Nigerian entrepreneur and founder of Tingo Group, a global agri-fintech conglomerate, is facing charges from U.S. authorities over an alleged "massive fraud" scheme deceiving investors and regulators.

If convicted of conspiracy, securities fraud, and making false filings with the SEC, he could face up to 45 years in prison.

The U.S. Attorney's Office asserts that Mmobuosi inflated the financial performance and assets of his companies, including Tingo Mobile and Tingo Foods, selling them to U.S.-listed entities like Tingo Group and Agri-Fintech Holdings, which then issued misleading financial statements.

He allegedly syphoned off cash from these companies and profited from selling their shares at inflated prices.

The SEC filed a civil complaint in December 2023, revealing that Mmobuosi engaged in fictitious transactions worth billions of dollars since 2019, describing the fraud as "staggering."

Trading in Tingo Group and Agri-Fintech Holdings was suspended in November 2023 due to concerns about the accuracy of publicly available information.

Hindenburg Research, a short-selling activist group, exposed Mmobuosi's fraud in June 2023, branding Tingo Group an "exceptionally obvious scam."

Their report challenged Mmobuosi's claims of developing "Nigeria's first mobile payment app" and accused him of falsifying financials, causing Tingo Group's shares to plummet by over 60 percent.

Mmobuosi, planning a $500 million capital round and IPO in 2022, vehemently denies the allegations, declaring his intent to fight them in court. He insists that he is a victim of conspiracy and maintains the legitimacy and profitability of his companies.