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Nairaland Forum / Nairaland / General / Investment / SEC Suspends BGL From Capital Market Operations (15022 Views)
Nigerians Ignore SEC's Warning On MMM, Say "MMM Is Not A Scam" / SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud / Who Has Been Scammed By Albert Okumagba's BGL Or Other Ponzi Schemes? (2) (3) (4)
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Re: SEC Suspends BGL From Capital Market Operations by Tvegas(m): 2:59pm On May 21, 2015 |
pro2010: Jeezzz, my heart wan cut. Hope the investors still have other savings elsewhere. The impunity with wish the private placements were managed can only happen in Nigeria. My company also invested heavily in IGI BUT the Remi olowude guy acts as if they dont owe investors. |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 3:02pm On May 21, 2015 |
pro2010: I agree. SEC got in too late... But what is left of investor's funds anyway? As I am typing this, I am also having a bbm conversation with a friend who work's in BGL... Discussing the development The seized assets will probably be sufficient to clear the debt but the company will be left with little or nothing after that. 49Bn cash at hand in 2010...... Now, not a quarter of that is held at hand! |
Re: SEC Suspends BGL From Capital Market Operations by madjune(m): 3:03pm On May 21, 2015 |
I once lived next to one girl that worked at BGL and I mut say, I marveled at the pace she grew and the fast life she led. The babe oozed so much money. One week in Paris, next in New york and a home in Lekki. Gosh. I'm sure she was amongst Albert Okumagba's favorites. Albert's supposed to be in jail since 2005 when he and Ndi Okereke Onyiuke wrecked the capital market. All along, everyone had overlooked these people while they criminally amassed billions of investors money. |
Re: SEC Suspends BGL From Capital Market Operations by TheRealAdonye(m): 3:06pm On May 21, 2015 |
Oh well! 1 Like
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Re: SEC Suspends BGL From Capital Market Operations by cecegorz(m): 3:16pm On May 21, 2015 |
Damn! BGL gone under? Some 'big boys' have been completely stripped to bare bottoms. Now, I'll like to see Albert jailed for a very lengthy time. Bennie Madoff was sentenced to 150years! Any way, that was in America. I won't be surprised if he walks free eventually. After all, banks have gone under here, with Directors bailing out unscathed. Toying with people's investment is like pre-meditated murder, you can be sure that some of the investors will die of heart attack and High blood pressure related ailments. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by kelechiodo(m): 3:16pm On May 21, 2015 |
Peter Obi is working. Its time to cleanse the entire rot in SEC |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 3:20pm On May 21, 2015 |
kelechiodo:Peter Obi fire! Don't trivialize this bro. 3 Likes |
Re: SEC Suspends BGL From Capital Market Operations by cecegorz(m): 3:20pm On May 21, 2015 |
madjune: Yeah. When the groovy train is well oiled, IB bonus packages can be insane, compared to other industries average salary. Especially for a single girl with no extra mouth to feed in this world, Na globe trotting sure pass jare 2 Likes |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 3:20pm On May 21, 2015 |
kelechiodo: Not just Peter Obi.... Mounir Gwarzo, the DG, as well. |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 3:32pm On May 21, 2015 |
ElFenomeno1:Its vendetta bro. Things like this ought to have been nipped in the bud if the regulatory authorities are awake to there duties. Tell me why the DG of SEC for the past 5,6 years should not go to jail for negligence in this case? Why did Mounir Gwarzo suddenly wake up to his duties or, has he not been acting for some time now? I tell you as a person with privileged information, the regulators of different sectors of the economy in Nigeria are the major cause of decay. So before you start giving credit to people, think critically and ask yourself, why now! 2 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by Ralphlauren(m): 3:35pm On May 21, 2015 |
Erm. . . what did they do wrong? they messed with the funds of investors or what? |
Re: SEC Suspends BGL From Capital Market Operations by feelamong(m): 3:38pm On May 21, 2015 |
pro2010: its not that easy to do your job as a regulator in this clime...most especially when the person flounting the law is a friend or loyalist of the ruling cabal... This BGL case has been on for a long time, but considering how close the Okumagbas are to the Presidency, I doubt any SEC could have tried this then... I believe its the effects of CHANGE! a new Sherrif is in town and Gwarzo must to be seen to be capable of doing this job 2 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 3:42pm On May 21, 2015 |
feelamong:True you saying its not easy to do your job in this clime, but Is that enough reason to not do your job? I mean how do we grow? If you cant stand the heat, leave the kitchen! Okumagba wanted Gwarzo's seat! He sent his name along with two other names from CIS to the presidency for consideration as the DG of SEC. This drew the ire of Gwarzo who has been covering his dirty arse all this while. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 3:43pm On May 21, 2015 |
feelamong: Spot on.... You see your last sentence is what I just discussed with a friend in SEC and another one who is still at BGL. Gwarzo must be seen wielding the axe ruthlessly. Regardless of this, Okumagba and co needed to know that regulatory authorities can smash them down! |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 3:43pm On May 21, 2015 |
