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Did Deloitte Miss a Nigerian Company's Massive Fraud?

Did Deloitte Miss a Nigerian Company's Massive Fraud?

by Starling Insights

Starling Insights Editorial Board

Jan 15, 2024


As reported by Forbes, the US Securities and Exchange Commission (SEC) has uncovered a startling case of financial misrepresentation involving a Nigerian company, the Tingo Group. Despite Tingo receiving a clean audit from Deloitte that "verified" a cash balance of $462 million, the SEC found only $50 (no, not $50 million) in the company's accounts.

Earlier this month, the SEC indicted Tingo CEO Dozy Mmobuosi for securities fraud, making false filings, and conspiracy charges. "Dozy Mmobuosi allegedly orchestrated a massive scheme to inflate Tingo Group's financial statements and make it appear as though the cellular and agriculture companies he founded were profitable and cash rich companies when, in fact, they were not," said US Attorney Damian Williams. "With this Indictment, Mmobuosi's alleged deceitful scheme comes to an end."

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