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Nairaland Forum / Nairaland / General / Investment / SEC Suspends BGL From Capital Market Operations (15020 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 kamber: 4:35pm On May 21, 2015 |
Na today? Albert Okumagba and his fellow journey men in the industry have simply been taking the porousness of our Regulatory bodies and systems, the gullibility of Nigerians and and the lack of checks and balances in the financial sector of Nigeria for granted. These boys have simply been doing yahoo yahoo business with investors money for such a long time and stealing investors blind! The only difference between them is their registered corporate names, offices and fancy image. They are all criminals i tell you. my worry is that as it is common here, Albert Okumagba will only get a slap on the wrist for his crimes and afterwards he will relocate his family abroad to go and enjoy the money he has been stashing away all the while. Does Nigeria really know how to look for stolen funds stashed away abroad? If Buhari is serious about reducing the external debt burden of Nigeria, he should simply investigate the finances of Bank and MDs, past and current serving politicians and oil marketers. He will find more than enough money to repay our debts and still have change to buy sufficient koboko to flog all those corrupt Nigerians @ 50 kobokos to 1 person. 7 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by Nobody: 4:38pm On May 21, 2015 |
The losers are going to be their staff and not the owners or top level management. |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 4:38pm On May 21, 2015 |
pro2010:You know for Asset Mgt: Discretionary trading is valid as contained in the document signed by the Investor, but issues arises when the Management fee is being debited from source notwithstanding the decline in the initial capital. SEC regulates everything. Even Registrars. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 4:48pm On May 21, 2015 |
davide470:My question was rhetoric. Am not talking about the issues arising from deduction of Management fee and contractual portfolio management. Most of the cases in my involvements has been the inability of some Financial houses to meet up with the obligations to clients timely (am talking about up to 3months after maturity) and sale of dormant clients stock without there authorization. Talking about Asset management, plenty Investment houses operate like a Ponzi scheme. How does SEC monitor activities of the Asset management Arm of Investment houses? Note that this question is not rhetoric. cheers! |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 4:54pm On May 21, 2015 |
ideylaff:Yes I know.... You need to direct your post at the person I quoted initially! |
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 4:55pm On May 21, 2015 |
kamber: LOL at last paragraph. |
Re: SEC Suspends BGL From Capital Market Operations by Fourcade(m): 4:57pm On May 21, 2015 |
I see why my applications haven't been successful. . .Oh well,Unto the next one! |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 5:12pm On May 21, 2015 |
pro2010:Asset Management in Nigeria is really daunting, as the liquidity needed is not so much forthcoming, so mostly what is done is just 'Ponzi-ing" except you got the float which BGL had before 'Oga' decided to be greedy. It's not easy sha, but there are always performers! pro2010:Guys in Internal Control would give you a perfect answer, but i know there are daily, weekly, quarterly reports being sent. So SEC is all-knowing. |
Re: SEC Suspends BGL From Capital Market Operations by Urine: 5:19pm On May 21, 2015 |
90% of the guys on this thread are intelligent, feels like NL of old. Best thread ever! 9 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 5:20pm On May 21, 2015 |
davide470:You are informed Bro, Well done! 2 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by castrokins(m): 5:37pm On May 21, 2015 |
Bought Into Their Sapphire Fund Stuff About 5 Years Ago. To Date, Nothing Has Accrued To Me Off That Investment. The Office Were I Made The Application In Calabar Was Subsequently Shut Leaving Me With A Sorry Certificate davide470: |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 5:40pm On May 21, 2015 |
castrokins:What does the certificate looks like? a copy would be good so as to guide you on what to do next. |
Re: SEC Suspends BGL From Capital Market Operations by MAYOWAAK: 5:45pm On May 21, 2015 |
[quote author=kamber post=33962977]Na today? Albert Okumagba and his fellow journey men in the industry have simply been taking the porousness of our Regulatory bodies and systems, the gullibility of Nigerians and and the lack of checks and balances in the financial sector of Nigeria for granted. These boys have simply been doing yahoo yahoo business with investors money for such a long time and stealing investors blind! The only difference between them is their registered corporate names, offices and fancy image. They are all criminals i tell you. my worry is that as it is common here, Albert Okumagba will only get a slap on the wrist for his crimes and afterwards he will relocate his family abroad to go and enjoy the money he has been stashing away all the while. Does Nigeria really know how to look for stolen funds stashed away abroad? 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by MAYOWAAK: 5:46pm On May 21, 2015 |
