The founder of Tingo Group, Dozy Mmubuosi, has said that he will ensure that the charges against him lead into a fair process, as he will not allow his hard work to be ruined by a person who is not doing their work.
The Tingo Group founder was charged by the Securities and Exchange Commission (SEC) with securities fraud, conspiracy, and making false filings to the SEC in New York, accused of orchestrating a massive scheme to inflate the company’s finances.
In an interview with ARISE NEWS on Tuesday, Mmubuosi expressed his determination to ensure a fair process amid recent charges brought by the Securities and Exchange Commission (SEC). Mmubuosi emphasized his commitment to protecting what he has built over the years.
“I believe that it must be a fair process. I am not going to sit down, fold my arms, and just allow what I have worked for to get ruined because someone somewhere is not doing what they should be doing,” he stated firmly.
Despite the unexpected announcement of charges, Mmubuosi assured that his legal team is actively addressing the matter. “Lawyers are on top of this,” he affirmed, highlighting his cooperation and regular communication with his legal representatives.
Addressing the charges related to inflating results, Mmubuosi said he was shocked when he received the charges as he revealed that the SEC had never interviewed him. He clarified that he hadn’t been involved in the day-to-day operations of the business for the past six to seven years and had recently joined the executive board in September 2023.
Mmubuosi also addressed allegations of inflating results, insisting on waiting for a full report as he disclosed the discovery of a bank account that differed from the one published by the SEC. “So, we want to get to the bottom of this, and my lawyers are on top of it across all the jurisdictions we operate,” he said.
Mmubuosi emphasized the need for a detailed investigation into the company’s affairs as he said, “I do not micromanage any of our chief executives, and I’m not saying they should be the ones questioned. But I think there has to be a more detailed analysis, investigation of what’s going on. I, for one, I want answers. I had actually even stated certain things like for us to be an remain a public company, our internal controls must be very strong. And at the time I was joining as an Executive Board member, I had recommended a group audit executive.
“But of course, the MICTs, that’s the company we started the merger with, through one of their advisors, recommended an internal audit executive, and I was not even involved in that whole process. Just as we also inherited Deloitte. We didn’t bring in Deloitte and all these people, and I personally have not exactly been involved in all the audit processes, but I understand that we were putting things in place to get our controls properly done. The company is definitely under investigation. As majority shareholder, I also need answers.”
The group’s founder also underscored Tingo’s role as an ecosystem supporting farmers and contributing to food security. “Tingo is more of an ecosystem that is there for farmers and also Africans basically. So, we just can’t, as small holder farmers for instance, just produce and sell to survive. Wealth can be created for these farmers,” he explained.
Mmubuosi highlighted Tingo’s contributions to the All Farmers Association Of Nigeria, stating that the company funded the association the previous year. He emphasized Tingo’s role as an employer, supporting smallholder farmers and contributing to various operatives.
“My foundation does a lot of work in Nigeria in the prostate cancer area, in education and a few other beats that we do in Nigeria, in Malawi. I love Africa, and anything and everything I do is for my continent. No ego, I am not interested in that. I just want to see our people succeed, and I also want to see Tingo succeed,” Mmubuosi said, expressing his dedication to the success of Tingo and the broader African community.
Ozioma Samuel-Ugwuezi
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