pro2010:No I don't agree with this..... Mounir is a principled and strict person and will never have knowingly covered Okumagba's as...s Also, Okumagba knew he stood no chance....... He couldn't have landed the top job because a lot knew about him and his dealings |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 3:47pm On May 21, 2015 |
ElFenomeno1:Suit yourself bro. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by ideylaff: 3:49pm On May 21, 2015 |
This is what the last SEC GD lady has bn covering up Always knew Okumagba as a cowboy who has bn covering his tracks for ages. A girl started working for BGL and made 50 million dodgy money in her first month thru helping the MD to cover up dirty deals The Chicken has come home to roost now Many more will still follow. We know them all Shame on the last DG who was promiscuous and in cohort with the people she was meant to be regulating Arumah Otehs tenure showed up in just a month hmmmm |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 3:53pm On May 21, 2015 |
ElFenomeno1:So you are saying Mounir did not know about BGL all this while? Are you aware that he joined the SEC working directly with the then-Director General before heading the Commission’s Investment Division in 1999? |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 3:56pm On May 21, 2015 |
pro2010:Of course he knew..... He didn't have the final authority to check any irregularities.... There were bigger authorities and the Okumagba's enjoyed immense protection..... Especially under Arunmah Oteh |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 3:57pm On May 21, 2015 |
ideylaff: Arunmah Oteh |
Re: SEC Suspends BGL From Capital Market Operations by Kx: 4:01pm On May 21, 2015 |
kilokeys: Same reasoning here. We operate capital market, people indulge in all forms of capital crime, yet we celebrate thieves and those that steals and asks "how much did Jim Nwobodo "stole". Capital punishment will resolve all this nonsense. |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 4:02pm On May 21, 2015 |
ElFenomeno1:Ok lets wait and see. Lets see how many Investments houses get axed by Gworza who according to you did not have the authority all those while. I tell you authoritatively that the management of a lot of investment houses in Nigeria are grossly mismanaging investors funds, and petitions upon petitions are gathering dust in SEC currently. I don't want people to lose confidence totally, else I would have sited over 50 cases that I am directly involved in. I just hope for Nigeria's sake that you are right about our DG. Cheers! 1 Like 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 4:02pm On May 21, 2015 |
Kx: And will serve as a strong deterrent to all others...... |
Re: SEC Suspends BGL From Capital Market Operations by ideylaff: 4:02pm On May 21, 2015 |
Yes Arumah is not married so she had a reputation of bn dirty and messy with a few Top guys within the system She had the hots for height and position. Don't be fooled by all the Africa Forbes lady of the year crap that was all grandstanding and big noise making Nigerian Technocrats are the worst, once they come to town with their 2nd degrees from Harvard, the rest is history Caution is thrown to the wind and impunity is the order of the day big time It's a pity the livelihood of the BGL staff is now threatened due to this Next will be Access Banks former MD . Just watch this space 3 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 4:16pm On May 21, 2015 |
Tvegas:BGL as a company was suspended from capital market activities, not delisted from the OTC Market. So sell pressure will definitely persists, but your friend's investment is not necessary tied to BGL. |
Re: SEC Suspends BGL From Capital Market Operations by lightofjoy(m): 4:17pm On May 21, 2015 |
This is terrible. The once mighty BGL has fallen flat due to mismanagement. I pity some of the junior staff that work there who has been owned more than three month salary already because I have some friends there. |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 4:17pm On May 21, 2015 |
pro2010:True, but not all MD's. SEC has been HARD recently on Capital Operators regarding Internal Control policies. Trust me I know. |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 4:20pm On May 21, 2015 |
pro2010:Asset management right? Funny thing is that BGL prior to suspension was frequently making Top 10 weekly. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by ideylaff: 4:23pm On May 21, 2015 |
ideylaff: AIK Imoukuede is next on the clamp list. No GEJ and SS mafia cover up anymore The evil men do live after them Greedy lot. Pay staff peanuts, treat them and speak to them like they are trash while milk the company/organisation behind the curtains What a pity 2 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by pomsky: 4:25pm On May 21, 2015 |
[size=14pt].........I'm so glad to be reading some intelligent stuff from nairalanders![/size] 5 Likes |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 4:29pm On May 21, 2015 |
davide470:Not all MDs as you noted Bro. Basically Asset management arm. Though there are occasional cases of sale of clients stocks without their authorization and besides who regulates Asset management? |
Re: SEC Suspends BGL From Capital Market Operations by ideylaff: 4:32pm On May 21, 2015 |
ElFenomeno1: Gwarzo is the executive Head. Peter Obis role is more ceremonial /advisory |
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