The US Securities and Exchange Commission (SEC) has charged Nigerian auditor Olayinka Oyebola and his firm, Olayinka Oyebola & Co. (Chartered Accountants), for allegedly aiding former Tingo Group CEO Mmobuosi Odogwu Banye—also known as Dozy Mmobuosi—in a massive $250 million securities fraud scheme.
In a statement released on Monday, the SEC accused Oyebola and his firm, registered with the Public Company Accounting Oversight Board (PCAOB), of assisting Mmobuosi and three US companies under his control in executing the fraud.
“The Securities and Exchange Commission today charged Olayinka Oyebola and his PCAOB-registered firm with aiding and abetting a significant securities fraud perpetrated by Mmobuosi and three associated US companies he controlled,” the SEC stated.
The SEC has already secured a final judgment of $250 million against Mmobuosi and the Tingo entities.
According to the SEC’s complaint, Oyebola and his firm allegedly failed to act when they became aware that Mmobuosi and his companies were using multiple fraudulent audit reports bearing Oyebola’s signature, which were submitted in SEC filings as legitimate documents from his firm.
The SEC claims that Oyebola made false statements to the auditor of one of the Tingo entities and helped conceal these fraudulent reports, misleading auditors, investors, and regulators who relied on the false documentation.
Antonia Apps, director of the SEC’s New York regional office, criticized Oyebola and his firm, stating that they violated public trust and abdicated their responsibilities as public company accountants and auditors by facilitating and concealing Mmobuosi’s fraud.
The complaint, filed in the US District Court for the Southern District of New York, charges Oyebola and his firm with aiding and abetting violations of federal securities laws. It seeks civil penalties and permanent injunctive relief, including a ban on Oyebola and his firm from acting as auditors or accountants for US public companies or assisting in the preparation of SEC filings.
The SEC’s ongoing investigation has been led by Michael DiBattista, Christopher Mele, Jeremy Brandt, Gerald Gross, and Rebecca Reilly, with litigation overseen by David Zetlin-Jones and Mr. DiBattista, under the supervision of Alexander Vasilescu. The SEC also acknowledged assistance from the Israel Securities Authority during the investigation.
Mmobuosi was previously charged by the SEC on December 18, 2023, for “orchestrating a staggering fraud” and providing false information to investors. He temporarily stepped down as co-CEO of Tingo Group two days after the charges, and a US federal court later imposed a $250 million fine against him in a securities fraud suit by default judgment on September 1.
