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.
70 comments:
He should be served duly
This man is a Thief oo
Must dis alwz happen?
Appropriate punishment be given if found guilty.
Let us arrest them all and let someone check out efcc too. It is well. Psalm 34:16
Seen
Hope he faces punishment αи∂ wouldn't bribe his way out
#iT WiLL OnLY gEt BettER
#iT MusT eNd iN PrAiSE
Hmmmmmm...
If found guilty he should b punished accordingly so dat dis wil serve as deterrent to others.
Hope he faces punishment αи∂ wouldn't bribe his way out
#iT WiLL OnLY gEt BettER
#iT MusT eNd iN PrAiSE
EFCC is really busy.
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I hope they have enough evidence to nail him. For once, let their arrest yeild fruit.
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Oh boy..see money...don't mind going to jail for this ooooo
This man embarrassed himself.
No mercy! Fraud of ds magnitude shld b folowed by firing squad or hanging. Graduates dy find jobs of 50k n yet individuals dy fraudulently symphone billions of naira!
Hmm
Greedy man.
Only you 28bn.
a.k.a EDWIN CHINEDU AZUBUKO said...
.
They should do the needfull then....
.
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***CURRENTLY IN JUPITER***
Hmm.
~D great anonymous!
Hmm
Greedy man.
Only you 28bn.
Ok
Hmm
Greedy man.
Only you 28bn.
Serious gobe. Our Efcc is working o.Reminds me of when Ribadu was still chiarman. .
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Most times when we walk into big malls, boutiques, supermarkets, we never question their prices. We pay exactly what we see on the price tags and even hand out tips to the staff.
But the moment we are out of these shops and want to buy banana, our bargaining game gets off to the roof. Poor widow with 12 hungry children at home tells you banana is N100. She even takes out her time to explain how difficult it was for her to even buy it, how the economy is so tough.
But we insist that if it's not N50, we are not paying. Some of us even step back into our cars and make to drive away. But because 'half bread is better chin chin', this woman is forced to call you back and sell to you at little or no gain. In her heart, she cries, she's worried about how she'll survive with her children. She silently reassures herself that 'It's well.
God will definitely provide.'' While you happily chop the luscious banana. Take some seconds out and think about this, guys. Please don't bargain hard with small vendors like this. They do business not to buy designer bags, Gucci shoes but to LIVE and EAT!
Most times when we walk into big malls, boutiques, supermarkets, we never question their prices. We pay exactly what we see on the price tags and even hand out tips to the staff.
But the moment we are out of these shops and want to buy banana, our bargaining game gets off to the roof. Poor widow with 12 hungry children at home tells you banana is N100. She even takes out her time to explain how difficult it was for her to even buy it, how the economy is so tough.
But we insist that if it's not N50, we are not paying. Some of us even step back into our cars and make to drive away. But because 'half bread is better chin chin', this woman is forced to call you back and sell to you at little or no gain. In her heart, she cries, she's worried about how she'll survive with her children. She silently reassures herself that 'It's well.
God will definitely provide.'' While you happily chop the luscious banana. Take some seconds out and think about this, guys. Please don't bargain hard with small vendors like this. They do business not to buy designer bags, Gucci shoes but to LIVE and EAT!
Him matter
N28.9b???
Change is here ooooo
Change is here ooooo
See money chei nigeria thou!
Aunty linda
See money chei nigeria thou!
Aunty linda
See money chei nigeria thou!
Aunty linda
See money chei nigeria thou!
Aunty linda
See money chei nigeria thou!
Aunty linda
Congrats to him
I swear i need to report my stockbroker to d sec.
so much corruption in this country.
Hmm na wah o
This is serious
Guy I pity u so na for dis era of buhari u dey scam and as God wan take punish u nas him b d president chai ur so going in for it u must do time
Oluwashanu people be stealing public funds like its their fathers property. Yet lot of people are suffering in this country. Eberu Olorun eniyan
Good call. Thought he has been arrested since may? Well.
*LIB JUDGE*
Okay na!
