Nigerian auditor, Olayinka Oyebola, and his firm, Olayinka Oyebola and Co. (Chartered Accountants), have been barred from practising in the U.S. and fined $100,000 each for allegedly aiding fraud.
According to the U.S. Securities and Exchange Commission (SEC), Oyebola, with the assistance of his firm, enabled Mmobuosi Odogwu Banye and the Tingo entities to carry out a multi-year scheme to inflate financial performance metrics and defraud investors.
The SEC’s complaint, filed last September, alleged that Oyebola and his firm assisted Mmobuosi and three related U.S. companies he controlled, known collectively as the Tingo entities, in creating a fraudulent audit report.
Without admitting or denying the allegations, a New York federal court delivered the final judgment ordering Oyebola and his firm to each pay civil monetary penalties of $100,000. They also agreed to be suspended from appearing and practising before the SEC as accountants.
In addition, Oyebola and his firm are permanently barred from violating key antifraud provisions of U.S. securities laws. However, they may apply for reinstatement after six years by submitting a request to the Office of the Chief Accountant, subject to the Commission’s approval.
Tingo Group, a former Nasdaq-listed company, was exposed as a massive fraud in late 2023. Its founder, Mmobuosi, was charged with orchestrating the scheme and fabricating information to mislead investors.
In September 2024, a U.S. court fined Mmobuosi and his entities over $250 million and permanently barred them from U.S. securities activities.
