Connect with us

Business

Fraud allegations against me a conspiracy by the west, says Dozy Mmobuosi

Published

on

 

Odogwu Mmobuosi, a Nigerian businessman, popularly known as Dozy Mmobuosi, says allegations of infractions against his business interests are “baseless and unfounded”.

 

Mmobuosi, popularly known as Dozy Mmobuosi, spoke on Saturday during a press conference at the Tingo House in Victoria Island, Lagos.

 

During the news conference, tagged, ‘My Battles with Western Powers: Setting the Record Straight’, the businessman said his success as an African entrepreneur is “perceived as a threat”.

 

In 2023, the United States Securities and Exchange Commission (SEC) made multimillion-dollar fraud charges against Mmobusi.

 

Among other allegations, the US SEC said Mmobuosi lied about owning $461.7 million when he only had less than $50 in all accounts.

 

On November 16, 2023, the commission suspended Tingo from the US stock market for allegedly providing “inadequate and inaccurate information about its assets”.

 

Rejecting all the actions against him, the entrepreneur said the allegations were unfounded, adding that he was “preparing to contest them to the full extent of his capacity”.

See also  Upadated: 73 dead after fire engulfs apartment building in South Africa

 

On August 20, the legal unit of the Force Criminal Investigation Department (FCID) said there is no evidence to prosecute Tingo Foods, Tingo Mobile Plc, and its founder, Dozy Mmobuosi, over allegations of fraud.

 

Speaking at the press briefing on Saturday, Mmobuosi, who is the founder of Tingo Group, denied allegations of wrongdoing, saying they are “deliberate attempts by certain powers in the West and in Nigeria for selfish reasons”.

 

“I am compelled to address the series of orchestrated attacks and false narratives against me and my business interests, Tingo Group and its subsidiaries,” he said.

 

“My decision to invest in the beverage and telecom industries, as well as my acquisition of Sheffield United, a historic British football club, has been met with resistance and intimidation from the American government and other powerful forces for obvious reasons.

 

“It is no secret that my success as a Black African serial entrepreneur has been perceived as a threat by some.

 

“The notion that I, a Nigerian, could achieve such milestones is difficult for some to accept. However, I will not be deterred; I will continue to invest in my country and other friendly and fair countries.”

See also  NDLEA intercepts cocaine, skunk consignments concealed in herbal tea packs from Brazil, Canada

 

‘CLAIMS OF WRONGDOING MOTIVATED BY MALICE’

Mmobuosi, denying allegations of wrongdoing, said they are claims “motivated by malice”.

 

The businessman also said the flagship of his product, Tingo Cola, “is a testament to his commitment to quality and excellence”.

 

“I want to categorically deny allegations that I floated the DOZIE stocks to defraud shareholders,” Mmobuosi said.

 

“These claims are baseless and motivated by malice. My organization has made significant investments in agriculture, beverage manufacturing, media, telecoms, and state-of-the-art healthcare services here in Nigeria.

 

“I make bold to say that I have never received any form of donations from anyone or any groups. Should there be anyone with evidence to the contrary, let the person call me out, rather than resort to malicious publications.”

 

Mmobuosi said the Nigerian police (NPF) has exonerated him and Tingo Group over alleged fraudulent diversion of funds and falsification of financial reports.

 

See also  We’re optimistic Tinubu’s reforms will rejuvenate Nigeria’s economy - SEC

“I want to specially thank the Nigeria Police Force’s Criminal Investigation Department (FCID) for their diligence during months of investigation and the courage afterwards to clear, without fear or favour, Tingo Foods, Tingo Mobile and myself of fraud allegations,” he added.

 

‘SUPPORT NIGERAN INVESTORS’

Speaking on investments, Mmobuosi said there was a need for the government to support Nigerian investors for positive economic growth.

 

“I passionately urge the Nigerian authorities to continue to support patriotic entrepreneurs like myself, Aliko Dangote, and a host of others who have invested heavily in our great nation,” the businessman said.

 

“We deserve encouragement, not hindrance and character assassination.

 

“I will continue to fight for my rights and the rights of Nigerians to succeed in business, free from harassment and intimidation. I am proud of my businesses which rest on solid achievements and hard work.”

 

Mmobuosi also said he will not be “bullied into submission”.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Wema Bank sets November 6 for HACKAHOLICS 7.0 grand finale, unveils ‘Festival of the future’ as theme

Published

on

By

Wema Bank, Nigeria’s oldest indigenous bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced November 6, 2026, as the date for the grand finale of Hackaholics 7.0, its flagship innovation platform.

