The U.S.
Securities and Exchange Commission (SEC) has filed charges against Olayinka Temitope Oyebola, a Nigerian accountant, and his firm, Olayinka Oyebola & Co. (Chartered Accountants), for their alleged involvement in a securities fraud.
It was gathered that the fraud was allegedly orchestrated by Nigerian businessman Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three U.S.
-based companies he controlled under the Tingo entities.
According to the SEC’s complaint, Oyebola and his firm allegedly aided Mmobuosi in fabricating audit reports that were submitted as part of SEC filings, misleading auditors, regulators, and investors.
The scheme, which spanned several years, allowed Mmobuosi and the Tingo entities to inflate financial metrics and defraud investors worldwide.
The SEC’s investigation revealed that Oyebola and his firm knowingly concealed the fraudulent nature of these audit reports, leading to significant financial harm.
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