Charges against Dozy Mmobuosi and all three of Tingo’s subsidiaries include insider trading, lying to auditors, and neglecting to declare the sale of millions of common shares for which he was the ultimate beneficial owner, among other offenses against internal controls.

One month after the SEC formally opened an inquiry into Tingo Group, the accusations were announced. Additionally, the government halted trade in the agritech company’s shares.

“Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings,” part of the SEC’s filing said.

But Mmobuosi, has described the allegations of fraud charged against him and his group of companies by the United States Securities and Exchange Commission (SEC) as untrue and baseless.

In a statement marking his first official response since the charges were released by the SEC, he noted in the that he would refrain from making public comments about the issues raised because it is now a matter in court, describing the accusations and allegations of wrongdoing as outlined in the civil complaint filed by the SEC on December 18 as invalid.

The statement partly reads, “Mr. Mmobuosi wishes to make it unequivocally clear that these allegations are baseless and he will contest them with unwavering resolve. As this matter is currently under legal scrutiny, and following the advice of legal counsel, Mr. Mmobuosi will refrain from making any further public statements regarding this issue.

“It is Mr. Mmobuosi’s intention to address and resolve these allegations within the appropriate legal framework. He is committed to cooperating with the legal process to ensure a thorough and fair examination of the facts, which he believes will ultimately lead to his exoneration.

“We appreciate the understanding of the media and the public during this time and request respect for the legal process and the principles of justice.”