and diplomatic rivalry is growing more intense due to the situation in Ukraine. Reuters was the first to report on the move. It also begs the question of what would happen to US installations in the nation after a pullout.

“(The situation) is not great but in the short-term manageable,” the official said.

When questioned about the Reuters article, U.S. Defense Secretary Lloyd Austin downplayed the possibility that Russian forces would approach American military assets or pose a threat to American troops.

“The Russians are in a separate compound and don’t have access to U.S. forces or access to our equipment,” Austin told a press conference in Honolulu.

“I’m always focused on the safety and protection of our troops … But right now, I don’t see a significant issue here in terms of our force protection.”
The Nigerien and Russian embassies in Washington did not immediately respond to a request for comment.

After coups that installed forces anxious to break away from Western governments in power, the United States and its allies were obliged to withdraw their troops from many African nations. Apart from the imminent withdrawal from Niger, American forces have recently departed Chad and been expelled from Mali and Burkina Faso.

Simultaneously, Russia is attempting to reinforce its ties with African countries by portraying itself as a friendlier nation with no colonial past in the region. For instance, Mali has emerged as one of Russia’s closest African friends in recent years, thanks to the deployment of the Wagner Group mercenary force there to combat jihadist insurgents.

Russia has said that ties with the United States are “below zero” due to American financial and military support for Ukraine’s defence against Russian forces on the invader’s territory.

Musings From Abroad

Hamas leader in talks for Gaza ceasefire with Egypt, Qatar

Published

1 day ago

May 4, 2024

Ifeoluwa Dada

Ismail Haniyeh, the leader of Hamas, spoke with Abbas Kamel, the head of Egypt’s security services, and Mohammed bin Abdulrahman Al Thani, the prime minister and foreign minister of Qatar, as negotiations continue for a ceasefire in Gaza.

In a statement released on Thursday, the Palestinian Islamist group stated that a delegation will soon be in Egypt for additional negotiations on a cease-fire in the Gaza conflict.

The statement further stated that during the phone conversation with Egypt’s Kamel, Haniyeh had confirmed the group’s “positive spirit in studying the ceasefire proposal”.

Hamas announced on Saturday that it had received Israel’s most recent stance and would review it before responding.

An unnamed high-ranking Egyptian source was quoted by the Egyptian state-affiliated Al-Qahera News as stating that the Hamas delegation would land in Cairo within the next two days.

The visit by the Hamas delegation may happen within the next two days, according to a Palestinian official close to the mediation quoted by Reuters.

Hamas’ statement added that the negotiations to be held in Cairo aim to “mature a deal that achieves the demands of our people and ends the aggression.”

Hamas also said on Thursday that Haniyeh and the prime minister of Qatar had decided to carry on with the current negotiations to “mature a deal” through mediation by the governments of Qatar and Egypt.

Egypt has redoubled its efforts to force Israel and Hamas to resume their stalled talks to reach an agreement on a truce in Gaza.