kamber: So here are the top ten places GMB can get N1 trillion naira. 1.) Go to the 36 governors that served with Olusegun Obasanjo from 1999 - 2007. Offer them immunity from prosecution if they will all return N2.5 billion naira each for every four years in power. Those who spent eight years in office should return N5 billion each. After all, most of them were facing charges totaling over N100 billion before their files disappeared from the EFCC. That will give President Buhari N180 billion naira. 2.) Go to the 36 governors that served with Umaru Ya’Adua and Goodluck Jonathan from 2007 - 2015. Offer them immunity from prosecution if they will all return N5 billion naira each for every four years in power. Those who spent eight years in office should return N10 billion each. After all, most of them collected over N2.5 bn each year as security votes. That will give President Buhari N360 billion naira. 3. Get all former Directors of the NNPC in the last 16 years. Offer them immunity from prosecution if they will all return N1billion for every year they were directors. Having been part of an agency of the government that does not know how much oil the multinational corporations are drilling out each day and cannot account for the crude oil dedicated for domestic consumption, and have failed to report revenues from natural gas sales in years, they should each give the government N1 billion and we let bygone be bygone. This will give Buhari at least N100 billion. 3.) President Buhari should cancel all import waivers given to religious leaders in Nigeria for 2015. Nigeria lost billions of naira just on the waivers given to Pastors Adeboye, Oyedepo, Oritsejafor and their likes under the Obasanjo-Jonathan administration - waivers they used to import expensive cars and luxury goods. Who knows what the big Imams get in waivers? Right there, another N50 billion will be readily available. 4.) A 50% cut in the salaries and allowances of members of the Nigerian House of Representative. At $1.4 million each for 360 members, Buhari can easily get $252 million dollars, which is over N40 billion. In the senate, with 109 senators each making $1.7 million, a 50% cut in their pay package will give President Buhari over N14.8 billion naira. 5.) President Buhari should audit the record books of the government with oil importers. A good auditing firm will easily unearth stolen wealth of the nation. Past audits have shown substantial stealing on their part. In a 2012 audit conducted by Mr. Aigboje Aig-Imoukhuede of the subsidy claims of 2011, discovered that the Federal Government had overpaid importers and marketers of petrol by a whopping N430 billion naira. Of this amount, less than N30 billion was ever recovered. Since these so-called cabals are friends of every government in power, the president should just ask them to refund N300 billion and we will let bygones be bygone. 6.) The president should, as a matter of urgency, investigate and evaluate all workers associated with the importation of fuel into Nigeria. Those found wanting should be prosecuted and fired. A good investigation of their assets and accounts will recover at least N10 billion. The same thing should be done with staff of the NNPC, both those serving and the retired staff. A good investigation will net over N10 billion. 7.) Go to all the ministers who served from 1999-2015. Depending on the ministry they manned, how long they manned the ministry and the budget of each ministry, each minister would be assessed. A special surcharge of each minister could net the government another N50 billion. 8.) The security votes of all state governors should be cut by 50%. At an average of N300 million a month, it runs up to N3.6 billion for a year each. For the 36 state governors, that amount is N129.6 billion naira. A 50% cut will give President Buhari N64.8 billion a year. 9.) The president should close half of Nigerian missions abroad in a major scale back and find other countries to manage Nigeria’s consular affairs. That will save at least N10 billion. 10.) Along with that, the government will impose a significant luxury tax on people who own private jets, luxury boats and those who own houses worth over N0.5 billion naira. If you may, just call it one-time tax to help feed Nigerian public school children. Let us see the billionaire that will grumble about giving a little back to help educate the disadvantaged. That will bring in another N100 billion. Putting the savings together, we have N1.19 trillion for the President. That will be enough seed money to give the incoming government a breathing room to assess the damage done to the economy in the last 16 years. Alternatively, President Buhari could move in security forces to the Niger Delta and stop crude oil theft. Since 2009, crude oil thieves have been increasing the amount of Nigeria’s oil that they steal. According to the 2012 Ribadu Report, crude oil thieves steal over 100,000 barrels a day. That is over $3.6 billion dollars a year. Some foreign sources put the figure of oil theft at 250,000 barrels a day. Mrs. Okonjo-Iweala in 2013 told the Vanguard newspaper that the loss to oil theft could be up to $12 billion. Now, that is over a trillion naira. QED! 4 Likes 1 Share |
