starmp3loaded
BusinessNews

NGX: GTB, Stanbic IBTC, Zenith Bank Leads As Investors Gain N1.5 Trillion

NGX: GTB, Stanbic IBTC, Zenith Bank Leads As Investors Gain N1.5 Trillion
NGX: GTB, Stanbic IBTC, Zenith Bank Leads As Investors Gain N1.5 Trillion
NGX: Investors Record N136bn Loss In One Week

Investors in the Nigerian Exchange Limited (NGX), experienced a significant boost in the stock market as they gained a total of N1.5 trillion in just two days.

Naija News reports that this positive sentiment continued yesterday, with the market capitalization reaching N42.429 trillion on Wednesday, compared to the N40.917 trillion it opened with on Tuesday.

The gains were primarily driven by Tier-1 banks such as Zenith Bank which rose by 4.23%, Guaranty Trust Bank (GTCO) by 3.49% , and STANBIC IBTC recorded a rise of 3.1% to offset losses in other sectors.

The benchmark index also recorded a 2.04% gain, settling at 77,537.57 points, resulting in a year-to-date return of 3.70%.

Market turnover was also higher, with a total of 927.56 million shares valued at N10.69 billion exchanged in 11,629 deals.

The market breadth closed positive, with advancing issues outnumbering declining ones at a ratio of 9.57-to-1. Dangote Sugar emerged as the top gainer, while LEARN AFRCA led the laggards’ table.

Tingo Group Founder Charged With Massive Securities Fraud In New York

Meanwhile, in a major development in the financial world, Odogwu Banye Mmobuosi, also known as Dozy Mmobuosi, founder of the Tingo Group, faces serious charges of securities fraud and false filings with the Securities and Exchange Commission (SEC), as announced by Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the FBI.

Naija News reports that the indictment, unsealed in Manhattan federal court, accuses Mmobuosi of orchestrating a deceptive scheme to inflate the financial statements of his companies – Tingo Mobile and Tingo Foods.

These allegations suggest that Mmobuosi falsely represented these Nigerian companies as operational and profitable, generating substantial revenues, and then sold them to U.S.-listed companies, including Tingo Group (Nasdaq: TIO) and Agri-Fintech Holdings (OTC Markets: TMNA).

This fraudulent activity reportedly led to the issuance of misleading financial statements, portraying Tingo Mobile and Tingo Foods as profitable and cash-rich entities. Mmobuosi allegedly profited millions from this scheme through well-timed share sales at inflated prices.

Damian Williams, U.S. Attorney, commented on the gravity of Mmobuosi’s alleged actions, stating, “With this Indictment, Mmobuosi’s alleged deceitful scheme comes to an end.”

Similarly, FBI Assistant Director James Smith emphasized the seriousness of such securities schemes, highlighting their devastating impact on investors and the commitment of the FBI to bring perpetrators to justice.

Mmobuosi, 45 and originally from Nigeria, faces charges including conspiracy, securities fraud, and making false filings with the SEC. The maximum sentences for these charges range from five to twenty years in prison, though actual sentencing will be determined by a judge.

The indictment also highlights Mmobuosi’s lavish lifestyle, allegedly funded by the profits from this fraudulent scheme. Accusations include the use of illicit profits for luxury cars and private jet travel.

This indictment follows a lawsuit filed by the SEC against Mmobuosi and Tingo Group in December, describing the fraud as of “staggering” scope. Notably, Tingo’s reported cash balance of $461.7 million in March was starkly contrasted with legitimate bank records showing less than $50.

These charges are merely accusations at this stage, and Mmobuosi is presumed innocent unless proven guilty. This case is being handled by the Office’s Securities and Commodities Fraud Task Force, with Assistant U.S. Attorneys Peter Davis and Kiersten A. Fletcher leading the prosecution.

The post NGX: GTB, Stanbic IBTC, Zenith Bank Leads As Investors Gain N1.5 Trillion appeared first on Naija News.

Related posts

Cement: ‘Why BUA Backed Down On Price Crash To N3,500/Bag

greattunes

Police Places N50 Million Bounty On Two Notorious Kidnappers In Katsina

starmp3loaded

Breaking: Hoodlums Break Into Govt Warehouse In Abuja, Steal Food Items

starmp3loaded
Verified by MonsterInsights