The Managing Director of BGL Plc, Mr. Albert
Okumagba, has been arrested by officials of the Economic
and Financial Crimes Commission EFCC for allegedly
being involved in a N28.9bn fraud.
According to Punch, Okumagba was arrested on
Wednesday September 9th following a petition by the
Security and Exchange Commission in May, 2015.
"The EFCC has arrested Mr. Albert Okumagba,
Group Managing Director of BGL Plc, a
financial services company, for offences allegedly
bordering on obtaining money by false pretences. The
51year old, who hails from Delta State, was
picked up late Wednesday, September 9, 2015, by
operatives of the EFCC. His arrest was triggered
by investigation into a petition submitted to the anti-
graft agency by the Security and Exchange
Commission in May 2015. The suspect is alleged to
have diverted the sum of N28.9bn being proceeds of
private placements of 4.3bn ordinary shares of 50k
each at N7.00k per share in 2007. The company,
whose subsidiaries include BGL Capital, BGL
Private Equity, BGL Security and BGL Asset
Management, allegedly lured 50 investors from
across the country into subscribing to the company’s
shares, promising them options of liquidity and exit
within two years"the source said
The source added that contrary to promises made to them
by Okumagba, his investors were not able to liquidate their
assets. He also failed to fulfill a promise of listing his
organization, BGL on the Securities and Exchange
Commission two years after the offer in 2008.
Confirming his arrest, the Head of Media and Publicity of
the EFCC, Wilson Uwujaren said he was being
interrogated. No fewer than 40 petitions were said to have
been sent to the SEC against BGL by aggrieved capital
market investors in the country as well as the Rivers State
Ministry of Finance.
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