U.S. fines Nigerian auditor $200,000 for Tingo Group fraud cover-up

The U.S. Securities and Exchange Commission (SEC) has imposed a $200,000 fine on Nigerian auditor Olayinka Oyebola and his firm, Olayinka Oyebola & Co., for their role in the Tingo Group fraud. The penalties include a permanent ban from auditing U.S. public companies, with the possibility of reapplication after six years. The enforcement action was finalized by a New York federal court on August 11, 2025. Oyebola is accused of concealing fraudulent audit reports and providing material misstatements to other auditors, enabling the continued deception of investors and regulators [1].

Tingo Group, a former Nasdaq-listed company, was exposed in late 2023 by the SEC as a “massive fraud.” The company, led by founder Dozy Mmobuosi, had claimed to operate a large agri-fintech business across Africa with millions of customers and substantial financial assets. However, the SEC found that nearly all of Tingo’s financial and operational claims were fabricated. The firm’s audited financial statements falsely reported $462 million in cash reserves, when in reality only $50 was available. Hindenburg Research had previously flagged the discrepancies, calling the company a “clear-cut scam” [1].

Oyebola and his firm were central to the fraud’s perpetuation. The SEC alleges that Oyebola not only failed to act upon discovering falsified audit reports bearing his name but also actively participated in concealing the misconduct. These actions misled investors and subsequent auditors, allowing the fraud to continue unchecked. The SEC has stated that Oyebola’s behavior violated the public trust and enabled a multi-year scheme that deceived global investors [1].

The case highlights broader concerns about the effectiveness of auditors in detecting and preventing fraud. A 2020 study by the Association of Certified Fraud Examiners found that auditors detect less than 4% of fraud cases. In the Tingo case, even basic due diligence could have uncovered the deception, yet both Oyebola and other auditors failed to act. The SEC’s actions emphasize the importance of accountability in maintaining the integrity of financial markets and protecting investor confidence [1].

The enforcement action against Oyebola is part of a wider pattern of SEC activity targeting fraud enablers. In 2023, the agency charged Mmobuosi with orchestrating a $250 million fraud, marking a significant regulatory victory. The SEC’s ability to act against foreign auditors in cross-border schemes demonstrates its growing global enforcement reach. This case reinforces the agency’s commitment to holding all responsible parties accountable, regardless of their location [1].

Source: [1] Tingo Fraud: US fines Nigerian auditor Olayinka Oyebola $200,000 for cover-up (https://technext24.com/2025/08/15/tingo-fraud-us-fine-olayinka-oyebola-ban/)