Themed ‘Festival of the Future’, the grand finale will bring together innovators, technology leaders, startup founders, investors and other key players in Nigeria’s innovation ecosystem for an immersive celebration of ideas, technology and the possibilities shaping the future.

Beyond the much anticipated announcement of this year’s Hackaholics finalists, the event will feature innovation showcases, interactive experiences and conversations exploring how emerging technologies are transforming the way people live, work, build and create.

Designed to go beyond the traditional innovation competition, the Festival of the Future will provide a platform for participants and attendees to experience emerging technologies, discover innovative solutions, connect with industry players and engage in conversations about the opportunities and challenges of a rapidly evolving world.

The event will also recognise and celebrate outstanding innovators whose ideas have demonstrated the potential to address real-world challenges and create meaningful impact.

Speaking on the significance of the grand finale and the inspiration behind the Festival of the Future, Wema Bank’s MD/CEO, Moruf Oseni, explained that the concept builds on the Bank’s commitment to creating a future of possibilities while encouraging Nigerians to take a more active role in shaping that future.

See also  Edo Poll: ‘We thank God for the gift of life', Ighodalo hails supporters for their sacrifices

“The world is changing at an unprecedented pace. Artificial intelligence and emerging technologies are transforming industries, businesses and everyday life, creating opportunities that would have been difficult to imagine just a few years ago. The question is no longer simply what the future holds, but how prepared we are to shape it.

“This thinking inspired the Festival of the Future. We want to create an experience that brings innovation closer to people, encourages meaningful conversations and challenges us to think differently about how we will live, work, build and create in the years ahead,” he said.

Reaffirming Wema Bank’s commitment to supporting innovation and empowering young Nigerians, Oseni noted that Hackaholics has continued to evolve beyond a competition into a platform for discovering talent, nurturing ideas and connecting innovators with opportunities.

“Since we launched Hackaholics, our goal has remained consistent; to provide young Nigerians with the platform, resources, opportunities and support they need to transform their ideas into practical solutions. We believe that the future of innovation in Nigeria must be driven by the talent, creativity and potential of our people.

See also  Good Morning! Here Are Some Major News Headlines In The Newspapers Today: FG in talks with World Bank for fresh $1.5bn loan

“With Hackaholics 7.0, we are taking that commitment further. Beyond recognising outstanding ideas, we want to bring together the people, conversations and experiences that can inspire the next generation of solutions.

“Our ambition is to continue building an ecosystem where innovation thrives, possibilities are unlocked and Nigeria is better positioned for the future,” he added.

Launched on July 1, 2026, under the theme “Powering Possibilities,”Hackaholics 7.0 commenced with a nationwide pitch centre tour designed to discover and support innovative ideas from young Nigerians across different regions of the country.

The four-month tour attracted 5,329 participants and 1,632 innovative ideas and solutions, with pitch centres hosted across seven locations: Uyo, Kano, Yabatech, Benin, Ibadan, Enugu and Lagos.

Through three distinct tracks; the Ideathon, Hackathon and Social Impact, the initiative provided opportunities for students, graduates, technology enthusiasts, developers and social innovators to present solutions addressing challenges across different sectors.

The Ideathon focused on promising ideas, the Hackathon provided a platform for technology developers and builders, while the Social Impact track recognised solutions designed to deliver measurable value to society.

See also  We’re optimistic Tinubu’s reforms will rejuvenate Nigeria’s economy - SEC

At the conclusion of the nationwide tour, 59 participants emerged from the various pitch centres, reflecting the diversity of ideas, talent and innovation discovered throughout the programme.

As Hackaholics 7.0 progresses towards its final stage, the 59 finalists will be further shortlisted to 20, who will present refined versions of their solutions at the Pre-Pitch scheduled for November 4, 2026.

On November 5, the participants will embark on an Ecosystem Tour powered by Wema Bank, providing an opportunity to visit other top institutions within the technology and innovation ecosystem, interact with industry professionals and gain practical insights ahead of the grand finale.

The journey will culminate on November 6 at the Festival of the Future, where the top innovators will be recognised and celebrated.

Through Hackaholics, Wema Bank continues to demonstrate its commitment to driving innovation, supporting entrepreneurship and creating opportunities for young Nigerians to contribute meaningfully to economic development.

Continue Reading

Business

Nigeria’s foreign reserves rise to $52.66 billion, highest in 17 years

Published

on

By


Nigeria’s gross external reserves surged to $52.66 billion as of August 19, reaching their highest level in more than 17 years.

