₦airaland Forum

Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,120,330 members, 4,592,203 topics. Date: Tuesday, 20 November 2018 at 02:36 PM

SEC Suspends BGL From Capital Market Operations - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / SEC Suspends BGL From Capital Market Operations (13176 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)

(1) (2) (3) (4) (Reply) (Go Down)

SEC Suspends BGL From Capital Market Operations by davide470(m): 2:08pm On May 21, 2015
So when i saw these today, i was not happy; not because of their suspension (it was deserved), but their staffs especially nairalanders. I wish you guys all the best.

The Securities and Exchange Commission (SEC) on Wednesday (20/5/2015) announced the suspension of BGL Group Plc from all capital market operations.The SEC also said that Mr. Albert Okumagba, who is the Group Managing Director of BGL Group, should cease to be a registered Sponsored Individual with the commission following the withdrawal of the registration of BGL Plc as a capital market operator.

"He is therefore no longer entitled to carryout capital market activities," SEC declared.

According to the commission, the decision to suspend BGL was taken after the commission's Executive Management Committee meeting held on May 19, 2015, where it considered the report of a detailed investigation into the various complaints received from investors against subsidiaries of BGL Group.

SEC directed that "BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited be suspended from all capital market activities all Sponsored Individuals of BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited whose particulars are contained in the Commission’s record as at December 2014 be suspended from performing any capital market activity."

The commission noted that "all suspicious transactions observed in the course of the investigation have been referred to the appropriate law enforcement agencies for further investigation; and BGL Asset Management Limited, BGL Capital Limited and BGL Securities Limited and all individuals involved in the management of the said companies have been referred to the SEC Administrative Proceedings Committee (APC) which will give all parties to the cases a fair hearing."

SEC had last month appointed and interim management to run BGL following complaints against the company by investors. The interim management was mandated to conduct a forensic audit of the companies operations among others

Souce: http://www.thisdaylive.com/articles/sec-suspends-bgl-from-capital-market-operations/209883/
Re: SEC Suspends BGL From Capital Market Operations by moyinoluwabun(m): 2:12pm On May 21, 2015
Nice one. D investors are always @d receiving end of dia sharp practices.
Re: SEC Suspends BGL From Capital Market Operations by Blackchampion(m): 2:22pm On May 21, 2015
Ok. In other news

3 Likes

Re: SEC Suspends BGL From Capital Market Operations by Nobody: 2:23pm On May 21, 2015
smileyi see
Re: SEC Suspends BGL From Capital Market Operations by Blessmira: 2:23pm On May 21, 2015
OK oo. Maybe it is part of d change some pple are asking for. tongue
Re: SEC Suspends BGL From Capital Market Operations by Nobody: 2:24pm On May 21, 2015
davide470:
So when i saw these today, i was not happy; not because of their suspension (it was deserved), but their staffs especially nairalanders. I wish you guys all the best.

Souce: http://www.thisdaylive.com/articles/sec-suspends-bgl-from-capital-market-operations/209883/

used to be a staff in 2006.. soon afterwards capital market tanked and I moved on. sad though. Banc Guaranty Limited (BGL) one of the finest, now fallen. truly a sad event. EGBA!!! a true cowboy cool

1 Like 1 Share

Re: SEC Suspends BGL From Capital Market Operations by iyatrustee(f): 2:24pm On May 21, 2015
The capital market need a whole lot cleansing.
Re: SEC Suspends BGL From Capital Market Operations by Dahveydson(m): 2:24pm On May 21, 2015
Sadly It's the junior staffs that will suffer.
Re: SEC Suspends BGL From Capital Market Operations by simplemach(m): 2:25pm On May 21, 2015
Ok, this news is probably for the capital market market investors.
As for people like us wen dey invest for bear bear bank, guess nobody can suspend such company.
Re: SEC Suspends BGL From Capital Market Operations by abbeyoye2001(m): 2:26pm On May 21, 2015
Ok
Re: SEC Suspends BGL From Capital Market Operations by skinnyzsam(m): 2:26pm On May 21, 2015
No doubt, some salaries and wages will be cut short and not paid
Re: SEC Suspends BGL From Capital Market Operations by therealwajo: 2:26pm On May 21, 2015
The same legendary BGL?

1 Like

Re: SEC Suspends BGL From Capital Market Operations by Nobody: 2:27pm On May 21, 2015
Great
Re: SEC Suspends BGL From Capital Market Operations by Nobody: 2:27pm On May 21, 2015
therealwajo:
The same legendary BGL?

