The United States Securities and Exchange Commission (SEC) has suspended trading in the securities of Nigerian agri-fintech Tingo Group amid serious allegations of fraud, particularly concerns about the inaccuracy of the group’s published financial statements and assets.
“The commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of (Tingo),” the SEC said in a statement dated November 13.
The suspension is effective November 14 and would end 11:59 p.m. November 28, the commission stated.
Since Tingo Group is listed on the American National Association of Securities Dealers Automated Quotations (NASDAQ), it is required to abide by U.S. laws and regulations that control electronic securities trading globally.
SEC explained that Tingo Group’s publicly disseminated assets since May 2022 have sparked doubts in the trade marketplace, which has not encouraged investors and dealers.
“It appears to the…