I recently met a very decent former leader who invested about N500 million of his lifesavings in BGL's schemes with promises of superior returns. Now the man is practically broke and can't get his initial capital back, much less the promised interest.

I have been following this BGL scandal for a while now. Newspapers had reported that Mr. Okumagba's BGL has swindled investors of about N11 billion [http://businessdayonline.com/2015/06/bgl-group-eroded-shareholders-fund-by-n48-billion/].

I was wondering why SEC, which was set up to protect investors, cannot come to the rescue of such innocent investors until I discovered that SEC had actually suspended BGL group and their CEO Mr. Okumagba from participating in the capital market. The man apparently went to court who have ordered SEC to reverse the suspension and to stop investigating his company.

What is this country turning into? Why are judges standing in the way of succor for defrauded innocent investors? How long will the common man continue suffering while those who cheated him use their stolen funds to bribe judges and evade accountability? Enough is enough!

I have decided to set up this thread for anyone who has been a victim of ponzi schemes like that of BGL. Let's pile the pressure on the system to do something urgently to protect investors please.[b][/b]

Very sad and pathetic.
In Nigeria there is honor among thieves.
People just have to shine their eyes by investigating any company they want to do business with.

My thoughts exactly, still we really need a change in the system, especially our judiciary. They clearly favour the rich and powerful and enable them to escape justice.

Abugab:
Very sad and pathetic.
In Nigeria there is honor among thieves.
People just have to shine their eyes by investigating any company they want to do business with.

BGL is still under suspension, it has not been reversed.

Aims assets mgt regretably comes to mind....

blecele:
Please what do I do this man has just duped me of N150,000.00 since 29th of July till today when I just see this your your warning for now I don't know what to do because even the money I borrowed part of it from my office. Please can someone help me I want to commit sucide. My number is 08067227478 and obiageli7478@gmail.com my email.

Report him to sec.gov.ng that is the FG website to report scammers like him...........he's been in this bussiness for a long time he uses different websites with the same helpline number..........pls keep all the documents u used in paying money to the website for reference purpose.

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