Crious 419 scamming in high places. Oga BGL, where u wan carry all d money go? U sef wan become Governor abi u wan buy private jet. These investors relied on ur good judgement. They trusted u with their funds.
There are other scammers too out there , all pretending to buy shares on behalf of the public. You will never get ur principal or any interest of your investment.
Aims Asset & Mgt should be investigated. I invested N400,000 in the company in 2006 with my sister. They said they would invest the money on the stock exchange.
When we asked for our investment pot folio we were told it would be sent to our mailbox. They have been posting us ever since and now we don't know where there office is anymore as they have moved from Ikeja /Allen office
Too many scammers out there deceiving the public. There should be jail terms for the MD's of these companies.
Crious 419 scamming in high places. Oga BGL, where u wan carry all d money go? U sef wan become Governor abi u wan buy private jet. These investors relied on ur good judgement. They trusted u with their funds.
There are other scammers too out there , all pretending to buy shares on behalf of the public. You will never get ur principal or any interest of your investment.
Aims Asset & Mgt should be investigated. I invested N400,000 in the company in 2006 with my sister. They said they would invest the money on the stock exchange.
When we asked for our investment pot folio we were told it would be sent to our mailbox. They have been posting us ever since and now we don't know where there office is anymore as they have moved from Ikeja /Allen office
Too many scammers out there deceiving the public. There should be jail terms for the MD's of these companies.
EFCC don hammer again..as usual they will surely pocket this major block...Ole thief Ole
Serves them right. i support buhari's anti corruption program but let it not end up in witch hunting.
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More power to EFCC's elbow
All dis arresting, dey should start prosecuting dem already. Linda take note!
All dis arresting, dey should start prosecuting dem already. Linda take note!
the long arm of the law will surely be catching all the criminals no matter the umbrella they hide under...( sell your old stuff at ... www.nairalisting.com )very easy
All dis arresting, dey should start prosecuting dem already. Linda take note!
So u be thief with all ur pride, very arrogant man... dee
hmm
Na so sai baba.......
SEC is peddling false information all in a bid to bring down BGL/Albert Okumagba....there was no N28.9bn transferred to any offshore account(s). This smirks of a personal vendetta on all fronts. This is what one should call 'REGULATING TO KILL'. SEC has done so much to destroy BGL, a public company that has so much money belonging to several thousands of Nigerians. All over the world, the regulators work with the ailing company to revive it, protect the investment of the populace and sell the company out at the end of the day. This happened even in the Nigerian banking industry as well as in the US. I hope smart Nigerians see through this charade and smell the coffee....if BGL goes down, SEC will not help the several investors. All they will achieve is their objective of bringing a major capital market legacy (a company that has operated for over 20 years and seriously contributed to the development of the Nigerian Capital Market) and stakeholders investment lost forever.
na wa!
Good
Fraud is now corruption
Onye oshi!!!
That sounds him right!
Nawa o, cool deal with a lot of money, is just that he didn't play his card well. Well it's all gud, he is not gonna die just refund. Always trade wisely.
Okay
Eyahhhh
About time punk
na wah o...
Meanwhile email me to know how u can enlarge your joystick and stop premature ejac
Ok
Guess they are doing their job.
Ana ezu oshi; anyhow anyhow.
Still trying to find a Nigerian who isn't corrupt.
Sincerely speaking the mind of Amadioha
These allegations though. He is just a victim of overexposure to the financial markets meltdown in 2008. There are so many companies like this out there sitting on peoples investments, with no way out of their dilemma. It is well though
N29.7bn that's huge
Afrinvest Ltd is doing something similar to people with the Afrinvest Teleops Fund they floated in 2008. I personal have $10,000 yet to be recovered from them. It's seems people have been getting away with daylight robbery in this country. Even SEC is stating the incidence is not within the regulatory oversight of SEC when the Afrinvest transaction took place. God will continue to help us. But me I will NEVER invest in anything that has to do with SEC, NSE etc
Warri is in trouble....the family have been drapping money from all corners.......now is the time for pay up......The okumagba family have a case to answer!!!!!
He always contested for governor.
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