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US SEC’s Allegations Against Tingo, Untrue, Baseless – Mmobuosi

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The Founder, Tingo Group, Dozy Mmobuosi, has reacted to the allegations of fraud levelled against him and his group of companies by the United States Securities and Exchange Commission (SEC). 

Mmobuosi, in a statement released on Friday, described the allegations as untrue and baseless. While noting that he would refrain from making public comments about the issues raised because it is now a matter in court, he described the accusations and allegations of wrongdoing as outlined in the civil complaint filed by the SEC on December 18 as invalid. 

The Tingo founder in the  statement marking his first official response since the charges were released by the SEC said: 

“Mr. Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he will contest them with unwavering resolve. As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.

“It is Mr. Mmobuosi’s intention to address and resolve these allegations within the appropriate legal framework. He is committed to cooperating with the legal process to ensure a thorough and fair examination of the facts, which he believes will ultimately lead to his exoneration.

“We appreciate the understanding of the media and the public during this time and request respect for the legal process and the principles of justice.”

The SEC on Monday charged Mmobuosi alongside his three affiliated US-based companies, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc., with fraud. 

According to the SEC filing, the charge was in connection with an alleged multi-year scheme to inflate the financial performance metrics of these companies and key operating subsidiaries to defraud investors worldwide.  

The SEC was seeking emergency relief to prevent Defendants’ continued dissemination of materially false information to investors and to protect corporate and investor assets. 

The SEC’s complaint, filed in U.S. District Court for the Southern District of New York, charged all four Defendants with violating the anti-fraud provisions of the federal securities laws and additionally charged Nasdaq-listed Tingo Group, OTC-traded Agri-Fintech, and Mmobuosi with reporting, books and records, and internal controls violations. 

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Ngelale Resigns As Tinubu’s Media Aide

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Ajuri Ngelale, special adviser to President Bola Tinubu on media and publicity, says he will be embarking on an “indefinite leave of absence to frontally deal with medical matters” affecting his immediate, nuclear family.

In a statement issued on September 7, Ngelale said the decision “was taken after significant consultations with my family over the past several days as a vexatious medical situation has worsened at home”.

“While I fully appreciate that the ship of state waits for no man, this agonizing decision — entailing a pause of my functions as the Special Adviser to the President on Media & Publicity and Official Spokesperson of the President; Special Presidential Envoy on Climate Action, and Chairman, Presidential Steering Committee on Project Evergreen — was taken after significant consultations with my family,” he said.

Ngelale said he “looks forward to returning to full-time national service when time, healing, and fate permit”.

“I respectfully ask for some privacy for my family and I during this time,” he added.

On July 31, 2023, Tinubu appointed Ngelale, an ex-aide to former President Muhammadu Buhari, as his special adviser on media and publicity.

On May 19, 2024, the president appointed Ngelale as the special presidential envoy on climate action.

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Revisit Your Drawing Board, Nigerians Are Suffering Deeply, Yoruba Elders Tell Tinubu

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The Yoruba Council of Elders (YCE) has told President Tinubu that Nigerians are “suffering deeply” under his administration asking him to meet short term needs of the people before pursuing a long term vision.

The elders’ council, through its Secretary General, Chief Oladipo Oyewole, stressed that millions of Nigerians living without food, fuel and light, President Tinubu needs to go back to drawing board and fashion out measures that will bring immediate comfort to the people.

YCE, through a statement, noted that it remains hopeful that Nigeria will have a turnaround.

“However, going by scanty information available on Government pursuits and activities, there is, presently, a lot of suffering in the land.

“Be that as it may, we of YCE stand on our strong position that the interest of the masses to live a good life should be given full attention.

“Without regular supply of electricity and with the official announcement of increase in the price of petroleum products (PMS), the current hardship cannot but be increased in daily living by Nigerians.

“The Federal government ought to immediately pursue every avenue to make available to our people, the dividends of democracy. Not through distribution of palliatives (that does not seem to filter to the bottom) but by putting in place avenues to enhance proper and quality living through effective governance administration.

“Every Nigerian should be entitled to enjoy our common resources Indeed, Nigerians are suffering deeply at this time….. no light, no fuel, no food”

“Mr. President should, without delay, revisit his drawing board to attend to the short term needs of Nigerians (the immediate needs of the people) whilst pursuing the long term vision of making Nigeria a better place for growth and for development.

“As Elders, we demand immediate succour for the people to boost the welfare of Nigerians so that all can live in comfort and harmony.As far as this elders council is concerned, a lot of administrative work by Government is (absolutely) required for the masses of this country to live, stay alive as respectable and responsible people.”

The state of this nation today, YCE said, is a pill that has a bitter taste.

“The administration of President Bola Ahmed Tinubu should do something quickly to ensure proper steering of its intentions to establish and install better governance in Nigeria. In fact, the Presidency should do all possible to alleviate the suffering of all Nigerians immediately and without delay.”

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We Deliberately Demobilized, Abandoned Captured Armoured Tank, Says Defence Hqrs

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The Nigerian Defence Headquarters has reacted to viral video of terrorists leader, Bello Turji and his gang burning a captured military armoured tank.

In the video that surfaced online, the terrorists were seen celebrating after burning the military vehicle.

In its reaction, the Military, in a report monitored on the official X handle of DAILY POST on Monday, through the Director of Defence Media Operations,  Maj-Gen Edward Buba, said the MRAPs seen in the viral video were demobilized due to the inability of troops to use them.

Buba stated that the incident happened after the military personnel got stuck in swampy terrain during operations against bandits in Zamfara State.

He said the troops decided to demobilize the MRAPs to prevent it from being useful to the terrorists after abandonment.

He said, “Subsequently, troops dismounted and demobilized the MRAPs, when efforts to backload them were futile. The said demobilization of the MRAPs by troops was to prevent it from being useful to the terrorist after abandonment.”

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