SEC v. Olayinka Temitope Oyebola; and Olayinka Oyebola & Co. (Chartered Accountants), No. LR-26373, Southern District of New York (Aug. 11, 2025) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26373 / Aug. 13, 2025 Accounting and Auditing Enforcement Release No. 4574 / Aug. 13, 2025 Securities and Exchange Commission v. Olayinka Temitope Oyebola and Olayinka Oyebola & Co. (Chartered Accountants), No. 24-cv-7376 (S.D.N.Y. filed Sept. 30, 2024) SEC Obtains Final Judgment Against Accounting Firm and Managing Partner Charged with Aiding and Abetting Massive Fraud On August 11, 2025, the U.S. District Court for the Southern District of New York entered final consent judgments against Olayinka Temitope Oyebola and his Public Company Accounting Oversight Board (PCAOB)-registered accounting firm Olayinka Oyebola & Co. (Chartered Accountants), enjoining them from violating certain provisions of the federal securities laws and ordering civil monetary penalties. The SEC’s complaint, filed September 30, 2024, against Oyebola and his firm alleges that they deliberately failed to take action upon learning that businessman Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three related U.S. companies that Mmobuosi controlled (the Tingo entities) created multiple fake audit reports bearing Oyebola’s signature and included them in SEC filings as though they were issued by Oyebola’s firm. Oyebola allegedly made material misstatements to one of the Tingo entities’ then-auditor, and Oyebola and his firm helped Mmobuosi conceal that the audit reports were fake, resulting in the auditor, investors, and regulators relying upon the misstatements and fake audit reports to their detriment. According to the SEC’s complaint, Oyebola’s and his firm’s assistance enabled Mmobuosi and the Tingo entities to carry out a multi-year scheme to inflate financial performance metrics and defraud investors worldwide. Without admitting or denying the allegations in the SEC’s complaint, Oyebola and his firm consented to the entry of final judgments that: (i) permanently enjoin Oyebola and his firm from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934, and Rule 10b-5 thereunder; (ii) permanently enjoin Oyebola from violating Exchange Act Rules 13b2-2(a) and (b); and (iii) orders Oyebola and his firm to each pay civil monetary penalties in the amount of $100,000. On August 12, 2025, the Commission issued an order pursuant to Rule 102(e) of the Commission’s Rules of Practice against Oyebola and his firm based on the entry of the final judgments against them. Oyebola and his firm agreed to be suspended from appearing and practicing before the Commission as accountants with a right to apply for reinstatement after six years. The SEC’s litigation was led by David Zetlin-Jones, Elisa Solomon, and Michael DiBattista under the supervision of Alexander Vasilescu, all of the New York Regional Office. The Commission’s ongoing investigation is being conducted by Mr. DiBattista, Wesley Wintermyer, Christopher Mele, and Rebecca Reilly under the supervision of Thomas P. Smith, Jr., all of the New York Regional Office.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26373 / Aug. 13, 2025 Accounting and Auditing Enforcement Release No. 4574 / Aug. 13, 2025 Securities and Exchange Commission v. Olayinka Temitope Oyebola and Olayinka Oyebola & Co. (Chartered Accountants), No. 24-cv-7376 (S.D.N.Y. filed Sept. 30, 2024) SEC Obtains Final Judgment Against Accounting Firm and Managing Partner Charged with Aiding and Abetting Massive Fraud On August 11, 2025, the U.S. District Court for the Southern District of New York entered final consent judgments against Olayinka Temitope Oyebola and his Public Company Accounting Oversight Board (PCAOB)-registered accounting firm Olayinka Oyebola & Co. (Chartered Accountants), enjoining them from violating certain provisions of the federal securities laws and ordering civil monetary penalties. The SEC’s complaint, filed September 30, 2024, against Oyebola and his firm alleges that they deliberately failed to take action upon learning that businessman Mmobuosi Odogwu Banye a/k/a Dozy Mmobuosi and three related U.S. companies that Mmobuosi controlled (the Tingo entities) created multiple fake audit reports bearing Oyebola’s signature and included them in SEC filings as though they were issued by Oyebola’s firm. Oyebola allegedly made material misstatements to one of the Tingo entities’ then-auditor, and Oyebola and his firm helped Mmobuosi conceal that the audit reports were fake, resulting in the auditor, investors, and regulators relying upon the misstatements and fake audit reports to their detriment. According to the SEC’s complaint, Oyebola’s and his firm’s assistance enabled Mmobuosi and the Tingo entities to carry out a multi-year scheme to inflate financial performance metrics and defraud investors worldwide. Without admitting or denying the allegations in the SEC’s complaint, Oyebola and his firm consented to the entry of final judgments that: (i) permanently enjoin Oyebola and his firm from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934, and Rule 10b-5 thereunder; (ii) permanently enjoin Oyebola from violating Exchange Act Rules 13b2-2(a) and (b); and (iii) orders Oyebola and his firm to each pay civil monetary penalties in the amount of $100,000. On August 12, 2025, the Commission issued an order pursuant to Rule 102(e) of the Commission’s Rules of Practice against Oyebola and his firm based on the entry of the final judgments against them. Oyebola and his firm agreed to be suspended from appearing and practicing before the Commission as accountants with a right to apply for reinstatement after six years. The SEC’s litigation was led by David Zetlin-Jones, Elisa Solomon, and Michael DiBattista under the supervision of Alexander Vasilescu, all of the New York Regional Office. The Commission’s ongoing investigation is being conducted by Mr. DiBattista, Wesley Wintermyer, Christopher Mele, and Rebecca Reilly under the supervision of Thomas P. Smith, Jr., all of the New York Regional Office.