The U.S. Securities and Exchange Commission has fined Nigerian auditor Olayinka Oyebola and his firm $200,000 and imposed a permanent ban from auditing U.S. public companies for their role in the Tingo Group scandal.
Tingo, once a Nasdaq-listed agri-fintech led by Dozy Mmobuosi, was exposed in 2023 as a “massive fraud,” with fabricated accounts, inflated customer numbers, and false cash reserves. While its books claimed $462 million in cash, investigators found just $50.
Mmobuosi and his entities were earlier fined over $250 million and barred from the U.S. securities market. The case, first flagged by Hindenburg Research, has intensified scrutiny on auditors who enabled the deception.
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