By Deborah Nnamdi
A federal court has entered final judgments against accountant Olayinka Temitope Oyebola and his firm, Olayinka Oyebola & Co. (Chartered Accountants), for their involvement in a fraud scheme connected to businessman Mmobuosi Odogwu Banye, also known as Dozy Mmobuosi, and three U.S.-based companies under his control, collectively known as the Tingo entities.
On August 11, 2025, the U.S. District Court for the Southern District of New York issued consent judgments permanently enjoining Oyebola and his firm from violating federal securities laws and imposing civil monetary penalties of $100,000 each.
The Securities and Exchange Commission (SEC) filed its complaint on September 30, 2024, alleging that Oyebola and his PCAOB-registered firm failed to take appropriate action after discovering that Mmobuosi and the Tingo entities had created and distributed multiple fraudulent audit reports bearing Oyebola’s signature. These fake reports were included in SEC filings, falsely representing them as legitimate audits issued by his firm.
According to the SEC’s complaint, Oyebola also made material misstatements to the then-auditor of one of the Tingo entities and helped Mmobuosi conceal the fabricated audit reports. As a result, regulators, investors, and auditors were misled by the falsified documents and misstatements.
The SEC claims this misconduct enabled Mmobuosi and the Tingo entities to execute a multi-year scheme that inflated financial metrics and defrauded investors around the world.
Without admitting or denying the allegations, Oyebola and his firm consented to the judgments, which permanently bar them from violating:
Section 17(a) of the Securities Act of 1933
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
Additionally, Oyebola is permanently enjoined from violating Exchange Act Rules 13b2-2(a) and (b).
On August 12, 2025, the SEC also issued an order under Rule 102(e) of its Rules of Practice, suspending Oyebola and his firm from appearing or practicing before the Commission as accountants. They may apply for reinstatement after six years.
The SEC’s litigation team includes David Zetlin-Jones, Elisa Solomon, and Michael DiBattista, supervised by Alexander Vasilescu of the New York Regional Office. The ongoing investigation is being conducted by Michael DiBattista, Wesley Wintermyer, Christopher Mele, and Rebecca Reilly, under the supervision of Thomas P. Smith, Jr.
