Operatives of the Economic and Financial Crimes Commission have arrested the Group Managing Director of BGL Plc, a Lagos-based financial services company, Mr. Albert Okumagba, for alleged N28.9bn fraud.

An operative of the commission, who confided in our correspondent, said that those investigating the matter had been grilling the BGL boss for allegedly obtaining money by false pretences.

Though Okumagba on Thursday made a bid for his freedom but he failed to obtain an interim injunction barring the EFCC from arresting him.Justice Mohammed Yunusa refused to grant the ex parte application argued by Okumagba’s counsel, Kolawole Reheem.

He also refused to order the EFCC to appear in court to justify why Okumagba’s prayers should not be granted. Rather than grant Okumagba’s prayers, Justice Yunusa asked that the processes should be served on the respondents in Lagos as prayed in reliefs 5 and 6.


Our correspondents found that Okumagba was picked up by anti-graft operatives on Wednesday in response to a petition by the by the Security and Exchange Commission in May, 2015. An EFCC source said, “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 51-year-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.”

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

The Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, confirmed the arrest and interrogation of the BGL boss. 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.

The SEC had earlier announced the suspension of the BGL Group from capital market activities on the strength of the allegations contained in the petitions. But on May 27, 2015, BGL had obtained an interim injunction by Justice Saliu Saidu restraining SEC from suspending it from participating in capital market activities.

Also on July 21, 2015, the firm obtained another interim injunction by Justice Mohammed Idris stopping the plan by SEC to hear the various petitions against it.


http://www.punchng.com/news/n28-9bn-fraud-efcc-arrests-bgl-boss-okumagba/

mtcheew

People get mind oo,how can you swindle over 50 people in one go and you expect to sleep peacefully at night,dont you know they will follow you physically,mentally,spiritually and traditionally. Chai Okumaagbbaaa

You can see how some so called big boys and big men live among us, showing sententious living for doing nothing. Okumagba God will certainly help those whom you have dubiously taken from.

good for him

Arrest when the allegation is ''alleged'' I think it should be well pronounced if the EFCC call for interrogation ....the choice of words there is indicting

Same old shit...just a different day

Igbos and fraud

My sai buhari is doing it


The investors listed are set of thieves



The company invested in owned by a thief



Jailing time, had I known time






Sai Baba

SEC sent petition to EFCC omo...for PMB era..this guy own don be...


And the way our judges be giving out injunctions. ...hmmm


Check my signature Call or whatsapp

https://www.nairaland.com/2582274/toks-2008-toyota-fj-cruiser

so sad, how can the investment industry build trust without abiding to ethics? so sad

Great

So EFCC were is the remaining money

Arrest all looters.....CHANGE is here

kkkp:
Igbos and fraud

Ur cup don full

thief scam thief

kkkp:
Igbos and fraud

Next thing u will find yourself CV in hand before same Igbo begging for a job. Imbecilic cynic.
Meanwhile he is not even said to be Igbo.

YOU?[email]

[email][/email]YOU?

[code][/code]YOU?

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XorX GanG

kkkp:
Igbos and fraud

akpa amu

28 billion wow this guy supposed to be executed

Ofe..mmanu people again

EFCC doing what they were supposed to do.

kkkp:
Igbos and fraud

stupid bigot, is that name igbo, product of a deformed free education