Re: SEC Suspends BGL From Capital Market Operations by seunbobo: 7:53pm On May 21, 2015 |
Tvegas: This is why SEC licensed NASD OTC market to facilitate trading in unquoted companies like IGI. |
Re: SEC Suspends BGL From Capital Market Operations by seunbobo: 8:04pm On May 21, 2015 |
davide470: The NASD OTC market was copied in the circular SEC sent out with respect with BGL. BGL's security trading on NASD OTC has been suspended along side their brokers trading on the NASD OTC market. We have a new SEC under gwarzo and as a result he had published a rule last month that all trades in unquoted companies must only be done on a SEC recognised platform such as the NASD OTC. The reports from the OTC market also assisted. |
Re: SEC Suspends BGL From Capital Market Operations by Ralphlauren(m): 8:21pm On May 21, 2015 |
pro2010: Bro, is ARM safe? My "money market fund" investment with them must not enter voicemail oh |
Re: SEC Suspends BGL From Capital Market Operations by nitrogen(m): 9:15pm On May 21, 2015 |
Hmmmmmm BGL. No comment, expect more sha! Too many cowboys in the financial space. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by davide470(m): 9:31pm On May 21, 2015 |
pro2010:Compliments well received Sir. Cheers. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by Daykoozy(m): 11:04pm On May 21, 2015 |
kilokeys:Good points. I laughed when someone advised me to invest in naija's stock market. One is better off rolling dice or going to a casino with his or her money. The Nigerian economy is not mature enough. All we have are some sharp guys looking for quick bucks from gullible. Until the infrastructure is built, we need not dream of making money on the stock market. There's a n invincible bottleneck weighing down our industrieS due to lack of infrastructure. This lack makes it impossible to project and forecast growth for the well managed companies with potential. This is another example of how corruption and malfeasance has ruined the nation. |
Re: SEC Suspends BGL From Capital Market Operations by DICKtator: 1:20am On May 22, 2015 |
Ralphlauren: Please pro2010, kindly answer this question, even if it is in a discreet way!! Is ARM and Vetiva safe? |
Re: SEC Suspends BGL From Capital Market Operations by rebekah2011(m): 3:59am On May 22, 2015 |
@Daykoozy The market all over is like that. However, before investing you will have to do a lot of due diligence. Then understand the game. As it is a cool place to make money, so also it is a place where you can lose ALL. 1 Like |
Re: SEC Suspends BGL From Capital Market Operations by millhouse: 4:44am On May 22, 2015 |
na wa |
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 9:09am On May 22, 2015 |
DICKtator:Monitor your investments closely bro. In cases I have seen, investors who become dormant over a long period of time are often the victims. And don't mind me, I exaggerated a little bit earlier. Cheers! |
Re: SEC Suspends BGL From Capital Market Operations by Ralphlauren(m): 9:05pm On May 22, 2015 |
pro2010: Okay. Thanks bro. |
Re: SEC Suspends BGL From Capital Market Operations by DICKtator: 11:22pm On May 22, 2015 |
pro2010: Thank you!!!! |
Re: SEC Suspends BGL From Capital Market Operations by Adesiji77: 11:02pm On May 23, 2015 |
This got me cracking... Daykoozy: |
Re: SEC Suspends BGL From Capital Market Operations by manie(m): 7:34am On May 24, 2015 |
davide470: It is one of there mutual fund products. I have a stockbroking account with BGL which I transferred to CSL about 2 weeks ago due to poor customer service at BGL in the last 6 months. My account officers advised me to buy some of their mutual funds, but I am not a mutual fund investor. I believe mutual funds is for the uninformed investors who do not have the knowledge and time to personally manage their investment. As a matter of fact BGL securities is on of the top 10 stockbrokers in Nigeria, the problem is with the parent company is BGL group and the asset management subsidiary. |
Re: SEC Suspends BGL From Capital Market Operations by manie(m): 7:38am On May 24, 2015 |
ElFenomeno1: I was in CSCS on Friday 22nd May 2015 and not less than 12 clients of BGL came to make inquiries on how to transfer there investment from a dead or inactive house. That mean SEC has now classified almighty BGL as a dead or inactive player in the Nigerian capital market. |
Re: SEC Suspends BGL From Capital Market Operations by manie(m): 7:41am On May 24, 2015 |
davide470: BGL securities is one of the biggest stockbroking houses in Nigeria, it is the conglomerate or holding structure adopted by the BGL group that negatively affected BGL securities. |
Re: SEC Suspends BGL From Capital Market Operations by Nobody: 3:07pm On May 29, 2015 |
madjune: Investment bankers are among the top paid careers in the world. You can Google that. Their commissions are just fantastic when the MKT is good. The babe doesn't have to be okumagba's favorite to ooze so much money. |
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