This was contained in the latest data from the Central Bank of Nigeria (CBN).

The reserves stood at $52.65 billion on August 19, up from $45.56 billion recorded on January 2, representing an increase of about $7.09 billion or 15.6 percent in less than eight months.

The latest position also surpasses the previous 2026 peak of about $52.04 billion recorded in July.

Data from the CBN showed that reserves crossed the $52 billion mark for the first time this year in July, reaching $52.02 billion on July 20.

The figure was the highest since January 2009, when reserves stood at about $52.01 billion.

The reserve position had declined earlier in the year, falling from $49.18 billion on April 1 to about $48.33 billion in early May.

See also  Equatorial Guinea sex tapes: Ebang Engonga remanded in prison

It subsequently recovered, crossing the $50 billion mark in June and rising above $51 billion before surpassing $52 billion in July.

The governor of the CBN, Olayemi Cardoso, had earlier attributed the increase in reserves to stronger foreign exchange inflows, including receipts from crude-oil-related taxes and third-party inflows.

Cardoso also said the reserve level provided import cover for about 11 months of goods and services, significantly above the three-month international benchmark.

The increase in the external buffer has coincided with improved foreign exchange liquidity and a stronger naira.

Recent market data showed the naira appreciating to about N1,346.49 per dollar in the official market last week.

Also, in its 2026 macroeconomic outlook, the apex bank projected that Nigeria’s external reserves would rise to about $51.04 billion by the end of the year.

The latest figure is about $1.62 billion above that projection.

Continue Reading

Business

Wema Bank wins Euromoney’s Nigeria’s best digital bank for consumers 2026 award

Published

on

By

… Recognition affirms bank’s leadership in digital innovation and customer-centric banking

Wema Bank, Nigeria’s oldest indigenous bank and pioneer of Africa’s first fully digital bank, ALAT, recently added another feather to its already heavily-studded cap after it was named Nigeria’s Best Digital Bank for Consumers 2026 by Euromoney, one of the world’s most respected authorities on financial services and banking excellence.

The prestigious recognition affirms the Bank’s sustained leadership in digital innovation, customer experience and financial inclusion, reinforcing its position as one of Nigeria’s leading technology-driven financial institutions.

Presented annually, the Euromoney Awards for Excellence celebrate banks that are redefining financial services through innovation, measurable impact and outstanding customer value.

In selecting Wema Bank for the award, Euromoney recognised the Bank’s successful digital transformation journey, its continuous innovation through ALAT, Africa’s first fully digital bank, and its unwavering commitment to delivering simpler, smarter and more accessible banking experiences for customers.

See also  Tinubu appoints Emomotimi Agama as SEC DG

Commenting on the recognition, the Managing Director/Chief Executive Officer of Wema Bank, Moruf Oseni, said: “This award is a strong validation of the deliberate investments we have made over the years to build a truly digital bank that puts customers at the centre of everything we do. Innovation for us has never been about technology for its own sake. It has always been about creating solutions that make banking easier, faster, safer and more rewarding for every customer.

“From pioneering Africa’s first fully digital bank with ALAT to continuously evolving our digital capabilities, we have remained focused on anticipating customer needs and building experiences that create real value. We are honoured by this recognition from Euromoney and inspired to continue pushing the boundaries of innovation as we shape the future of banking in Nigeria.”

A key milestone in Wema Bank’s digital transformation has been the evolution and upgraded version of ALAT, which introduced next-generation capabilities including voice banking, tap-to-pay functionality, personalised financial services and integrated investment opportunities through strategic partnerships.

See also  Good Morning! Here Are Some Major News Headlines In The Newspapers Today: FG in talks with World Bank for fresh $1.5bn loan

Together with faster digital onboarding, AI-powered fraud monitoring, intelligent customer personalisation and an expanding agency banking network, these innovations continue to enhance customer experience while extending financial services to more Nigerians.

Euromoney also recognised Wema Bank’s ability to leverage technology to build deeper customer relationships through data-driven personalisation, enabling customers to receive tailored recommendations across savings, investments and credit products based on their financial needs and behaviour.

For over eight decades, Wema Bank has remained at the forefront of innovation in Nigeria’s financial services industry. As the pioneer of Africa’s first fully digital bank, the Bank continues to redefine banking by combining technology, customer insight and innovation to deliver seamless, secure and inclusive financial solutions for individuals, businesses and communities.

The Euromoney recognition further reinforces Wema Bank’s commitment to building the future of banking through continuous innovation, operational excellence and customer-centric solutions that create lasting value.

Continue Reading

Trending News