The\u00a0 Economic and Financial Crimes Commission has arrested the Group Managing Director of BGL Plc, a Lagos-based financial services company, Mr. Albert Okumagba.<\/p>\n
He 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.<\/p>\n
The\u00a0 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\u2019s shares, promising them options of liquidity and exit within two years.<\/p>\n
It was stated that the investors were not able to liquidate their assets contrary to the promise made to them and that an alleged promise that BGL would be listed on the Securities and Exchange Commission two years after the offer in 2008 was not fulfilled<\/p>\n
The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, confirmed the arrest and interrogation of the BGL boss.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
The\u00a0 Economic and Financial Crimes Commission has arrested the Group Managing Director of BGL Plc, a Lagos-based financial services company, Mr. Albert Okumagba. He is alleged to have diverted the…<\/p>\n","protected":false},"author":1,"featured_media":41896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-41895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\n