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