Dozy Mmobuosi, the founder of Tingo Group, has faulted the default judgment by the United States District Judge Jesse Furnan over US Securities and Exchange Commission (SEC) allegations against him and Tingo Group.
Reacting to the verdict in a statement he signed and made available on Sunday, Mmobuosi stated that the judgment is malicious and a miscarriage of justice.
According to TheCable, the US SEC said Odogwu Mmobuosi, the former chief executive officer (CEO) of Tingo Group, and three companies affiliated with him had been ordered by a court to pay over $250 million in monetary relief in a securities fraud suit default judgment.
The online medium also reports that Jesse M. Furman, a US judge, entered the default judgment. He said Mmobuosi and his companies failed to respond to an SEC lawsuit accusing them of overstating financial results.
In a statement on August 29, the SEC said the US district court for the southern district of New York entered final judgments against Dozy Mmobuosi and three US-based entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., on August 28.
Mmobuosi was accused by the SEC of a multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to allegedly defraud investors worldwide.
But Mmobuosi has faulted the judgment, insisting that SEC levied spurious and egregious allegations against him and Tingo, knowing it would not be forcefully opposed.
He added that the SEC made the allegations not because of any supposed substance to its allegations but because it was acutely aware that the defendants would not be able to raise the necessary funds to mount a vigorous defence.
Mmobuosi said, “As you would observe from the court docket, the SEC has regularly updated the Court regarding correspondence received from the defendants or on their behalf.
“There appears to be one flagrant omission, however. There is no mention of the Police Report from the Nigerian Inspector General of Police’s Office, which is in their possession.
“For clarity, the Inspector General of Police for the Federal Republic of Nigeria is the Head of the Nigeria Police Force, and their report can be easily verified. It is, therefore, unconscionable and indefensible that the SEC would choose to withhold this from the Court.
“Rather than working with the authorities in Nigeria to thoroughly investigate the underlying businesses (which are domiciled in Nigeria), they appear to view them as irritants.
“In its findings, the Nigeria Police Force confirmed the bonafides of Tingo. As you may have observed, the All Farmers Association of Nigeria has severally mounted a staunch defence of our business because we have been promoting and supporting farming and agriculture in Nigeria.
“This is an organisation that has been unwavering in its support despite all the negative media coverage, and this is because they value the impact our business has had on the lives of everyday farmers in Nigeria.”
