pro2010:


Though 12million is a lot of money, but I tell you that's chicken feed when compared to amount of money sunk in BGL. I have a client that has been trying to recover over a 100million from BGL for more than a year now. I have another who is trying to get his 75million out of BGL and the list goes on. If I tell you how many regulators we have written to and all we have done to get this money out with not much result, you will be surprised.
\.

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.

pro2010:


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!

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!

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.

Oh well!

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.

Peter Obi is working. Its time to cleanse the entire rot in SEC

kelechiodo:
Peter Obi is working. Its time to cleanse the entire rot in SEC

Peter Obi fire! Don't trivialize this bro.

madjune:
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.

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

kelechiodo:
Peter Obi is working. Its time to cleanse the entire rot in SEC

Not just Peter Obi....

Mounir Gwarzo, the DG, as well.

ElFenomeno1:


Not just Peter Obi....

Mounir Gwarzo, the DG, as well.

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!

Erm. . . what did they do wrong?

they messed with the funds of investors or what?

pro2010:

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!

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

feelamong:


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

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.

feelamong:


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

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!

pro2010:

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.

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

ElFenomeno1:

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

Suit yourself bro.

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

ElFenomeno1:

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

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?

pro2010:

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?

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

ideylaff:
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

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

Arunmah Oteh

kilokeys:
when we mention stock market

i can only imagine stock fish in the market..


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?

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.

ElFenomeno1:

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

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!

Kx:

Capital punishment will resolve all this nonsense.

And will serve as a strong deterrent to all others......

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

Tvegas:
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.

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.

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.

pro2010:


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 shit 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.

True, but not all MD's. SEC has been HARD recently on Capital Operators regarding Internal Control policies. Trust me I know.

pro2010:


Though 12million is a lot of money, but I tell you that's chicken feed when compared to amount of money sunk in BGL. I have a client that has been trying to recover over a 100million from BGL for more than a year now. I have another who is trying to get his 75million out of BGL and the list goes on. If I tell you how many regulators we have written to and all we have done to get this money out with not much result, you will be surprised.

Asset management right? Funny thing is that BGL prior to suspension was frequently making Top 10 weekly.

ideylaff:
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

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

[size=14pt].........I'm so glad to be reading some intelligent stuff from nairalanders![/size]

davide470:
True, but not all MD's. SEC has been HARD recently on Capital Operators regarding Internal Control policies. Trust me I know.

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?

ElFenomeno1:


Not just Peter Obi....

Mounir Gwarzo, the DG, as well.

Gwarzo is the executive Head. Peter Obis role is more ceremonial /advisory