Yes oooooh
Re: SEC Suspends BGL From Capital Market Operations by abbeyoye2001(m): 2:27pm On May 21, 2015
Dnt understand sha! Bu I must comment
Re: SEC Suspends BGL From Capital Market Operations by chrysso83(m): 2:28pm On May 21, 2015
Season of sack, suspension and resignation.
Re: SEC Suspends BGL From Capital Market Operations by Matttthew(m): 2:30pm On May 21, 2015
Not my probs
Re: SEC Suspends BGL From Capital Market Operations by Nobody: 2:31pm On May 21, 2015
Dear lalasticlala,
Please i suggest that front page bound threads with nice content should be allowed to mature with responsible comments before hitting fp reason is to stop this jobless kids from causing massive derailing leading to thread dieing off prematurely.

4 Likes

Re: SEC Suspends BGL From Capital Market Operations by Tvegas(m): 2:31pm On May 21, 2015
What is the fate of those who invested millions in the BGL private placement?. A friend had about 12 million locked in. Talk of private offerings becoming burnt offerings. SEC should go a step further by prosecuting and asset stripping all capital market fraudsters with that investors will have more confidence in the market.

3 Likes

Re: SEC Suspends BGL From Capital Market Operations by Nobody: 2:32pm On May 21, 2015
Please any one with information whether SEC collects I.T students?
Re: SEC Suspends BGL From Capital Market Operations by Pavore9: 2:32pm On May 21, 2015
what about their clients?
Re: SEC Suspends BGL From Capital Market Operations by AnneMomoh(f): 2:33pm On May 21, 2015
the company is so classy from the outside, seems from the inside it was "rotten"

2 Likes

Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 2:34pm On May 21, 2015
Albert Okumagba and co have ruined that company and plundered investor's funds.
I hope their assets are confiscated as well....... I am sure his Banana Island asset was acquired with investor's funds.
Mounir Gwarzo is definitely putting it down... strict and principled man.... I am confident he will sanitise the capital markets and restore credibility within SEC
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 2:37pm On May 21, 2015
davide470:
So when i saw these today, i was not happy; not because of their suspension (it was deserved), but their staffs especially nairalanders. I wish you guys all the best.



Souce: http://www.thisdaylive.com/articles/sec-suspends-bgl-from-capital-market-operations/209883/

This is long over due. People don't know half of what the MD's of financial houses do with their funds. BGL has been in deep poo for a very very long time. They are neck deep in debt as a result of wrong investments and weak financial control. You be awed if you know the whole story. Their saving grace has been Okumgba who's influence is obviously weaning.
Re: SEC Suspends BGL From Capital Market Operations by AIREGIN360(m): 2:38pm On May 21, 2015
Mehn, this serious. Hope the issue is sorted soon
Re: SEC Suspends BGL From Capital Market Operations by kilokeys(m): 2:39pm On May 21, 2015
when we mention stock market

i can only imagine stock fish in the market..

cry
esp in a country like ours where council members of the NSE could manipulate prices for thier selfish gains if they wanted to.
a lot of diverted funds.

and little or nothing is done to protect investments of citizens..

but besides what is stock market when our industries are non existent?
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 2:42pm On May 21, 2015
Yes

8 Likes 1 Share

Re: SEC Suspends BGL From Capital Market Operations by feelamong(m): 2:43pm On May 21, 2015
na wa o!

hope they get to recover all from Okumagba and his cronies..
Re: SEC Suspends BGL From Capital Market Operations by miqos02(m): 2:51pm On May 21, 2015
used to respect the md
Re: SEC Suspends BGL From Capital Market Operations by ichidodo(m): 2:52pm On May 21, 2015
A ponzi scheme..
Re: SEC Suspends BGL From Capital Market Operations by ElFenomeno1: 2:53pm On May 21, 2015
SEC need to soft pedal... The key thing here is to recover some or most of the investor's funds

BGL is finished no matter how you look at it .... From a reputation point of view or the tough sanctions already slammed on it!
Re: SEC Suspends BGL From Capital Market Operations by pro2010: 2:58pm On May 21, 2015
ElFenomeno1:
SEC need to soft pedal... The key thing here is to recover some or most of the investor's funds

BGL is finished no matter how you look at it .... From a reputation point of view or the tough sanctions already slammed on it!

Their is no better way of protect the investor's funds in this case than this. Infact, this is coming too late. They would have mitigated a lot of rot had this come 3years ago! But then, this is been done for personal reasons.

(1) (2) (3) (4) (Reply)

Investors Moved N2.2 Trillion Away From The Nigerian Economy In 2015 -thecable / What Is Happening To MMM, December 2016? / 30 Businesses That Can Make You A Billionaire

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Nairaland - Copyright © 2005 - 2018 Oluwaseun Osewa. All rights reserved. See How To Advertise. 73
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.