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 Securities and Exchange Commission that there is a lack of adequate and accurate information concerning the securities of Tingo Group because of questions and concerns regarding the adequacy and accuracy of publicly available information in the marketplace concerning Tingo Group, including press releases, periodic filings with the

Securities and Exchange Commission,” the SEC stated on Monday.

Tingo came under intense scrutiny after a damning report by Hindenburg Research alleged its trading operations to be an “obvious scam,” an accusation the group denied.

The Tingo Group defended the misstatement of several millions in its financial statements as only “typographical errors,” insisting it was innocent of the fraud allegations.

Still, the SEC has cautioned “broker-dealers, shareholders, and prospective purchasers” to “carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”